Caution when buying Menulife Savvy Endowment 12

I would like to share my experience when buying an endowment policy with menulife

Day 1- menulife accepted the funds. claims that it would be reviewing the plan

Day 14 - still nothing. Managed to call thru and was shocked by what the agent told me.

agent will expedite the case but can't guarantee when will the review be completed

even if they approve the request, the start date of the policy would be the date that the policy was accepted, not the date that I applied and the funds are deducted

so meaning to say, menulife can accept your funds do anything they want with it. Go radio silent. customer can't get through the phone line. they can keep your funds indefintely under the guise of "we are processing your request"

is that acceptable or the norm in the industry?

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OolongMilkTwp

15 Sep 2023

I actually wanted to purchase this plan but was given cold shoulders by DBS and manulife.

May i know your outcome. Did your policy eventually get processed?

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Elijah Lee

14 Jul 2023

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

I'm not sure if bought it through DBS, but the typical norms is for your proposal to the insurance company to be accepted first before funds are processed for payment. You don't actually have to pay anything upfront.

In general, the start date of the policy is the day that the policy is issued, and a policy can only be issued when a proposal is accepted, and premiums are received in consideration of the proposal.

Hope that clarifies. Perhaps DBS does things a bit differently, but I don't know for sure.

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