Enterprise Life is either courting some lazy workers or they are intentionally playing games so that we lose the value of the insurance policy we bought.
I have three policies there, which they strategically sold together as if they are related, but in truth, they are all different policies with different terms and conditions. I will speak to that later.
I have had the policies for six years, and they will all mature in ten years. Sometime last year I got a message that they had tried for fives months to cashout the premiums from my bank account with no success. Five good months ????. Meanwhile, there had always been more than enough money in my bank account for them to cash out that small money.
I have two other insurance policies with my bank and another company, with higher premiums than the total of the three I have at Enterprise. They all cashout without fail, but Enterprise alone claims they are not successful.
I went to my bankers to check if the fault was from them, but they told me they have no control over that at all. So I went to Enterprise, made a bulk payment for the five months arrears, filled another set of forms (which I didnt need to) just for them to keep cashing out the premiums from my account.
I warned them if they fail to cash the money again, I will surrender the policies and walk away. I know surrendering means loss of money, particularly I will lose the entire six years premium for the life insurance, and then pay penalties on the other two. They are also very much aware of that.
Just this week I got a message again that for the month of April they tried to make a cashout and it failed. I was surprised because the money is always sitting in my account, even up till date.
Now I want to quit the whole transaction immediately, but I am also concerned they will get to keep money they do not deserve at all. They have invested my money and made profit, and they are giving me sloppy service. Yet, if I say I want my money, they get to keep a lot of it.
This is where I think the National Insurance Commission would have to come in and protect people like me who are shortchanged because either the staff of the insurance company are being lazy or they are deliberately playing games with me so I will surrender out of frustration, and then they get to keep my money. I know the second point sounds paranoid, but I don’t know what else to think.
In fact my relationship manager at a bank told me she had a similar experience with them and she had to wear jeans shorts and bandana and go and display in their office before they fixed it. I cannot bring myself to go that way. I can squeak on Facebook and tag them and expect some action. Now I have had it and I want out but they can’t keep my money.
The insurance law needs to be amended to say if a policy holder has a genuine reason to quit the transaction due to the insurance company’s fault, the policy holder is entitled to a refund of the totality of the premiums he paid, whether it is a risk or and investment policy. It will make the managers check the lazy workers to do their simple jobs.
Enterprise Insurance should focus on pushing their lazy staff to do their simple jobs instead of sending research companies to administer unnecessary questionnaires to customers.
