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  • phaffia
    replied
    Thanks for your advice gals.

    Its not exactly my agent's fault. It was my first policy, and hence there's still a lot of details that I am not aware of and not ironing them out.

    In fact, I was advised not to cancel it but was encouraged to take up another policy to compensate for what I am missing in the former policy. I felt the pinch hence was thinking of canceling the last one.

    Leave a comment:


  • yoshimi
    replied
    Originally posted by gracy View Post
    OT a little:

    a couple of months ago, my mum went to a bank and said she wanted a 1 year fix deposit. and the guy introduced her some insurance plan which gives her like 3.5% (around there) interest rate p.a. as you know, housewife only want to hear the high interest rate and she just signed it WITHOUT knowing that it is actually insurance. it is only when we came back frm holi (2 weeks after signing the policy) that we realised it is insurance. oh my goodness. we got the shock of our lives.

    and the nx day, we immediately went to the bank to find the exact same guy. i pretended to want to buy the policy to listen to how he promote the plan. and throughout the whole thing, he didnt even mentioned a word "insurance" AT ALL. until i asked him if it's insurance, and he said "it's not exactly insurance, it's just protection"! it's nonsense as i've a friend who worked at an insurance company before and told me it's truely insurance.

    long story short, mum managed to free-look the policy as the booklet did state something about 7 days "grace period" for you to read the documents.
    Actually this is very common in the bank industry, they sell you insurance-related products but tell you it's fixed deposits, so it's better to ask properly whenever you're asked to purchase something..

    Leave a comment:


  • spicii
    replied
    As a financial adviser, I feel upset when I read abt such complains from consumers. 1stly I feel sorry that you gals got "cheated" into buying a product that does not serve your purpose. 2ndly, once again the industry is given a bad name because of such bad eggs.

    When it comes to buying any insurance product, i think it's very essential that the adviser must be able to explain to you how each product is able to fit into your financial portfolio while addressing your needs. Its like jigsaw puzzle. If all your insurance and investments are pieces of jigsaw puzzle, they should fit together and form a nice picture. Many so-call advisers try to sell you something without looking at what policies you already have so you may end up buying something that does not serve any purpose.

    If your budget permit, try not to terminate whatever policies you have. Use your whole life or investment linked plans as low risk instruments for your future retirement and top up in other areas that you are lacking. You will definitely be better off than cancelling them.

    Leave a comment:


  • missbluey
    replied
    just to share with you all....
    i had some conflicts with a friend (now no longer friends) who is an agent. initially, when he started his job, i gave him my support to be his client. to me, as an agent, i feel it is only responsible for an agent to keep his clients updated about their policies/investments whether they are earning or something like that. my this agent failed to do that and he only called me whenever there were new policies/investments came up. this went on for about a year or 2 until i got fed up and told him. anyway, there were some unpleasant incidents and i wanted out with immediate effect with the help of my current agent (he settled everything for me but the former agent didn't know until he was notified of the change). that agent tried to convince me with unconvincing efforts.
    i thought of writing a complaint letter to his company but think again, i doubt it won't be any use. since then, we have totally stopped contacting each other.

    Leave a comment:


  • sn0wny
    replied
    Originally posted by phaffia View Post
    Actually my current agent didn't leave. It is just that I found a better deal in another person, and found that in my current policy I am shortchanged. With the same amount of premium, I can actually get more coverage.
    Insurance policy change over the years especially that our environment change and needs change over time too. Some policy that covers enough last time may not look attractive today. U may want to contact the agent that you bought your policy from previously and get more information about your current plan. Should that policy really not suitable for you, u can always get your agent to cancel for you. I think your agent will be the best person to answer your needs. I personally will not cancel my life plan although I was so angry with my agent previously due to some details, I still choose to continue paying as some policy have returns and it depends on the no. of years you have paid and etc. Unless it's a non-return policy and only have coverage.

    Just my 2 cents.

    gracy that is investment, not insurance. There are risk involve and also insurance coverage thrown in as a additional benefit that's all. Maybe that guy never explain properly.

    Leave a comment:


  • gracy
    replied
    OT a little:

    a couple of months ago, my mum went to a bank and said she wanted a 1 year fix deposit. and the guy introduced her some insurance plan which gives her like 3.5% (around there) interest rate p.a. as you know, housewife only want to hear the high interest rate and she just signed it WITHOUT knowing that it is actually insurance. it is only when we came back frm holi (2 weeks after signing the policy) that we realised it is insurance. oh my goodness. we got the shock of our lives.

    and the nx day, we immediately went to the bank to find the exact same guy. i pretended to want to buy the policy to listen to how he promote the plan. and throughout the whole thing, he didnt even mentioned a word "insurance" AT ALL. until i asked him if it's insurance, and he said "it's not exactly insurance, it's just protection"! it's nonsense as i've a friend who worked at an insurance company before and told me it's truely insurance.

    long story short, mum managed to free-look the policy as the booklet did state something about 7 days "grace period" for you to read the documents.

    Leave a comment:


  • phaffia
    replied
    Originally posted by sn0wny View Post
    U bought from another agent and that person left, now another agent took over? If that is the case, no, the new agent will not be complicated.
    Actually my current agent didn't leave. It is just that I found a better deal in another person, and found that in my current policy I am shortchanged. With the same amount of premium, I can actually get more coverage.

    Leave a comment:


  • sn0wny
    replied
    U bought from another agent and that person left, now another agent took over? If that is the case, no, the new agent will not be complicated.

    Leave a comment:


  • phaffia
    replied
    Hi all,

    I am currently holding on to a whole life insurance for about 1 yr now.

    However I have found a better term policy which gives me the same coverage and additional rider for critical illness.

    Hope to terminate the old one because I rather forgo the premiums than to spend on the rest of it since I know I've got a better option.

    But I heard that I will implicate the new advisor if I were to cancel the old one to get the new one.

    Is this true?

    Thanks in advance

    Leave a comment:


  • DiorSnow79
    replied
    Originally posted by Witchery
    I went to cancel my policy just now. Was told that they will inform me if that's approved. Apparently, I am one day late for the 14-day free-look period.

    I've developed a phobia for insurance and investment agents who are ever so keen to hardsell you policies and plans without caring about the customers' needs.
    I believe he *** really ask u much question abt ur insurance or needs for an insurance but push his insurance policies to you right? This is our so-called 'tubberware' salesman.

    The right one will show u the product u interested in, and recommend u the one that suits u.

    14-days free look apply to every co. But for investment linked, i think the 5% bid offer is not refundable.

    Leave a comment:


  • Qin-Er
    replied
    Originally posted by Witchery
    Prudential

    Hmm..I have a way. =) Can pm me.

    Leave a comment:


  • Witchery
    replied
    Prudential

    Leave a comment:


  • Qin-Er
    replied
    Originally posted by Witchery
    I went to cancel my policy just now. Was told that they will inform me if that's approved. Apparently, I am one day late for the 14-day free-look period.

    I've developed a phobia for insurance and investment agents who are ever so keen to hardsell you policies and plans without caring about the customers' needs.

    Which insurance company you bought from ?

    Leave a comment:


  • Witchery
    replied
    I went to cancel my policy just now. Was told that they will inform me if that's approved. Apparently, I am one day late for the 14-day free-look period.

    I've developed a phobia for insurance and investment agents who are ever so keen to hardsell you policies and plans without caring about the customers' needs.

    Leave a comment:


  • Qin-Er
    replied
    Some insurance has a revival form. If you fill that up, no cents will be needed.
    As there are certain deadline to proceed.

    Leave a comment:

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