term life insurance When I first entered the working whole life insurance

whole life insurance Insurance isn’t the easiest topic to comprehend. When I first entered the working world, I didn’t know a thing about insurance – life insurance all I knew was that it was something I needed to buy. All the terms and calculations were too complex for me, so I decided to take the easy way out and simply go with what my financial

life insurance That product was a investment-linked plan (ILP), and I’ve paid over $3000 in premiums for my folly. After becoming a finance writer and understanding the inner workings of the insurance industry, I realized it was a poor product for my needs and cancelled my ILP, effectively waving goodbye to all that money.

It was an expensive lesson to learn.

life insurance But you don’t have to go through the same. Thanks to more people writing about the pros and cons of different insurance products together, life insurance including the folks at Providend, we now have access to more resources that can help us make informed decisions about our insurance. No longer do we need to take our insurance agents at their word.

life insurance How do insurance companies life insurance recruit fresh graduates? I’ve been to their recruitment drive when I was a final-year student in the past, and the push was always about how much money you can make in the job. At top insurance companies, many agents are primarily trained on how to sell whole-life plans, endowments and investment-linked policies – the plans that generally pay better and allow agents to achieve the coveted Million Dollar Round Table (MDRT), exotic travel holidays and other monetary incentives. While I don’t doubt that there are good and honest agents out there who sell for their clients’ benefit instead of their own, I’m still skeptical because of how the structural foundations are laid out in the industry.

I met Christopher, the CEO of Providend, last year and we had a good chat about how we’re generally the minority when it comes to our preference for term insurance over whole-life plans. Recently, he published a comprehensive e-book which I think will be useful to anyone looking at purchasing insurance – whether or not you’re a first-time buyer. 

Here are some key pointers you probably want to note: