Insured for assurance, or not

 

pexels-photo-164474_opt (1)Buying insurance is like buying a piece of mind. At least this is the usual spiel from most insurance agents.

This month, hubby and I made a decision to ditch our planner of 8 years and opt for someone new. Our planner (not yet informed that he’s out of the door, so he’s still our planner) is in the million dollar table, has lots of clients with big bucks and  I think that’s where the problem started. We already saw cracks in communication, not proactive in his advise and etc, but we still stuck to him because we are just too lazy to move.

Recently, I’ve been reading up a lot on policies, and I realised that our investment linked plans are not as fab as it initially sounded. So, to check on things, we naturally scheduled for a review. Things seem to be looking a little more bright and clear after the meet up until…two days later, I felt a need to log into the AIA system to look at my surrender values and how’s the plan doing in general. To my absolute horror, I found out that our policy went on Premium Holiday for almost 14 months! Omg. We are losing our cash value! AIA, the insurer, insisted that they sent tons of letters to us, but my planner said he also received no notification. I was mortified. In fact, my agent’s name is not on my plan. It’s another dude. OK this is probably some underground backhand, unethical thing he’s doing. We’ve closed our eyes all the while as we assumed our polices are in order. But now….. no way.. enough is enough.

The new planner comes in. We surrendered 80% of our plans which didn’t even break even. But I figured we just want to start afresh on a clean slate, and I’ll just take the lost money as insurance paid. Look towards the future.

So the lesson from this episode is really to monitor, check and be proactive with your money. No one is going to deal and bother it as much as you.

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