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.
