I would like to share with you this case where i had bought a Whole Life Insurance Policy sold by Great Eastern in July 2015, i met the Great Eastern Agent at at a road show and he introduced me this policy that sounded quite useful to me as i did not have a Whole Life Plan at the point of time.
The whole process of signing up was rather seamless, and i was charged for the premiums for the entire year through the Great Eastern Cashflo Card - Payment was on a monthly basis.
About six months later which is in Jan 16, i received a letter from Great Eastern indicating there was an "ERROR" in the PayAssure Rider which i had signup with Great Eastern and it states that there will be a removal of a death benefit from the PayAssure Rider which is totally unheard of and unbelievable. There is just a simple apology stated in the letter indicating for the inconvenience caused. This error should never had been in the policy in the first place.
I've tried to contact the agent involved and not only is he not helpful, he even challenged me to write in or call in to Great Eastern to Complain, my faith and trust in Great Eastern is totally shattered, will Great Eastern after another six months send me another letter indicating there is another "ERROR" again?
Even if it's an Error, Great Eastern Should honor it as it is a legal binding document and endorsed by both parties.
I could not believe that they could just send a letter to apologize and close off the case simply just like that. I was really shortchanged.
Attached are the documents sent by Great Eastern indicating the ERROR and removal of the death benefit.
I hope the relevant Authorities would look into this matter to resolve this issue.