My agent told me when I bought the life…
My agent told me when I bought the life insurance that I can use the cash in my investment account to pay for my premiums. That is what I did for the past 20 years. A few days ago I received a letter from the AXA Hong Kong life insurance company that my investment account has not got enough money to pay for my premium anymore. So I rang the company to ask for bank account for me to transfer money to their account. However the staff told me I have to pay back the past 20 years premiums before I can continue the policy. This company deducts my investment account each year for US$1603 for the past 20 years. The staff is telling me I haven’t told the premiums for 20 years. Those deductions are maintenance fee for each year.
This is not what my agent told me 20 something years ago when he sold me the policy. He said I can use the encashment value to pay for my premium. For the past 20 years, AXA have used my encashment value to pay for my premium. According to their statement they sent to me, they deducted us$1603 each year from my encashment value. How come your staff is telling me to pay back the premium for the past 20 years!!! What virtue is this company holding? This is dead right deceitful. How can this company survive by taking unlawful cash from their customers' hand? How can this company swallow up all my encashment value and say I have not paid for my premium? There should have a way to deal with such a crooked company.