I believe the MPs really do not have any idea what is insurance! Risk pooling is first of all, done on one person's CHOICE, not because it is compulsory. Why is it on a person's choice is because we think that we can beat the odds and end up benefiting from the product. Another reason for insurance is because we want our loved ones to be well taken care of. The key word is loved ones. The 2 main purpose for insurance, at least for me. Currently, the MPs are taking away these 2 main reasons, and forcing us to accept it??? I hope that after 6months of deliberation, they will wake up their idea on what exactly is insurance!
Furthermore, under both the annuities products currently provided by Income, and Great Eastern, both has a clause that says that the person will get back at the very least, the principal which was paid to them, minus the payouts given out. That's one of the main reason why people do go into annuities. There's an assurance that I get at least my money back, and the family can use it. There is a reason why structured deposit was so popular in the past, although it's a crappy product that gives you less interest than the Fixed Deposit. Anyway, you take that clause away, it becomes a money making machine for the insurers.
Under Great Eastern's product fact sheet, it's also stated that there's a 50% chance of a man living to 80 years old, and a woman living to 85 years old. As a guy, I have a less than 50% chance of living to 85 years old!
Can you please tell me which insurer is going to provide this annuity product? I want to work for them because they are going to be rich! This whole CPF annuity thing seems to be something that was proposed by the insurer, to their benefit, and not to our benefit.
If this annuity does not get resolved, the government will face this when election comes by, and be assured that the Singaporeans WILL remember this.
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