Beware Of The Agent Knocking At Your Door
A major life insurance company in Singapore has embarked on on aggressive drive to increase their private integrated shield plan market share. They are now knocking door to door asking if you have upgraded your shield plan. While the one that knocked on my door was courteous and not pushy. I cannot say the same to the one my colleague’s client met.
The agent claimed he was from CPF Board. After getting to know that my colleague’s client was on the NTUC integrated shield plan, the agent claim that the old plan will not be affected and got my colleague’s client to sign the forms. My colleague only got to know that his client has switched integrated shield plans when he received a termination notice from the insurer.
By unknowing changing his shield plan, the client faces the risk of getting excluded on any pre-existing illness that may be covered under the old plan. From what the agent was doing, I would doubt the health declarations were done properly and in violation of the Principle of Utmost Good Faith.
Be careful of what the person knocking at your door say. Check with your adviser when in doubt.
Related Posts
Tags: Mis-selling
