facebookWhat to do if your parents were mis-sold insurance? - Seedly

Anonymous

18 Apr 2019

Insurance

What to do if your parents were mis-sold insurance?

From https://www.straitstimes.com/business/admin-exe.... Like the article, 4 years ago, my mom and I went to UOB to renew FD and was sold the PruSave Max Limited Pay. Paid 60k (12k premiums for 5 years) on the spot of signing the insurance. The agent told us that it is better than FD and at maturity 75y.o or death, she would receive 80k.

However, recently i reviewed the contract and realised that only 43k is guaranteed while the remaining 37k is not. My mom and I were unaware of this before but the contract did state so.Even SSB gives better returns

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Bad experience from UOB PRUSAVMAX. How is it possible to get such returns?

I paid cash 50k and this is the 10th year and current surrender value is 43K and bonus is 5-10k? NEVER NEVER EVER BUY A PRODUCT FROM THE BANK AND INSURANCE COMPANY. YOU LL BE RIP OFF TWICE.

I feel u have a weak case to seek any formal recourse. But do not worry. While the remaining $37k is...

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