Insurance Investment: Is It Still Safe?

Philippines
April 16, 2012 4:17am CST
Insurance has been a business for elite people. For the average earner, it is a "never mind" venture. But there is this agent of a certain insurance company who keeps on wooing my colleague who is a young professional yet. The agent is insisting and almost very convincing that the employee is now considering the idea of placing some amount to the said investment but until now he is undecided. I do not know what to tell him about it. I ma just thinking if it is still safe to put his money at risk with this kind of investment. In our place, some insurance companies had already been down and many policyholders have been complaining of not being able to claim their funds. Some may have been given the assurance but no definite date given.
4 responses
@yrallih (147)
16 Apr 12
Yes it is safe but it depends upon the proof or claims the agent is presenting to you and if there company is a reliable one because my dad works as an insurance agent that's why i know. :)
• Philippines
17 Apr 12
How can i detect if the company is safe. Almost every agent is offering a very promising policies. Some of the insurance companies that used to be of good reputation had been down now.
• Philippines
19 Apr 12
I opened this discussion because I wanted to see good and helpful responses on how we can find out which insurance companies are still reliable. It seems like noone can really tell. And, I bet, even the companies also can't tell what lies ahead, 10 or 20 years after. As we all know, there have been prominent companies that have fallen in to debts and can no longer pay their policy holders. So, its not far to happen to any other existing insurance companies. We bought a policy with PruLife UK, and even if they have a lot to boast about their company and how credible and reliable they are, we are still open to the possibility of it going down in the future. But, its a risk that we were willing to take and somehow they have a maximum secured amount from your investments, so at least, you still have something to claim despite what happens to the company. Just don't put too much money on one single company or account.
@yrallih (147)
19 Apr 12
The major industry players. but everything still depends on what benefit does the company offer and if you would really be needing it. i don't like to name one because it might be unfair to others but before getting an insurance for something, make sure that you know all about the details because there are certain situations not being covered by insurance and sometimes clients complaint about it not knowing that it's their fault that they didn't read the terms well. you should be wise on what to plan to choose and how much you are really planning to spend on it. Check the company background and ask for insurance plan holders that you know so you would have an idea.
@babyEj (1525)
• Philippines
17 Apr 12
Surely, Insurance is a good investment. But take note of the reputation of the company holders he wants to put his money. There are so many insurance companies nowadays that don't boom because of mismanagement and low reputation.
• Philippines
17 Apr 12
That is the thing that he scares of. It is just so hard to trust now adays.Anyway, where should we get a hint which one is really safe many years from now? Can the banks be trusted as a source of information or advice?
@magtibaygom (4863)
• Philippines
16 Apr 12
I think it is still safe. Then to be safer, it is best to buy insurance from companies you know will not fold down in the next 50 years. Just like in banks, bank only with banks that are on rock solid foundation.
• Philippines
17 Apr 12
Are banks be trusted to obtain an information which insurance company is still safe? Thanks for the information.
• India
16 Apr 12
You can take Insurance policy from any insurance organisation. All are safe and regulated with specified terms & conditions.