ILPs: Sales up 120%, complaints up 300%+, and they’re still pushing them hard on old people who think it’s “safe insurance

Many of these people still believe returns are somehow guaranteed or that it’s “safer” because it has the word insurance in it. Mediation sessions keep showing the same thing: they don’t understand the product they bought. But sales keep climbing. Because of course they do. Nothing to see here. Just another product that is systematically mis-sold, generates massive complaints (especially from the elderly), and somehow remains one of the industry’s favourite things to push. Source: https://www.channelnewsasia.com/singapore…

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u/singaporefi-ModTeam moderator pinned 1 13 hours ago

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u/bananaterracottapi 1 13 hours ago

Most of the issue comes from bankers pushing. The older folks always believe banks are safe and guaranteed. Try telling them nothing is guaranteed, not even cpf, they think you are crazy m By the time they lose money, the bankers would have already moved on in their career.