last week, i met up with a couple who wanted my advice for a large term policy of sum assured $1 million for the husband who is the sole breadwinner.
the wife also wanted advice on her current basic medishield plan.
my comments:
everything was fine till the point when i inquired as to their health status. they claimed they were healthy but when i probed further, both husband and wife started to reveal some medical conditions which happened a long time ago.
i reminded them of the principle of utmost good faith or uberrima fides and this is prominently displayed in every insurance application form which says:
"warning: pursuant to section 25 (5) of the insurance act (cap.142), you are to disclose in this application form fully and faithfully all facts which you know or ought to know, otherwise the insurance effected may be void."
they emphasised that their medical history is history, period and disagreed with me that no disclosure is necessary since it was so long ago.
but i did not waiver in my stand and i believe that from this point in time, our meeting did not proceed smoothly after this.
and after parting, my gut feel told me i will not get the business and true enough, i got a sms today telling me they will not pursue their business with me.
well, despite this, i will still not compromise on my part in any potential business (even the big ones) by closing two eyes or even one eye and not doing things right the first time and every time.
but i can share here that it is proving to be damn challenging to be an ethical advisor and swim against the tide. and as to the question on whether the ethical advisor is still alive, the answer is a resounding yes, but this person will definitely be an endangered species.
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