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Anonymous

13 Sep 2024

Insurance

Bank employee wanted to enroll me into an insurance plan without sending me T&Cs

Hi guys,

Someone from a bank called me to explain their new bank-exclusive product and then offered to enroll me.

It was an insurance product that pays $X per day of hospitalisation.

I said I would like T&Cs, following which they declined on the basis that it was a bank-exclusive product, not available to non-bank customers. Is this a legit practice at all?

Discussion (17)

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Elijah Lee

22 Oct 2024

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

Such products tend to be accident plans (which require no underwriting) and the benefit would be a payout in the event of hospitalization due an accident.

It is a straightforward product but you have the right to ask for more information before making any decision.

Maybe ask the name of the product. else just move on. no shortage of products

I wouldn't buy insurance from the banks.

Practice wise, i will always reject it...

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