Prulink protection account (SCAMMED?)

[acidrain86]

Hi All,

My prulinkprotection account started from feb 2009 till now july 2013.

Every monthIm paying $113.39

So this iswhat I calculated:

$113.39 *12= $1360.68

Feb 2009will be

$113.39*11=$1247.29

Year2010,2011,2012

$1360.68 * 3=$4082.04

Jul 2013

$113.39 * 7=$793.73

TOTAL IPAID $1247.29+$4082.04+$793.73 =$6123.06

I decidedto terminate the policy and discussed with my agent.

I was toldthat I can take back around $2.3k or less.

So I askedagain IS THIS A SAVING PLAN??

He told meis A PROTECTION PLAN AND INVESTMENT PLAN

So fromwhat I know now more than 50% go to protection and ONLY those money goes to investment can betake back.

SO I THINKTHIS POLICY IS A SCAM. IT protect youonly if you have terminal illness, death ,etc and sum assured is 80K.

IM PAYINGMORE THAN $50 for a protection plan and this money is GIVEN TO THEM.

Now theagent tell me to return the policy so he can proceed with the termination.

May I knowis this the procedure? The money I get back is it correct? Any agent here?Please help on this issue. Thank you.

 

[PruCorgi]

The figures, the way the plan works, and the procedure he quoted seems to be on the level. You can go to the Prudential customer service centre for verification.

Check all the black & white/documentation you got back when you bought the policy. The original quotation (benefit illustration) says what kind of plan it is. Hopefully, you did read through when you first bought it, and understood/remembered some of the main points.

It's a protection/investment plan so of course some of the premiums will go towards paying for the protection/other costs of the plan, especially in the first 3-5 years. All plans of this type work the same way. The original quotation should have a section which explains this. The idea is that given enough time (10+ yrs), hopefully the value of the investments can potentially increase to the breakeven point or beyond, but this is not guaranteed.

Unless someone promised/told you that it was a savings plan in 2009 and that's why you bought it back then, and you can provide the proof, it will be hard for you to claim it's a scam.

 

[kebinu]

Check the front loading conditions. That's the reason. It is not a scam.

 

[dexboi]

Lol. How can it be a scam when you have actually signed and acknowledged the acceptance of your purchase?

Hack. The documents already include all the potential illustrations when you first bought it.

"Let it rain over me ... Ay ay ay, Ay ay ay, Let it rain over meee.." - Acidrain

 

[acidrain86]

I really don't know what this policy is about. I keep emphasis the word saving plan and he told me this is part of a saving plan. I rem he did show me a chart of maturity 25years will get a lump of money. But today I met him as he told me another thing that this is a so called life protection which protect your whole life and benefit your beneficent. The thing is I told him I NEED SAVING PLAN!!! and he told me I can get lump sum of money but now story changed.

 

[acidrain86]

 

[anfielder]

An ILP works exactly like this.. you have to hold for quite a long time to break even, (if it breaks even at all). Heck, even a savings type plan will likely not break even if you terminate long before maturity.

I'm sure the agent would have explained the consequences of early terminations to you?

 

[acidrain86]

An ILP works exactly like this.. you have to hold for quite a long time to break even, (if it breaks even at all). Heck, even a savings type plan will likely not break even if you terminate long before maturity.

I'm sure the agent would have explained the consequences of early terminations to you?

What I intend to buy is a saving plan which maturity 25years. I don't mind to keep it long term but NOW he told me this policy no maturity when I asked. He said this is a life protection and no maturity age. This is mainly for protection and not saving. If he can draft a black and white saying by 25years time I can get back what I paid or even more, then why not. Im sure to keep this for 25years. But what I understand now is the money spent will never get back even after 25years because is used on protection fee. Am I right to explain this way?

 

[lusunshine]

What I intend to buy is a saving plan which maturity 25years. I don't mind to keep it long term but NOW he told me this policy no maturity when I asked. He said this is a life protection and no maturity age. This is mainly for protection and not saving. If he can draft a black and white saying by 25years time I can get back what I paid or even more, then why not. Im sure to keep this for 25years. But what I understand now is the money spent will never get back even after 25years because is used on protection fee. Am I right to explain this way?

Do you really think if last time the policy you bought is endowment, every single cents of your premium will go into "saving" instead of "protection"?

 

[anfielder]

What I intend to buy is a saving plan which maturity 25years. I don't mind to keep it long term but NOW he told me this policy no maturity when I asked. He said this is a life protection and no maturity age. This is mainly for protection and not saving. If he can draft a black and white saying by 25years time I can get back what I paid or even more, then why not. Im sure to keep this for 25years. But what I understand now is the money spent will never get back even after 25years because is used on protection fee. Am I right to explain this way?

I see what you mean but I think it's not entirely true. There is no maturity but you can terminate the policy and get back the cash value, which I believe is the value of the investments that you have under this policy. How much you can get back depends on the performance of those unit trusts.

As far as I understand, the insurance charges are low when the policyowner is young but rises with age, so there comes a point when you can decide to terminate the policy so that the value is not eaten up by the charges.

 

[acidrain86]

The thing about this is before I signed this policy, he showed me a chart and I saw the chart stated that 25years time I will get a certain lump sum of amount but now he told me there is no maturity for this policy. Which mean he showed me the chart are rather for another policy or he just wanted me to sign so he just anyhow show me a chart with years and money and I thought is the money I will get back when it is matured. The financial agent is trying to get me signed the policy as I keep saying I WANT SAVING PLAN that can see a lump sum of money when is matured. And 1 more thing is that this insurance is $100 then the 13.37 is don't know what rider plan. Firstly Im not a rider and he told me is additional plan for accidental etc.
Now think of it, I really feel that I had brought policy that I do not need at all.

 

[acidrain86]

I had uploaded the policy. Can anyone tell me what is this policy about? I still not sure why a protection plan can cost $100 per month.

 

[PsyClick]

it is a $ 80k ILP plan with critical illness rider and some bare accidental coverage.

According to what you say, you want a savings plan which is not ILP obviously. Definitely not a scam, but probably not what you need. We cant say much abt your experience since its useless without black and white. But if it is really as what you recalled, maybe you can look for other agents to review your portfolio liao

 

[PsyClick]

Oh btw Rider don't mean you ride bicycle or motorcycle.

Rider means the accidental death and dismemberment tags along with the main ILP plan. Meaning you get up to 50K upon accidental death or dismemberments.

 

[JERRIED-]

Anything that is "extra" that is not originally on the main plan is termed "Rider".

 

[acidrain86]

OK. I have called up and the surrendar value is $2270. I have look through the pru flexicash plan and I think thats the plan I need.After 4 years then I realised that this protection plan is really useless because when I go in the website that this policy is under investment link. I dont know why is this so, because the money that I paid per month, more than 50% goes to protection rather than investment thus why is this under catagory of investment and not protection link.
This agent makeup story and I was told is saving plan ended is not.This is why I said is a scammed by agent and not prudential.
As compare prulink protection and pruflexi cash policy,is it the agent earn more from prulink protection?Why is he hard selling it instead of other policy.

 

[acidrain86]

Just to highlight to all of u about this plan.Also this is just my understanding.

The death is a sum of 80K
So if the death is due to being an arm robber and got killed by the police.Can this be claim?Or either involved in gang fight and got killed.Can this claim?
The terminal illness
Can AIDS consider as terminal illness?If so can this be claim?
Accident
Lets say the recent chinaman got killed at bugis which he is speeding.Can this be claim?

I can say that is easy to give money to insurance company but when something happen how long will it take to claim and the document that you need to submit as well.Im sure that from a view of a businessman no one will want to make a loss. Therefore if there is a claim,Im sure that they will find alot of loophole to say that it is not claimable or either they will reduce the amount.
IF anyone decided to get this type of insurance, is better to think twice.
Why you need to spent $100 per month to get this rather then spending money on gym,tonic etc.
Why wait for something to happen rather than making a prevention from it.
I will rather use the money to buy tonic,go gym lead a healthy life rather then waste money on protection.
This is just my view of insurance.

 

[kebinu]

Change your agent.


For death coverage, it's all kinds of death including suicide, which needs a 12-month waiting period for suicide.

Yes to all your queries.

 

[kebinu]

Then again, maybe there's mis comm somewhere. Ilp does offer you more protection and flexibilty than a 25 year endowment.

If looking at GE comm structure, the agent is earnin lesser comm by selling ilp to you.

 

[zhizhong07]

For insurance, it is not a scam but it is just the way your advisor has advice you. A professional advisor should equip you with what you need through a fact find and not throwing you with product that earn them more commission. Financial planning is a life long process and a journey together with your FP. So have you thought about how long has your this advisor contact you after selling to you?