Monday, June 10, 2013

Mis-selling of private Shield

An woman in her early 50s, who has a low income, was sold an expensive Shield policy by an insurance agent placed in the bank. She paid over $800 in premium, to cover treatment in private hospital, which she did not need. 

Her niece helped her to lodge a complaint for mis-selling, but the insurance company did not take any action against the agent. She knew that she would not be able to afford the premium after a few years, and her total Medisave savings would be wiped out.

This type of mis-selling is quite rampant. Many people are paying more for a private Shield plan than is really needed - and the excuse is "you do not have to pay cash".

For people without much savings, a better way to manage the cost of medical care is shown here:

Please help to pass this message to your relatives and friends, especially those in their 50s and older.

1 comment:

TTan said...

Who is the regulator? MAS? Perhaps a well documented complaint should be lodged.

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