Monday, December 13, 2010

Timely termination of life insurance policy

A couple attended my financial planning talk two weeks ago. They learnt how to read the benefit illustration and went back to study the policy that they bought recently. They found that the policy gave a poor yield as a large percentage of the accumulated premium was taken away as "effect of deduction". They cancelled the policy during the 14 day cooling off period - so they were able to get a full refund of their premium. They told me that they now know how bad the life insurance policy was. They advised their nephew and niece to register and attend my next talk!

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