Like everyone else, the past holidays have been filled with feasting and gatherings, updating and gossiping. Most were of no particular importance. However, I would like to share a story about Investment-Linked-Products (ILP) told by a friend who works in an insurer.
An old lady went to the insurer after she received a letter stating that her policy had lapsed. Shocked as she is, she was told that the ILP had lapsed because the units in her ILP policy were insufficient to pay for the charges. The lady said that the money were her ‘coffin money’ (棺材本) and she made complaints.
In came the compliance department to investigate the case. It was found that the agent who sold her the policy had already left the firm and the new agent did not take note if the cash value is enough to meet the charges.
There is nothing extraordinary about this ...
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