How to Get Your Money Back From Manila Bankers Life Insurance

The complaints keep on coming because Manila Bankers Life Insurance keeps on scamming.

Its modus operandi goes like this:

1. Call or text people using private numbers procured from some entity that has access to or collects personal data. Another way is to approach people at the mall (it's best if the person looks young or timid);


2. Catch victim's attention with promises of freebies and discounts;


3. Use praise, scare tactics or both to get the victim's guard down before proceeding into your practiced, company-approved spiel, repeatedly emphasizing the investment or protection aspect of the product;


4. Ask to see victim's credit card or debit card, promise that it will only be used for verification purposes. Do everything possible to get victim to hand over the credit or debit card;


5. Swipe the card and charge the highest amount possible without letting the victim know;


6. Return card and pretend nothing was charged or debited;


7. Get victim to sign insurance policy with authorization for credit or debit made. Do everything in your power to make sure that victim is unaware of what he/she is signing;


8. If victim realizes that a charge was made, pretend that you had no control over what happened and there's nothing that can be done about it;


9. Escort victim out the door. Feel your soul get closer to the eternal fires of Hell, but what the heck, you made a sale, so yay to you!

However, you can get your money back after you've been duped by Manila Bankers. Take it from Bhagz who graciously allowed me to repost her experience for the information of others who were also deceived into parting with their hard-earned money.

Here's the timeline of Bhagz' experience:

November 18, 2017 - signed a policy with Manila Bankers. That same night, she realized how scammy/scummy Manila Bankers was and decided to terminate her policy.

November 20, 2017- emailed a cancellation letter to Manila Bankers with the Insurance Commission copied in to the email.

November 28, 2017- submitted a hard copy of the cancellation letter at the Manila Bankers head office in Ayala Ave. The Insurance Commission was also copied in to the cancellation letter.

December 11, 2017- received a letter from the Insurance Commission where Manila Bankers was directed to reverse the charges made. The letter contained 7 other names with the same directive to Manila Bankers to also reverse the charges made on their accounts.

December 18, 2017 - received an email from Manila Bankers informing her of the cancellation of her insurance policy and reimbursement of her money subject to the submission of the following requirements: release waiver, quitclaim, bank chargeback form (all three documents to be provided by Manila Bankers) and the insurance policy/contract.

January 5, 2018 - went to the Manila Bankers office/kiosk in Robinson's Galleria to sign and submit the required documents.

February 18, 2018 - left a comment that she finally received her reimbursement and that it was deposited in her account.

The best scenario is that you totally ignore the Manila Bankers agents when they call you or when they approach you at the malls. But if you already fell prey to their wily tactics, be sure to do what Bhagz did by submitting a cancellation letter within the cooling-off period or within 15/30 days after you signed the policy. Any request for termination within the cooling-off period is automatically granted, no questions asked.

However, it gets trickier if your case no longer falls within the cooling-off period because you'll have to file a formal complaint with the Insurance Commission if Manila Bankers refuses to reimburse your money. I doubt that it will be expensive to pursue a formal complaint, but for sure it will be time consuming.

If you don't have the energy to go through all that, then just cancel any automatic charges made on your credit card or debit card for the yearly renewal of the policy and chalk up your run-in with Manila Bankers to experience. Be sure that you learn something from that experience though by never falling victim to similar schemes in the future and helping others who went through the same thing you did.

(Other posts on Manila Bankers Life Insurance can be found here and here.)

Update as of July 11, 2018:

Here are Manila Bankers' contact details:

Email: support@mblife.com.ph

Hotlines: +63998-9641223
+63917-5424079
+632810-1051 Loc. 205

Main Office:
MB Life Insurance Corp.
3rd Floor, VGP Center, 6772 Ayala Ave,
Legazpi Village, Makati City,
Philippines 1223.

It's best to send Manila Bankers an actual letter cancellation via registered mail or courier with the Insurance Commission copied in to the letter (meaning a copy of the letter is also sent to them). Send the copy for the Insurance Commission at:

IC Manila
1071 United Nations Ave.,
Ermita, Manila

Good luck everyone!

Update as of November 1, 2018: Tips from Bobet of Truly Rich Makers. Thanks for this, sir!

Lahat ng insurance may “free look period” na 30 days. Kapag hindi ka satisfied sa insurance na nakuha mo simply cancel:

1. kung may auto-debit o auto-charge ka na pinirmahan, ipa-cancel mo agad sa bangko o sa credit card para wala nang subsequent payments.

2. gumawa agad ng letter para irequest ang cancellation at request for refund. Siguraduhing mai-kwento ng buo, ang dahilan kaya nag-ca-cancel. Kung palagay ninyo na na-i-scam ng ahente, isulat kung sino ang ahente at lahat ng nakausap na ahente, o manager, o kung-sinuman.

3. tumawag agd sa support line ng Manila Bankers Life, para mag-tanong kung paano mag-cancel at ano ang documents na kailangan asikasuhin.

Hotlines:
+63998-9641223
+63917-5424079
+632810-1051 Loc. 205

4. Ipadala sa email ang letter of cancellation.

Email: support@mblife.com.ph

5. Ilagay na addressee sa letter:

— Underwriting Department
Manila Bankers Life
cc:
The Commissioner
Insurance Commission

6. Ipadala via registered mail o courier/messenger ang inyong letter. Ang courier/messenger service ay mura lang,via LBC o FASTTrack or Xend, etc.

Underwriting Department
MB Life Insurance Corp.
3rd Floor, VGP Center, 6772 Ayala Ave,
Legazpi Village, Makati City,
Philippines 1223.

At

The Commissioner
Insurance Commission Manila
1071 United Nations Ave.,
Ermita, Manila

7. I-follow up ang inyong case, magpunta sa MB Life sa Ayala Ave, o tumawag sa hotline, o mag-email sa support. Kung may ibigay na ticker number o reference number tandaan ito, at banggitin sa sunod na follow up.

Bilisan lang natin ang pagasikaso, kasi makalipas ng 30 days, baka hindi na i-entertain ang inyong complaint. Kapag within 30 days, wala pong maaring gawin ang MB Life kundi icancel ang policy at ibalik ang any payment.

Tandaan po natin na ang MB Life company at MB Life agent ay dalawang separate na entity. Maaring may masabi ang agent na hindi wasto o hindi accurate.

Ang maski anong insurance company ay ayaw na magkaroon ng cancellation, kaya ang mga hindi kanais-nais na practices ng ilang mga ahente ay hindi approved ng life insurance company.

Ang bawat cancellation ay napakaraming paper work na walang katumbas na kita sa insurance company.

Ang mabilis na pag-cancel lang ang magandang paraan para maparusahan ang mga ahenteng hindi maganda ang gawa. Mawawalan sila ng komisyon, mapapagalitan. At kung may sapat na dami ng valid complaints, matatanggal sa kumpanya.

Kung sila ay magpatuloy, ibig sabihin, hindi ipinaglaban ng mga biktima ang kanilang karapatan.

Kaya mag-reklamo po, kung palagay ninyo na-i-scam kayo.