Hay nako. Nth victim here. I don't think their product is a scam, the problem is how their agents communicate the details of their products, rendering the company a scammy reputation. I went back a few hours after I signed up to further inquire about how much I'll be getting after the 3-year lockup period kay nakarealize ko wa jud ko ingna about sa amount nya mao nay naka-ingganyo nako kay gibalik2 jud nga i can surrender the policy and get my money back after 3 years in case mudecide ko na di nako, so nibalik ko and ni ask, then i was told cash value daw. It was another agent that assisted me kay busy ako agent. He refused to tell me pila ning cash value-ha kay naa daw na sa ako policy which is not available pa at that time. Kept asking, if 50% ba or around that, naguba iya nawng then ana xa "Dili uy! Cash value is always 75%!". In 3 years, 16k ako loss if that's the case. Ni-ask ko if pwede ba ko mucancel nalang kay wala jud ko kahibaw ana, if i was given a table of the supposedly cash value, i would have made better assessments. He said at first dili daw. Ni express ko na i want my money back. He retorted "you cant just cancel because you don't like it" and i told him "i was never told about that cash value case" to which he replied "you can cancel but you will not get your money back".
I called the main branch the next morning and found out you can cancel. So i went back the next day with my cancellation letter and discussed things thoroughly with my agent. Nag-lalis nami although dili jud super cos I'm nice and she was too. Until naabot iya team lead and then manager. and they told me im not getting my money back daw because when i signed up,covered na daw ko that moment and then unfair daw kay what if something nahitabo nako after i left their office then muadto ako family sa ila to claim the 200k nya ila i-decline kay ni change ila mind, unfair daw diba? Istoopehd kaayo ko kay gidawat nako na nga reasoning, now nga nakaread kog maayo sa documents, dili jud na mao!!! i'll tell you why later. And I further found out pajud nga cash value is not 75%!!! Out of a 65k contribution, after 3 years, 29k ra ang redeemable! Lolol.
in the end, cge silag ingon na if i cancel nako, wala nako makuha na money, maypa daw i cancel lang nako ang auto debit sa ako account, then dili nalang nako hulgan kay ma cancel na automatically in 3 years and naa pa chance mu change ako mind anytime before then, and macover pako for 3 months sa insurance. nisugot ko ana na arrangement nalang thinking nga hasulon jud kog maau nila sa ako requesr to cancel, i wonder if i should cancel nalang jud, im still on the 3rd day and naa 15 day timeframe for cancellation, hadlok man ko mukalit ra sila debit sa ako account uy but they gave me a really really hard time to cancel completely then and there.
ANYWAY, a helpful advice i wish i wouldve done before i got the policy:
In the form that you signed where you indicated your info and beneficiaries, there's the agreement part and stated there is:
> Unless the policy becomes effective as specified in the express cover receipt, THERE SHALL BE NO CONTRACT UNTIL FIRST PREMIUM IS PAID AND THE POLICY IS DELIVERED TO ME/US WHILE IN GOOD HEALTH. IF THE POLICY DOES NOT TAKE EFFECT, ANY AMOUNT WILL BE REFUNDED TO ME/US.
So, never allow them to print your policy when you go there to cancel. Tell them: no policy, no contract and that you dont want your policy. i have checked the payment confirmation given to me, this is the document they give you once you pay, and nowhere in there is it stated that your policy is in effect the moment you paid.
I wish I read this jud. Hay nako jud. First time man nako aning insurance2x jud, wala pa jud ko alam and wala jud ko naka-ask ug second opinion pa jud. Hayyy.
Originally Posted by badz#1
paets. . . (:
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