Unethical & profit-driven? Insurance adviser debunks 4 stereotypes & myths associated with his line of work

It’s safe to say that most, if not all professions have their fair share of positive associations or negative stereotypes.

A large part of these perceptions may depend on how well-informed a person is about a certain industry, as well as whether or not they have had a positive or negative experience with their points of industry contact.

The insurance industry, for starters, is one such example of a profession that is awash with stereotypes and myths.

In light of this, we decided to get Lee Yong Shun, a client adviser from MoneyOwl, to debunk four stereotypes and myths that are typically associated with his line of work.

Here’s what you need to know.

Stereotypes

1) Insurance agents only want to extort money from us, and they don’t care about our actual insurance needs

False. While there have been cases of insurance agents who try to sell customers more expensive policies to earn more commissions, this is certainly not true for the insurance industry on the whole.

There are still plenty of ethically-driven insurance agents who care deeply about their customers and will prioritise their needs, especially if they are non-commission agents.

If you require coverage for your insurance gaps but are wary of money-extorting insurance agents, perhaps you can give MoneyOwl a try.

MoneyOwl is an NTUC social enterprise with a mission to empower everyday ordinary Singaporeans to live life to the fullest by helping them make wise money decisions.

Our qualified client advisers are fully-salaried and do not receive commissions, which means that they will be able to give you unbiased and trustworthy advice tailored to your financial needs.

It is also precisely because our client advisers are fee-based that they will have more incentive to prove their value to you by recommending policies tailored solely to your needs, not to their commissions.

Furthermore, when you purchase insurance through MoneyOwl, up to 50 per cent of the commissions that MoneyOwl receives from the insurer is credited directly to your bank account.

This means that every dollar you can save in fees or commissions is a dollar earned.

2) Insurance agents are essentially salespeople who only know sales

False. Sales, people skills and good customer service are definitely part of the trade when it comes to selling insurance.

However, this may cause some people to misunderstand that these things are all that is required to be an insurance agent, and that insurance agents do not actually possess deep product knowledge to do proper planning.

Contrary to this stereotype, MoneyOwl’s non-commissioned client advisers are not merely salesmen who provide surface-level financial advice, nor will they hard-sell you policies to deepen their own pockets.

At MoneyOwl, we have a large team of licensed, full-time client advisers who are on the internationally recognised Certified Financial Planner® programme, a highly sought after certification with only less than 1,500 fully certified CFP® Professionals in Singapore (as of 2019).

This means that our client advisers are trained to look at the whole picture objectively, help you identify your insurance gaps, and recommend fit-for-purpose and cost-efficient policies that can give you the widest coverage at the lowest cost possible.

If you prefer to do your own financial planning, you can also head to our website where we have a guided journey to help you work out your insurance gaps and provide you with some recommended plans.

Myths

1) All insurance companies are by and large the same, so it doesn’t matter where I purchase my insurance from

False. MoneyOwl not only rebates up to 50 per cent of commissions received back to your bank account, we also have a unique client service philosophy that sets ourselves apart from others.

Underpinned by best-in-class advisory expertise and deep experience, we hold ourselves to the highest of standards to put client interests first, no matter how big or small.

If our clients require any after-sales service or claims with any of their policies, they have easy access to an entire team of licensed Client Advisers and the Client Service Management team.

Our advisers are also salaried-based and are not remunerated by commissions, so they have no incentive to hard-sell or to promote products that reward with higher commissions.

This is unlike other insurance companies whereby agents operate on a commission basis, and their performance and bonuses may be appraised by the product premiums they sell.

You can be rest assured that MoneyOwl’s focus is solely on helping our clients make wise money decisions in their best interests, and it is a guarantee that we will only recommend protections you need without blowing your wallet.

Furthermore, we’re not just an NTUC social enterprise or MAS-licensed fund manager.

MoneyOwl has recently been awarded at the 2021 Singapore FinTech Festival's Global FinTech Awards in the Social Impact category as well, which recognises our effort in creating positive contributions to our society.

2) Even though there are so many insurance plans, it is impossible to find one that truly suits my needs

False. With a plethora of insurance plans out there, looking for the right insurance policy can be an overwhelming task.

You might even think that none of them can be a good fit to your individual needs.

However, you’ll be pleased to know that MoneyOwl has put together an Insurance Comparison Tool that allows clients to gain access to more than 500,000 insurance quotes instantly.

At the click of a few buttons, you can easily compare between different insurance plans and look for what you need effectively and painlessly.

Once you have locked down your options, you can then rely on our sound and unbiased advice to help you finalise your choice.

In the event that you are still unsure and confused, you can also enquire straight with our client advisers for personalised recommendations.

Get the latest 3rd Generation Apple Airpods when you insure with MoneyOwl

As shared by Lee, not every myth or stereotype you’ve heard about the insurance industry is true.

While there may be a few bad eggs who give the profession a bad name, you can depend on MoneyOwl to be a reliable, trustworthy and competent platform for unbiased insurance advice.

From now till Jan. 31, 2022, customers who purchase insurance through MoneyOwl will even get the latest 3rd Generation Apple AirPods (worth S$269).

Do note that this promotion is only eligible for the first 500 customers, terms and conditions apply.

Click here to find out more about MoneyOwl’s promotions and services.

This sponsored article by MoneyOwl helped this writer learn more about the insurance industry.

Top image by Scott Graham on Unsplash