Feel cheated by local reputable bank into buying an insurance. If cancel will lose a lot of money. Any solutions or past experience to share?

Part with them now or never

Sorry to hear about your situation. Have dealt with a fair number of such cases internally when I was still there.

When was the policy incepted? Freelook period is 21 days from date of inception - 14 days free look plus 7 days for 'delivery' of policy contract. If it's still within the freelook period, go down to manulife tower and complete a policy details change form under section G. You may want to file a complain as well when you are there about falsified information (your annual income).

Going through the bank's representative to freelook the policy may not be productive as it's likely they'll discourage you from doing so.

If all else fails, write to MAS to feedback.

Write in a complaint to MAS and cite the the RNF code of the FC.

Very same thing happened to me. Same Plan Manulife ReadyBuilder. This is DBS Bank. I complained to Manulife.

Manulife routed to DBS. DBS took it up to "investigate" no outcome yet. These guys are cheaters, and they should be exposed to public