VUL budol? BDO insurance client shocked by deductions from fully paid policy

A man who paid P150,000 for an insurance policy offered by the Sy-blings’ BDO Unibank is exasperated by the deductions that continue to be billed to him after a decade.

An anonymous Facebook user shared his harrowing experience after paying P150,000 to BDO Life within a five-year span for a VUL, an investment product packaging life insurance and financial instruments.

The netizen said that he diligently paid P30,000 annually from 2016 to 2020. By then, he thought he had a solid insurance policy to get him by until he received a statement of account through email stating that his investment is only worth P48,000 after eight years.

“Nagulat kami dahil MONTHLY DEDUCTION kahit na fully paid na kami at nasa ika 8th year na kami and then ambaba na ng fund value. Bat ganern?,” the user said, adding that the financial advisor who sold them the policy promised that the fund deductions are only during the first three years.

“Uubusin talaga nila ang funds tru deductions?,” he asked.

Netizens were quick to empathize, saying it was likely the advisor’s fault for not explaining the policy and its fees properly.

One offered an explanation.