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.
kawawa talaga mga nagogoyo ng FAs pic.twitter.com/ilY61QtJLZ
— Warzo10m (@Wxlmn) January 31, 2023
Nakakalungkot etong ganito. Hindi na ipaliwanag mabuti ng FA kung anong type ng insurance meron sya. :/ https://t.co/6Fp0WSQtBQ
— Erwin (@winthoughts) February 1, 2023
One offered an explanation.
Depende din kasi kung saang fund nakaallocate yun hinuhulog nila. Kung nasa equities talagang mababa, kung tumaas stock market tataas din value. Pero wag ka na umasa na mas hihigit pa sa 150k ang kikitain mo kasi life insurance yan, but what if something happen to you…
— EatTradeSurf (@EatLoveSurf) February 1, 2023