After several weeks of not opening this blog, I was surprised to find this comment from Manila Bankers Life Insurance (Manila Bankers). I have already published the comment but since it has been buried under the dozens of comments in my first Manila Bankers post, I have decided to publish it in a separate post for everyone's information. My reply and thoughts will follow after Manila Bankers' comment.
First things first, no one is claiming that Manila Bankers the company is a scam or fly-by-night entity, so there's no need to get your panties up in a bunch. In fact I acknowledged that it was a legitimate company in my post "On Shady Marketing Practices: Manila Bankers Life Insurance":
However, while the company per se is legitimate and its methods of telemarketing and direct selling are also admittedly above-board, it uses or at least condones underhanded and deceptive marketing practices. That's what everyone means when they say Manila Bankers is a scam or scammy. Not the company, but what the company does or allows to be done in its name.
Manila Bankers, under its new management, also admits that there are a number of complaints against it due to misrepresentations by its agents and vows to address the issues lobbed at it:
It is just unfortunate that instead of reaching out to its disgruntled and bewildered forced-customers, it chose to take a defensive and threatening stance.
But bygones. I'll just pretend that I wasn't subtly threatened with a lawsuit.
With a new management taking over and acknowledging the misrepresentations committed by its agents, there is reason to be optimistic that the angry and desperate comments I receive in my blog will lessen in time and that Manila Bankers, through its "more competent and efficient pool of people", will stop using underhanded tactics to sell its products.
Because really, if your product is as good as you say it is, then there's no need to pull a fast one on people who don't know any better and who you know don't know any better.
Yes, Manila Bankers Life Insurance is NOT a scam, so please stop acting like scum.
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.
+632810-1051 Loc. 205
4. Ipadala sa email ang letter of cancellation.
5. Ilagay na addressee sa letter:
— Underwriting Department
Manila Bankers Life
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.
MB Life Insurance Corp.
3rd Floor, VGP Center, 6772 Ayala Ave,
Legazpi Village, Makati City,
Insurance Commission Manila
1071 United Nations Ave.,
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.