Be smart when buying financial products in Singapore

The latest MAS campaign has uncovered some pitfalls that consumers should watch out for when approached to buy insurance and other products

Financial products can cost hundreds of thousand dollars plus a lifetime of effort to maintain them. PHOTO: PEXELS
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We've all been there: You are in a mall when an insurance company employee manning a roadshow booth approaches you and asks if he can do a short survey on banking needs.

As you are not in a rush, you agree and he starts with a series of questions about your bank accounts and saving habits. But he suddenly veers into queries on endowment savings plans, and it dawns on you that you are on the end of a sales pitch with no obvious exit strategy.

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