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Ang ating mga Hinanaing at Reklamo sa Seguro at Pagseseguro | Insurance

AVG_3000AVG_3000 PExer
edited March 2019 in Banking and Finance
I bought a policy from Philamlife last 2011. I chose Philamlife dahil based from my research, this is one of the stable insurance company according to their documents filed in Insurance Commission. Maraming naging issues before they approved my application. I returned several times their approved policy dahil maraming naging discrepancy akong nakita from what we agreed by my agent. (So in this case, you must read 100 times before accepting a policy) So anyway, masama ang naging loob ko sa ending na yun kasi I'm asking my agent to attached the projected values that was presented to me on the actual policy but they did not. They just give me a printed copy of the document that was printed but it was not considered as part of the official policy document and the agent just guaranteed me that whatever discussed during presenting their product eh sure na sure yun ang makukuha kong benefits. Anyway, I accepted it (In case I live until the policy end on the 20th year at hindi nila binigay what was promised, then magtago na yung agent ko at kung namatay man ako, at hindi nakuha ng beneficiary ko yung dapat na makuha, lahat ng demonyo sa impierno, tatawagin ko para guluhin ang pamilya nya).

Ok tama na ang unang sama ng loob, recently just this year, I sent my annual payment thru BPIexpressonline last February. After waiting for a month, I emailed Philamlife customer service asking them to provide me a copy of receipt dahil walang dumating na receipt. This is not normal because I frequently sent my payment online to St Peter Plan, Insular Life, Manulife, and even stock purchase using BPI trade, lagi akong nakakatanggap ng official receipt, but aside of course with Philamlife. After one week, I received an email from one of the customer representative giving me the official receipt number and acknowledging that they receive my payment. I replied to him that I want a hard copy of official receipt because I need to file it as a proof na nagbayad ako. Since then, I didn't received any response from them. I contacted my agent asking my concern and he emailed whatever Ms Kimberly but after one week, she didn't replied.

And now, sobra na kong naiinis sa Philamlife, they are showing how poor their customer service is! I am just asking for a piece of paper as a proof of payment pero hindi nila maibigay sa kin and its almost 3 months already! Now, I have an impression na, resibo lang hindi pa nila mabigay agad, paano pa kung mag-file ka ng claim sa policy mo? So sa mga nag-iisip na kumuha ng insurance sa Philamlife, mag-isip kayong mabuti para hindi kayo mainis na tulad ko. :grrr:
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Comments

  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Before writing off the company, how about trying another mode of payment for your premiums? I write a check every year, and have the check paid at the Philamlife office in Makati. I have always gotten a receipt, for every payment I have made for the last 30 years.

    Maybe only BPI Expressonline doesn't work well for Philamlife. We shouldn't be too quick to conclude.
  • Gumamit din ako ng Bpiexpressonline noong Hulyo 2012, para sa pagbabayad ng premium pero pagkatapos ng isang buwan may dumating na official receipt.
  • that's why I don't purchase life insurance, they are just accommodating when you are not yet a policyholder, and you'll earn more if you invest your money yourself
  • AVG_3000 wrote: »
    I returned several times their approved policy dahil maraming naging discrepancy akong nakita from what we agreed by my agent. (So in this case, you must read 100 times before accepting a policy) So anyway, masama ang naging loob ko sa ending na yun kasi I'm asking my agent to attached the projected values that was presented to me on the actual policy but they did not. They just give me a printed copy of the document that was printed but it was not considered as part of the official policy document and the agent just guaranteed me that whatever discussed during presenting their product eh sure na sure yun ang makukuha kong benefits.

    Let it be clear that your policy is your only agreement with Philamlife. Your agent has no power to guarantee you anything beyond the policy.

    The projected values are well, just projections. I believe what you were shown was the projected values of the living benefits (or the investment component of the plan) if this is a VUL.

    There is no guaranteed returns in that part, because it is an investment.

    The surest thing you can get here is the face amount of the policy IF YOU DIE while the policy is still in effect.

    The lump sum that you get after 20 years -- it is dependent on the product that you bought (and maybe riders that you availed).
  • peternato9 wrote: »
    that's why I don't purchase life insurance, they are just accommodating when you are not yet a policyholder, and you'll earn more if you invest your money yourself

    But some people need life insurance, especially those with dependents and have no big savings/investments yet.
  • to OP, i'm an agent with Philam life. is your current issue with the company simply the delay of getting a hardcopy receipt?

    Philam Life just recently moved their HQ from the UN bldg to BGC. because of this move, there's been some delays to pretty much every processing issue. (nothing like 3 months tho). this may have contributed to the delay, or it might be a lack of service by your agent. i can't speak for other agencies, but in my agency, we get our hardcopy policy receipts and each agent/advisor is responsible to turn that over to the client. i myself have a stack of 6 policy receipts i have to give to my clients ASAP.
  • mxherr5mxherr5 PEx Rookie ⭐
    peternato9 wrote: »
    that's why I don't purchase life insurance, they are just accommodating when you are not yet a policyholder, and you'll earn more if you invest your money yourself

    You're missing the whole point of insurance.
    Insurance cannot be compared to investments.
    Insurance in a nutshell means paying a small premium for a potentially
    catastrophic risk, like you dying and leaving your family destitute.

    If that's your point of view, you should get term insurance.
    Its a purely insurance product with no investment.
    Its like 2k per year for a 20s person for a 1M benefit.

    You can then save what you would have paid for if
    you got a traditional life insurance and once you have
    1M, you can terminate the term or something like that.
  • Let it be clear that your policy is your only agreement with Philamlife. Your agent has no power to guarantee you anything beyond the policy.

    The projected values are well, just projections. I believe what you were shown was the projected values of the living benefits (or the investment component of the plan) if this is a VUL.

    There is no guaranteed returns in that part, because it is an investment.

    The surest thing you can get here is the face amount of the policy IF YOU DIE while the policy is still in effect.

    The lump sum that you get after 20 years -- it is dependent on the product that you bought (and maybe riders that you availed).


    This is not a VUL insurance, I bought a traditional insurance. My mistake if I use the word "projected value". This is clearly explained to me, hindi ko lang ma gets, bakit hindi nila nilagay as official document of the policy yung mga numero na pinakita nila na guaranteed. May hinala ako, after 20 years, meron magic silang gagawin. :grrr::grrr:
  • bunot78 wrote: »
    to OP, i'm an agent with Philam life. is your current issue with the company simply the delay of getting a hardcopy receipt?

    Philam Life just recently moved their HQ from the UN bldg to BGC. because of this move, there's been some delays to pretty much every processing issue. (nothing like 3 months tho). this may have contributed to the delay, or it might be a lack of service by your agent. i can't speak for other agencies, but in my agency, we get our hardcopy policy receipts and each agent/advisor is responsible to turn that over to the client. i myself have a stack of 6 policy receipts i have to give to my clients ASAP.

    Actually three months na, ngayon nagpadala na sila ng letter through email ha na natanggap nila yung payment ko last February 2013. Mukhang wala pa din ipapadalang hard copy ng letter na to sa kin. Anuba 'tong Philamlife, wala ng pambayad sa pagpapadala ng letter through post office sa halagang 7 pesos!
  • AVG_3000 wrote: »
    May hinala ako, after 20 years, meron magic silang gagawin. :grrr::grrr:

    if you're paying for 20 years...did you get the yield enhancer rider (YER)?
  • AVG_3000 wrote: »
    Actually three months na, ngayon nagpadala na sila ng letter through email ha na natanggap nila yung payment ko last February 2013. Mukhang wala pa din ipapadalang hard copy ng letter na to sa kin. Anuba 'tong Philamlife, wala ng pambayad sa pagpapadala ng letter through post office sa halagang 7 pesos!

    where is your agent in all of this? it is his/her responsibility to hassle philam life for you. that's what we get paid for.
  • then cancel it. stop paying premium while its still early.
  • mxherr5mxherr5 PEx Rookie ⭐
    @bunot, he said his agent contacted ms kimberly but she didn't reply.
    @avg, so what did your agent say next? that's life? tough luck? haha
    fire that agent man.. mukhang incompetent

    About the projected values thing.. that's really weird because all
    of my policies include the proposal as part of the contract so if
    the projected values is not in it then it probably wasn't part of
    the proposal?

    I remember when I was shopping around for insurance, this lady
    from philam showed me a piece of paper with projected values
    for VUL. Unlike in the official proposal where the highest rate is
    10%, it showed a 25% rate..yun daw kasi ang historical returns
    nung time na yun(before the 2008 crisis). Baka ganun?
  • question lang, do we really need to keep all the o.r. when for example we have to claim the benefits or withdraw the funds? kasi yung sakin, sometimes i can't keep track of the o.r., but i always keep the cashier's receipt... pero di ba meron naman silang like annual or quarterly report na sinesend stating that your policy is still up to date in terms of payment and andun din yung current fund values and shares? dun na lang ako nagrerely to ensure that wala akong na-skip na payment..
  • bunot78 wrote: »
    if you're paying for 20 years...did you get the yield enhancer rider (YER)?

    Yes, I have YER. They only attached a document regarding this pero walang actual figures, puro wordings lang without any stating any amount whatsover as what my agent discussed before I bought the insurance. Ayaw nilang i-attached yung presented document as part of the policy. My agent just gave a photo copy of what was discussed to me.
  • bunot78 wrote: »
    where is your agent in all of this? it is his/her responsibility to hassle philam life for you. that's what we get paid for.

    I'm actually asking him to send that receipt to me personally in the office but instead he emailed Ms Kimberly.
  • KuyaDanny wrote: »
    Before writing off the company, how about trying another mode of payment for your premiums? I write a check every year, and have the check paid at the Philamlife office in Makati. I have always gotten a receipt, for every payment I have made for the last 30 years.

    Maybe only BPI Expressonline doesn't work well for Philamlife. We shouldn't be too quick to conclude.

    The fact that we are in the 21st century and they have all the resources, means and capability to put an automation on their system, dapat mas mabilis di ba ang transaction kung online. And I emailed their customer service, but I received a replied after two weeks. This is not a good customer service. Bakit naman ang Manulife merong online account where I can see all the transactions made in my policy.
  • Yeah, sounds like very bad service. See if you can switch agents.

    Not sure if it's feasible to abandon the contract, company or agent though. But if it is, I'd do it in a heartbeat.
  • wonwon wrote: »
    question lang, do we really need to keep all the o.r. when for example we have to claim the benefits or withdraw the funds? kasi yung sakin, sometimes i can't keep track of the o.r., but i always keep the cashier's receipt... pero di ba meron naman silang like annual or quarterly report na sinesend stating that your policy is still up to date in terms of payment and andun din yung current fund values and shares? dun na lang ako nagrerely to ensure that wala akong na-skip na payment..

    Actually not really but what if in the event that you are filing a claim and your insurer is telling you now that you are not paying your premiums. Ano na ang ipapakita mong proof?
  • CarlosPFA wrote: »
    Yeah, sounds like very bad service. See if you can switch agents.

    Not sure if it's feasible to abandon the contract, company or agent though. But if it is, I'd do it in a heartbeat.


    If I have an option to cancel this policy and they will return all my premiums I paid, I will definitely do that. Nakakainis bakit pa ko nakabili dito sa Philamlife. tsk tsk tsk...
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