Some insurance agents cheat their customers blatantly. I have just received an e-mail from a consumer who was asked to invest $40,000 from cash. Originally, she was supposed to invest from the CPF account but was later persuaded by the agent to pay in cash.
She was shocked to learn that the investment had depreciated by a lot for 1 year. Now, she received a notice to pay an additional $40,000. The agent must have sold her an annual premium policy. She certainly could not afford this amount of annual premium.
From her e-mail, she is quite ignorant about the policy, and signed for the policy only on the vague promise by the agent that it will earn a higher interest rate than CPF (which is also a blatant lie, as there is a large amount deducted to pay commission).
I advised the consumer to write a letter of complaint to the insurance company and to MAS and will assist her to draft the letter.
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