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Thread: Trouble by Insurance issue..any help?

  1. #1
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    Default Trouble by Insurance issue..any help?

    hi everyone..

    I want to share about an unfortunate encounter that I have faced recently.
    Many years back I bought an policy from John Hancock and now taken over by Manulife.
    8 years back, I got issue of paying the policy when I am serving Army. So I actually ask my agent is it ok to delay the payment. And he just simply say 'no problem' without telling me there will be an interest occur for it will be taken as a loan. 8 years later, my agent suddenly call me to tell me that I have an outstanding interest of $600+ because of the loan. My agent has totally deny that he has said that before, and mention that it is my mistake.

    I really get a shock and I went down to Manulife office. They told me they dont send out reminder letters to remind me about the interest. I told them I was being misled in the first place. And I have been paying my premium regularly other than that year. So it make no sense to delay the payment of the loan.

    The second time I went down to see their assistant manager. I was rejected by them. It seen like they not going to entertain me any further.

    So what should I do to get my fair share of treatment?

    Please advice.
    1Dmk3,EF{16-35/24-70/70-200/300IS}F2.8L|100-400IS|TSE24F3.5L|MPE65|180F3.5L|50F1.4|35F1.4L|100 F2.8}

  2. #2

    Default Re: Trouble by Insurance issue..any help?

    Since NO ONE, (and usually, even policy holders) here actually knows what your policy is, and the terms & conditions contained therein, I would suggest you seek the assistance of a qualified Insurance Agent friend or family member to go through the documents and details with you.

    In most cases, the companies have their butts covered in more than 101% and ways legally, unless it was a direct and evidenced case of the agent misleading you (lying) or mis-representing the company.

  3. #3

    Default Re: Trouble by Insurance issue..any help?

    The interest is actually quite standard to my knowledge.
    Chanxj
    my blog @ http://sgsnap.com

  4. #4
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    Default Re: Trouble by Insurance issue..any help?

    Quote Originally Posted by chanxj View Post
    The interest is actually quite standard to my knowledge.
    I know when time goes by..

    I dont know a single thing when I bought the policy as I was only 18years old. So I actually ask my agent when I was going to delay the payment, and he actually jus say no problem. And I take his words there shouldnt be any problem. but who knows...hais
    1Dmk3,EF{16-35/24-70/70-200/300IS}F2.8L|100-400IS|TSE24F3.5L|MPE65|180F3.5L|50F1.4|35F1.4L|100 F2.8}

  5. #5

    Default Re: Trouble by Insurance issue..any help?

    Bring your case up with fidrec

    http://www.fidrec.com.sg/website/index.html

    Although based on what you mentioned in your post I don't think you have a case. Sorry

  6. #6
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    Default Re: Trouble by Insurance issue..any help?

    Did you get annual statements from the company showing how much you have paid, and how much your policy is worth? You should check your statements to see if there were any mention of outstanding interest.
    As complexity rises, precise statements lose meaning and meaningful statements lose precision.

  7. #7
    Senior Member
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    Default Re: Trouble by Insurance issue..any help?

    Quote Originally Posted by cherkel View Post
    hi everyone..

    I want to share about an unfortunate encounter that I have faced recently.
    Many years back I bought an policy from John Hancock and now taken over by Manulife.
    8 years back, I got issue of paying the policy when I am serving Army. So I actually ask my agent is it ok to delay the payment. And he just simply say 'no problem' without telling me there will be an interest occur for it will be taken as a loan. 8 years later, my agent suddenly call me to tell me that I have an outstanding interest of $600+ because of the loan. My agent has totally deny that he has said that before, and mention that it is my mistake.
    If yr agent can simply twist and turn his words, maybe u can ask to change yr agent, and probably in front of him buy from the new agent a new insurance plan to make him sour.

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