I had insured three 5-year policies taken with X since 2004. They reduced the bonus in April 2009 and reduced the maturity proceeds for my three policies by a substantial sum of $ 12,751 (projected yield at maturity reduced from 2.81% reduced to 1.59%). The maturity returns was cut by almost 45% over the 5-year period.
My appeal case was reviewed twice by X but they were unable to offer the higher maturity values. X stated that the bonus revision is within the policy contract and only the non-guaranteed portion is adjusted.
The poor returns affect my retirement saving. I would like to seek your advice - should I put forward my case to FIDReC for a third partly iassessment in order to get a fairy satisfactory returns.
REPLY
FIDREC is likely to side with X, so there is no point in asking them to adjudicate.
It is unfair for X to cut the bonus by so much, especially as the stockmarket has recovered substantially from since April. I suggest that you write to the newspapers and make a complaint.
1 comment:
Show this to MAS otherwise MAS thinks that these par wholelife and endowment are fair products.
Please don't believe that salesman insurance agents know how to plan your retirement with these products. if they did tell you you should sue them for misrepresentation of the products and misleading you into believing that they are competent to plan your retirement.Insurance agents who push par product are charlatans, incompetent and cheats.
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