Life insurance matching products to needs : what an individual should know

• Main Authors: Boo, Peck Hiang, Er, Lee Hiah, Ko, Siow Lin
• Other Authors: Wong Yoke Wai, Adrian
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Finance::Life insurance
• Online Access: http://hdl.handle.net/10356/63008
• Institution: Nanyang Technological University

Life insurance is important to everyone. It provides financial protection, security and peace of mind to policyholders. In the past, and until today, many people buy life insurance policies through the advice of their agents. Agents tend to package the policies together with a number of riders to ensure that they safeguard their policyholders' interests regardless of whether the policyholders require the rider or not. On the other hand, the policyholders may be ignorant of their actual protection need and frequently, buy policies that do not match their needs. As such, this study serves to alert the policyholder to the necessity of analysing his needs before any purchase of life insurance. He should not let the agent steer him to a particular type and size of policy. The objective of the study is to examine the type of policies that are bought by the respective groups of people. An analysis is made on whether they should have bought these policies or not, and recommendations are then made of the types of policies they should purchase. Interviews were conducted with several life offices to gather professional opinions. Other sources of reference include the Insurance Commissioner's Report, reference books and newspaper articles.