If you have just bought an insurance policy, you are given 14 days of free look. You can cancel your policy during this period and get a full refund (subject to any price movement in an investment-linked policy). Most importantly, if you were not aware about the high upfront charges or was over-paying a high premium (compared to similar products sold by other companies), you can ask for a refund.
If you need assistance from FISCA on reviewing of this matter, go to www.fisca.sg. There is an administrative fee of $50, but you can save a few thousand dollars in fees charged on your insurance policy (that you might be unaware of).
Insurance agents never disclose the free look because they fear that the clients will cancel later. If they have done a proper job why fear?.
ReplyDeletePrecisely they didn't and they might have sold on misrepresentation or high pressure or they have not told them the truth of the product.
It is compulsory for agents to disclose the free look and failing which is breaching the FAA.Consumers must know that they have this cooling period to reconsider and evaluate by themselves or review with a third party for second opinion.
MAS is sleeping on this. I am sure they know this is daily and blatantly committed by agents, therefore depriving the consumers of this right and recourse..
if the full refund is subject to price movement in investment linked policies, then it is not a free look policy at all, if the price has fallen
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