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Anonymous

05 Jul 2021

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Insurance

Is there any way out of a newly bought life insurance plan?

I referred to "Sales Tactics Adopted By Bancassurance Specialists and How The Consumer Felt" and "My Dad Was A Victim Of An Aggressive Sales Tactic."

I am in my late 20s and faced the same situation. It was a rushed meeting as I had another appointment. I stupidly signed on the insurance plan and then neglected looking through the contract carefully (a huge mistake!). And now it has been slightly 2 months and I just realised I had signed on a life insurance plan instead of endowment plan. And that those were high pressure sales tactic by the bank rep. And that I highly regret getting this plan as it does not suit my financial needs.

I read that I can sell my plan to transfer the ownership but as there is no surrender value, I am not sure if it is possible...
Or is it possible to switch from a life insurance to an endowment plan?

Is there any way out of this life insurance plan? Please kindly advise! Thank you!

Discussion (1)

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Hi,

I'm sorry to hear your story. There are some companies i heard from my client that buy over life insurance but i am not sure how it works. You may want to enquire with them.

Life policy is a long term commitment, so if you want to exit, you have to do it soon to reduce the loss.

You may want to bring this up separately on this misinformation that you experienced.

Hope it helps.​​​

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