Dear Mr. Tan,
I bought an annual cashback endowment savings plan from a trusted friend, a financial consultant with XYZ company. Because I trusted him, I didn't bother looking at the complicated policy booklet that came after, and the 14-day cancellation period passed.
I was under the impression that
1. I could touch my money anytime I wanted.
2. I would get 100% of whatever I put in plus whatever interest (better than banks)
3. The plan was adjusted for inflation
I now find that I could not get my money back except by suffering a severe penalty in the surrender value.
I believe that most people are poorly advised, do not understand financial jargon and do not take another look at those complicated policy booklets.
REPLY
Your experience is typical of tens of thousand of consumers who bought a life insurance policy under the "wrong impression".
I have been encouraging people to join FISCA www.fisca.sg and to attend the educational talks, but most people do not bother to do so. They end up with the regrets that you have expressed.
I bought an annual cashback endowment savings plan from a trusted friend, a financial consultant with XYZ company. Because I trusted him, I didn't bother looking at the complicated policy booklet that came after, and the 14-day cancellation period passed.
I was under the impression that
1. I could touch my money anytime I wanted.
2. I would get 100% of whatever I put in plus whatever interest (better than banks)
3. The plan was adjusted for inflation
I now find that I could not get my money back except by suffering a severe penalty in the surrender value.
I believe that most people are poorly advised, do not understand financial jargon and do not take another look at those complicated policy booklets.
REPLY
Your experience is typical of tens of thousand of consumers who bought a life insurance policy under the "wrong impression".
I have been encouraging people to join FISCA www.fisca.sg and to attend the educational talks, but most people do not bother to do so. They end up with the regrets that you have expressed.
Like many others you have been conned by these cashback products. These products are the worse products of the endowments. They have been known as anticipate endowment...and really these are con products...
ReplyDeleteUnknown to you are actually getting back part of the premium you pay each month, ie your own money. Dumb..isn't it? The problem is the women fall for them as so called cash to be had quickly....the women should realise that keeping their money under their bed is even more liquid and anytime they want they can have it and NOT having to wait and suffer losses if they quit early.
They are NOT saving plans but LOSING plans in the real sense.
MAS should check on the agents who sell them..These agents who sell them are dishonest and not putting their clients' interest above theirs.
It pays to attend Mr. Tan's talk and you will save thousands of dollars from being cheated by these dishonest insurance agents who go under the title of financial consultants.They are wolves in sheep's clothing.
FOR THOSE WHO ARE YET TO BE CONNED BY INSURANCE SALESMEN WAIT FOR 1st. JUNE TO BUY YOUR INSURANCE AND YOU DON'T HAVE TO PAY COMMISSION TO ANY AGENTS.