I was aware that there was a lot of mis-selling happening with insurance products. I had heard horror stories in the media. I had seen my investor clients being made targets. At one time, an agent even tried to sell to me something that I really didn’t need.
For clarity, mis-selling means giving you a product that is not fit for your needs. For example, a ULIP (with a high degree of exposure to equities) is sold to a retired person who is looking for regular monthly income.
So, I knew about mis-selling but I had no idea to what extent this mis-selling was taking place, until I read this.