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  • Termination of insurance policy

    Hi ladies,

    Has anyone of you cancelled your insurance policy within the 14 days 'free-look' period? Is it neccessary to inform the agent if you want to cancel the policy or can you go directly to customer service to do it?

  • #2
    I think you may contact the customer service dept directly.

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    • #3
      I understand that termination is allowed within AIA's trial period of 14 days. And we need not pay a single cents. But i know that , once we cancelled the policy, it will be brought to the agent's attention, and they might call you up to understand the reason you are terminating. Because they might lose their commission for the cancelled policy.

      You can call the customer hotline and provide them with the policy number, i'm sure they are able to help you further. HTHs

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      • #4
        Yup, I will go directly to the customer service to cancel the policy.

        I bet the agent will be very angry with me. He sort of hinted to me that if I cancel my policy within the first 2 years, his rating will drop and that might affect this appraisal.

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        • #5
          witchery,

          u r the customer and i'm sure u have good reasons to cancel the policy. he should not be angry with u if he is really sincere about having u as a long-term customer. i feel it is not right for the agent to tell u that his ratings will b affected, it's like he is trying to pressurize u. well if he did, then he deserves to get his ratings down since he did not really listen to your concern before signing the contract.

          can u tell us why u want to cancel the policy? did u feel the agent pressurized u into taking it up?

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          • #6
            I told the agent I wanted a term policy cos I rather pay low premium and get good coverage even though I will not get money back. Then he proposed this policy which has what I need. However, its not a term policy but an investment-linked one. Anyway, he was really good at selling cos I was in a way being swayed to sign for it even though I told myself to consider carefully. Imagine, the policy was sold to me within 3 hours! haha.... guess I have to blame myself for being so stupid.

            Anyway, I have found a term policy which meets my needs. So I'm really thinking of cancelling my current policy especially when it's within the free-look period.

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            • #7
              i see, then i guess the agent only has himself to blame for not giving u enough time to consider. i m a salesperson myself and i've always told myself to inform the customer to the best of my ability but let him do the ultimate decision. dont be shy, jus cancel the policy and teach the agent a lesson for being too pushy...

              haha i'm so mean

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              • #8
                Witchery, please do cancel if you think that's not what you want. Don;t end up like me, cannot even cancel or else i will lose all my money for the past 6 months contribution!! To have no regrets in future, think carefully.

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                • #9
                  Some insurance has a revival form. If you fill that up, no cents will be needed.
                  As there are certain deadline to proceed.

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                  • #10
                    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.

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                    • #11
                      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 ?

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                      • #12
                        Prudential

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                        • #13
                          Originally posted by Witchery
                          Prudential

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

                          Comment


                          • #14
                            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.

                            Comment


                            • #15
                              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

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