Do Not Die In Peace In Singapore – GE Policies Suck Big Time
A few of my close friends may know my mother passed away while hiking in Tibet in May this year.
She was 58 years old.
Now, she bought several insurance policies before she died, being a Great Eastern Life agent. God knows, she made me buy $20,000 per annum worth of policies too.
Now, Great Eastern refused to pay her for her accidental death in Tibet.
Now, tell me what should I do ?
I spoke to my 11 year old son who also has several GE policies under his name. I asked him, “Would Ma Ma have died if she did not went to Tibet ?”. His answer, “No.”
I asked him “Do you think her death in Tibet was an accident ?”. His answer, “Yes, of course.”
Then I asked, “Why did Ma Ma buy insurance before she went ?”
His answer, “Because she wanted to protect herself if something happened to her.”
My final question, “Why do they not pay us and now get the Fidrec to tell us that we have no money ?”.
His answer, “Because they are assholes.”
Ok. FIDREC which stands for Financial Institutions Disputes Resolution Centre, is a fully funded (by Financial Institutions) intermediary for retail investors in cases of dispute which involves a financial institution and a member of the public.
Enough is enough.
11 year old says they are assholes. Does the innocent logic of a child count ?
Not In Singapore.
Great Eastern, I had enough of this bullshit.
I have policies with you. And even if I lose every cent of it, it would be worth taking you out for the sake of this dispute. Because this is not for me.
This is for every single policy holder out there who will be losing out if I did not do this.
And yes, I did just buy a universal life policy with AIA for USD 200,000 (drop me a note about this if you need advise, just be careful of Singapore’s consumer biased jurisdiction when you buy anything). Because I would be damn if I bought anything from Great Eastern again in my lifetime.
God Bless You, Mommy.
Ps : If this can help just 1 person out there who is considering buying a GE policy, I say my job is done.
And yes, I cannot wait for all of you to come and sue me for this.
I can’t believe these organization! Benefitting from the very fabric of innocent people.. You ask people to protect themselves but yet when you need to compensate people for a meagre sum as compared to your fat bonuses, you find excuses! I hope you find peace! Trade haven, stay cool!
I am trying to still believe in the system but I believe all these so called “intermediaries” like FIDREC who are supposed to exist to serve the public and give our financial system “additional” brownie points in the eyes of the world, are just nothing but a hollow shell.
I also understand we will have no case if we went public because we are not the poor sweeper/cleaner family who have lost a bread winner. So Obama wins again.
No wonder crime rate in my area is going up – alot house break ins.
Do keep us updated on the status with great eastern..
Looks like my dad (beneficiary) is giving up. Don’t blame him – ex civil servant.
My lawyer thinks there is good chance though. But my dad will have to agree.
I do not believe this is what we have come to. Singaporeans, ever subservient and compliant.
But I guess it has got us this far.
Thanks so much for concern.
Awesome. If insurance companies only care about bottom line, I will never buy another too
Just do not buy Great Eastern. It is a big betrayal of trust to the consumer. Why bother to buy accident rider when they say death is not violent enough ?
In developed countries, what the policy doesn’t exclude means it is covered. Over here in Singapore, what the policy says DOES NOT MATTER because the insurance company decides.