It is with a heavy heart that I admit that Eagle Insurance has been able to out do me I can’t progress further without actually taking legal action against the company and I do not have enough evidence or resources to fight a conglomerate such as Eagle which has a complete department of lawyers!
So the moral of the story and what I learned from this bitter experience is below:
Things to watch out for when dealing with insurance company
- Read the fineprint
- Get all the verbal conditions/agreements in writing on the company letterhead
- Confirm the actual rate for management fees charged to your account - this is important
- Make sure that the covers and benefits given are actually required since these will cost a lot
- Read all the clauses and conditions in the life policy
- Check the maturity date and options to conversion to a fully paid policy
- Negotiate lower penalty rate if you decide to cash in the policy early
- Check if the premium charged is reasonable by checking with at least three other competitive quotations - this is something I failed to do
In the unlikely event that you decide to invest in a life insurance policy my advice to you is DON’T - if you still decide to go ahead good luck!
