Saturday, June 18, 2016

Unethical sales practice

An reinsurance executive told me that his wife met a life insurance agent at a road show. The agent asked to take 5 minutes of her time. He explained to her about a life insurance product. The wife is not familiar with insurance. The agent asked me to sign on an application form in case she is interested. He promised her that the case will not be submitted without her permission.

The following day, the wife received a SMS notifying her that a sum of $15,000 was deducted from her credit card for the insurance policy. The agent did not keep up to his promise. The husband  was familiar with the 14 day cooling off period. He was able to help the wife to cancel the policy and get a refund of the premium.

On my suggestion, the reinsurance executive will be submitting a complaint to the Monetary Authority of Singapore on the bad sales practice.

If this case happened with someone who is totally unfamiliar with the 14 day cooling off period, the policyholder will find it difficult to get a refund of premium for the unwanted policy.

1 comment:

Anonymous said...

This case should have been reported to MAS and have the insurance agent's license cancelled.
Why let him or her go? The public should be protected from agents and companies alike of this kind of dirty and unethical practices.

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