Where do average clients like us go to seek redress or recourse,
given the fact that we bought the policy on good faith
by trusting the agent of the insurer,
who understood the reason we wanted to invest in such a policy
more than 20 years ago?
Mohd Yusoff H. Hamdan
The customer was sold a wholelife plan and passed it off as an education plan which is a endowment with maturity date.
ReplyDeleteIt is not uncommon for insurance agents to push wholelife as cure all product. it is because whole life carries the highest commission whereas endowment's commission depends on the tenor or term.
MAS should take this chance to ban the commission as it is the cause of malpractices and demolish the mullti tiered structure of compensation.
It is unfortunate that Mr. Mohamamed waited 20 years to know the truth. Many others are like him especailly the baby boomers who found that the insurance policies they bought long time ago cannot fund their retirement because their policies are actually wholelife plans and not saving plans. They were cheated and only found it after so many years. This is cheating and I wonder what is MAS's view?
Can MAS help these victims and many other shy quiet victims who dare not come forward thinking it may incur lots of money to get justice.
Consumers, have your existing insurance policies reviewed and don't wait until 20 years later to discover the shit. It is too late. Find out about your so called trusted, sincere nice insurance agent . You are likely to be shocked that they are not. They are likely dishonest and incompetent.