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Nairaland Forum / Nairaland / General / Investment / Cashing Out On An Insurance (14639 Views)
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Re: Cashing Out On An Insurance by walearoy(m): 12:54pm On Dec 29, 2015 |
I just started another policy with then ![]() |
Re: Cashing Out On An Insurance by anonimi: 12:59pm On Dec 29, 2015 |
mimzy: Why can't you use the insurance policy as a COLLATERAL, if required, to obtain a quick loan or overdraft to meet your immediate needs and liquidate the policy at the end of its tenure? 3 Likes |
Re: Cashing Out On An Insurance by KAYNINI(m): 1:02pm On Dec 29, 2015 |
osubair: i am having the same challenge with Mutual Benefits A manager there told me to my face to do whatever i want to do They are never nice at all - one must be careful whenever their marketers sit before you to spool their wares A firm with ill customer service ain't good enough. 5 Likes 2 Shares |
Re: Cashing Out On An Insurance by texazzpete(m): 1:13pm On Dec 29, 2015 |
Had this type of experience with IGI many years ago. When the marketer was selling this to me, he sold it as 'a way to save money' and that one can pull out 100% after two years. I stayed until 4 years, then when I tried to pull out, I got a lot of rigmarole. Took ages and multiple visits to their office in lagos (basically had to travel from PHC to Lagos) before I could extricate myself. Lost a few hundreds of thousands of Naira in the process. Since then, I have never done any insurance (apart from comprehensive insurance for my vehicles). 6 Likes |
Re: Cashing Out On An Insurance by Johnrake69: 1:23pm On Dec 29, 2015 |
osubair: Do you pay into the account officer's bank account or the company itself? Cos am aware that it is usually stated that on no account should one remit any money directly to your account officer. 1 Like |
Re: Cashing Out On An Insurance by abbeymighty(m): 1:28pm On Dec 29, 2015 |
Stylz69:You are right, but at op what to do is to make copy of policy document and let the staff of the said insurance co. acknowledge the submission. please take it to their office yourself. Concerning the balance due to you, check you policy document it will be stated their amount due to you for various period of termination of your policy. Remember God forbid if you die before the maturity of policy your beneficiary(s) will collect the sum insure which you have not even paid. that is what they called insurance. for nfor you can check my profile and get in touch for more assistance . 1 Like |
Re: Cashing Out On An Insurance by DelTel(m): 1:35pm On Dec 29, 2015 |
BUSHHUNTER: Towergate Insurance was acquired by Equity Assurance around 2005, therefore, your dad is now a shareholder in the latter company which is tradeable on the floor of The Nigerian Stock Exchange. Equity Assurance Plc has paid 2 dividends after the merger hence you need to approach the registrars - Apel Capital Registrars @ 18b, Nnobi Street, Masha Surulere. 2 Likes |
Re: Cashing Out On An Insurance by peaceland(m): 1:38pm On Dec 29, 2015 |
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Re: Cashing Out On An Insurance by shaicollins(m): 1:45pm On Dec 29, 2015 |
[Dear frinds do not condemned insurance company in nigeria ,we have regulator body which we call it NAICOM) Petaining to your own advice, I will like to ask u question ,who under write your policy for you? Is it from insurance company or brokers ? And it any cliam u don't need to give original document ,make a photocopy and give them copy's with teller u used to Contact me for any form of insurance product or proffesional advice on any insurance policy....#God's favour is all I need . 1 Like |
Re: Cashing Out On An Insurance by shaicollins(m): 1:49pm On Dec 29, 2015 |
[Dear friends do not condemned insurance company in nigeria ,we have regulator body which we call it NAICOM) Petaining to your own advice, I will like to ask u question ,who under write your policy for you? Is it from insurance company or brokers ? And it any cliam u don't need to give original document ,make a photocopy and give them copy's with teller u used to Contact me for any form of insurance product or proffesional advice on any insurance policy....#God's favour is all I need . |
Re: Cashing Out On An Insurance by InvertedHammer: 1:52pm On Dec 29, 2015 |
TruthisOut:/ A few weeks ago, I was arguing with magicminister about insurance policies. He bragged about his premium and coverage for his business. I kindly advised him to have a lawyer go over his policy because insurance companies are known to make policy holders jump through a lot of hoops before getting compensation. Sometimes, it is outright denial. In US, they may hide under omission of information, act of God, preexisting conditions, etc. to deny claims. In a chaotic environment like Nigeria, I am sure they have endless list of "excuses" to avoid payment especially the mushroom insurance companies that will insure anybody and anything. But again, some folks who think they are wise usually learns the hard way. Good luck cashing out! / 2 Likes |
Re: Cashing Out On An Insurance by lagosrd: 1:54pm On Dec 29, 2015 |
KAYNINI: Waiting for that manager to tell me that and u will di the unimaginable to him. And make so much noise about it that they will have no other choice than to pay me and sack the guy. Cos I will spoil the company's name so try Buhari go hear come put eye fir them company. 1 Like |
Re: Cashing Out On An Insurance by Rockstar07: 1:55pm On Dec 29, 2015 |
mimzy: That's why you need to read and digest the Policy Document given to you to know their terms and conditions. It would be clearing stated there. The document's not only to be store in cool and dry place...lol 2 Likes |
Re: Cashing Out On An Insurance by DelTel(m): 1:57pm On Dec 29, 2015 |
TruthisOut: Based on your info provided (i.e. You've paid for 40-months as against 36-months), the company can not deduct any money -principal and interest. However, you need to relinquish the original policy document to the company (all you need to do is make photocopy for acknowledgement for your record). An assured can only be penalized for not completing to an agreed month, which must be stated in the policy document. I believe the era of insurance companies "misbehaving" would soon be over with the present NAICOM mgt and govt. You will agree banks were seen in such light(when your #10,000 can disappear within some months after charging indiscriminately on COT, Mgt fee, maintainance fee, ATM charge, SMS etc) until CBN brought out harmonised rate guide. You are free to report to NAICOM if you feel aggrieved. 2 Likes |
Re: Cashing Out On An Insurance by Rockstar07: 1:58pm On Dec 29, 2015 |
Nig4Greatness: There're many products. You might be refering to one of their products. 1 Like |
Re: Cashing Out On An Insurance by KAYNINI(m): 1:59pm On Dec 29, 2015 |
shaicollins: it has nothing to condemning insurance companies all we want is prompt service and real customer service Mutual benefit has failed in all that! 3 Likes |
Re: Cashing Out On An Insurance by KAYNINI(m): 2:03pm On Dec 29, 2015 |
lagosrd: after calling and calling waited for the guy to speak to me and when he finally did - he told to wait for a longer period of time which was unattainable so i told him i was going to escalate this that it's not right and he quickly told me to do my worse All these was done over the phone. So sad for Mutual benefits |
Re: Cashing Out On An Insurance by magicminister: 2:08pm On Dec 29, 2015 |
TruthisOut: Which insurance company? |
Re: Cashing Out On An Insurance by seunakin231(m): 2:10pm On Dec 29, 2015 |
TruthisOut:since its a term life policy, am sorry they can't breach it, u entered an agreement, and inside it, terms and condition applies... 1 Like |
Re: Cashing Out On An Insurance by charlesucheh(m): 2:12pm On Dec 29, 2015 |
TruthisOut:bruv!!! it's simple and plain. understanding an assurance product is one thing and cashing out period is another. what am trying to say here is that, your policy document states all the terms and agreement of the contract and am very sure it stated the time period to which your policy is supposed to be due. the least i wouldn't say assurance but investment link policy with mutual benefit life assurance ltd product has a minimum of 2years validity to which you can later renew or cash out if you like, while the highest should be 5years and above based on what a client wants. don't be worried with the long tin, but just want to make you understand what you went into and to let you know that it was all company procedures, that's if it's truly an insurance company. if it's an endowment policy you went for, then it means you must wait for the agreed time period before you can cash out, but if the policy has not yet matured to that level, then it means you want to to enter a surrender value agreement, which means not all the contributed sum will be giving back to you. in summary bruv, you policy document is you sole guide to know if you're being cheated or not. it is what has been indicated on your policy document that you are supposed to work on and not managerial discretion. pls kindly go back to the document and properly straighten things out. 1 Like |
Re: Cashing Out On An Insurance by Intrepid01(m): 2:26pm On Dec 29, 2015 |
This is a very good topic....Listen carefully everybody. I am also under this situation myself. I have been trying to cash out an insurance policy since 2014. Yes 2014. These guys are rogues, the procedure for taking up a plan is so easy but cashing out is like passing through the needles eye. I am not going to mention their name now, but I have promised them that by January if my cheque is not sent to me or my money paid in to my account I will narrate my ordeal with them on all Social Media, do a serious damage to their useless name and expose them 2 Likes |
Re: Cashing Out On An Insurance by Chuksemi(m): 3:49pm On Dec 29, 2015 |
TruthisOut: Yes, return the policy documents and premium receipts. You are supposed to get your full premium paid, if you are terminating. Don't settle for less. 1 Like |
Re: Cashing Out On An Insurance by Rexphobia(m): 4:00pm On Dec 29, 2015 |
Lionhearted: A general insurance policy does not mature....And what u pay "Premium" is the fees for the policy and not a deposit, if nothing happens....ur luck. |
Re: Cashing Out On An Insurance by ZhyonKross(m): 4:15pm On Dec 29, 2015 |
When you give out the name, they will know you're serious too, think |
Re: Cashing Out On An Insurance by Johnrake69: 4:48pm On Dec 29, 2015 |
osubair: I think you were not properly intimated with respect to what insurance policy is about. Insurance is primarily not an investment. Although, recently, insurance companies have tried to develop products that include investment. But, how it works is that every premium you pay is apportioned into both insurance coverage and investment. The investment part is what you get back if you want to exit. And the penalty will be on the coverage. That is why they are in business. Cos if something happens to the policy holder after making just the first premium payment, the insurance company is bound to pay the beneficiary the SUM ASSURED. 4 Likes |
Re: Cashing Out On An Insurance by Slimbideb: 5:18pm On Dec 29, 2015 |
dozymars:He's true and that's an insurance policy issued on Endowment term. |
Re: Cashing Out On An Insurance by lagosrd: 5:23pm On Dec 29, 2015 |
KAYNINI: Ser don't be discouraged just create an alarm tread and we start the e-war against mutual benefit or wetin you call them. Anywhere you see their advert and on facebook lets rocket them with challenge. maybe them think say dem dey craze if you bo get job eno mean say Uno hear English now. Don't forget to put the guys name oooo. Or better still initial another conversation with the guy and record it on your phone then straight to NAICOM. 3 Likes |
Re: Cashing Out On An Insurance by Chukzyfcb(m): 5:53pm On Dec 29, 2015 |
ephi123: Different strokes for different folks, when my DAD died, we benefited from his Life Insurance. The same AIICO Insurance that you castigate was very professional although slow coz it took over 7months to receive the cash but with my experience with them. If I would suggest, I would suggest AIICO Life Insurance any day anytime!!! 2 Likes |
Re: Cashing Out On An Insurance by gigabytes: 5:56pm On Dec 29, 2015 |
Same happened with Crusader insurance. They were leveraging on it mine was less than a year for a 2year term. All docs with me. I will take it up now. |
Re: Cashing Out On An Insurance by gigabytes: 5:57pm On Dec 29, 2015 |
I will photo scan them here |
Re: Cashing Out On An Insurance by Nobody: 6:05pm On Dec 29, 2015 |
There is something called surrender charge..every insurance has a percentage that will be charged if the policy has not exceeded the maturity date..@ op there is no need for you to drag the coy into the mud..call your agent and ask questions and to way forward Yes you have to submit your policy document and as for the receipt of payment kindly approach their customer care for a statement Gentlebabs: |
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