Insurance by telemarketing, so-called "hassle-free campaign"

evsvit · Post by **evsvit** » Mon, 30 Mar 2009 5:16 pm

Just now somebody called me saying they are "Ace Insurance Limited, underwriter for Citibank". Lady on the phone gave me a quick description of the accident insurance plan for only $41 per month, and 50% of my premiums will be cached back to me after 5 years. When I asked her to mail me the draft of the contract or terms and conditions of that plan, so I can review and decide whether I need it, she said that "this is a hassle-free campaign" and that I have to agree to buy that plan now before I see any terms and conditions (which will be mailed 2 weeks later). In other words - she asked me to agree to sign-up for some service that she doesn't want to tell me the whole truth about.
The question is: do you think it's a scam? (Or attempted scam?)
I think - yes. What do you think?

durain · Post by **durain** » Mon, 30 Mar 2009 9:39 pm

might not be scam but defo a hard sell method.

Post by **Strong Eagle** » Mon, 30 Mar 2009 10:38 pm

Probably not a scam but not a good deal, either. Best advice: Next time you might try this:

http://www.youtube.com/watch?v=qv3UCvxUh8E

durain · Post by **durain** » Mon, 30 Mar 2009 10:45 pm

Strong Eagle wrote:Probably not a scam but not a good deal, either. Best advice: Next time you might try this:

http://www.youtube.com/watch?v=qv3UCvxUh8E

LOL!!! people was wondering why i was LOL!!! think i was kuku!!!

Saint · Post by **Saint** » Tue, 31 Mar 2009 8:52 am

I can confirm it's not a scam. They've called me a couple of times and when I finally get a word in edge ways and tell them who I work for they get very confused and embarrassed!

zhiz22 · Post by **zhiz22** » Thu, 02 Apr 2009 12:50 am

A client has checked with me with regards to citibank plan.

After a simple comparison with another company's plan the truth was out.

The coverage is extremely extensive as compared to ACE and most other insurers.

It covers Infectious Diseases (Dengue, Malaria, HFMD, Chikungunya etc), Food Posioning, Insect/Animal bites, higher medical expenses due to accident, TCM expenses etc.

Best of all, the annual premium is only $95 ($7.90 per month) meaning its at a 70% discount compared to CITIBANK from the first year onwards. (My client was quoted the $27 a month plan)

Last but not least, if the child gets to enjoy the same coverage as parent at only $25. If both parents purchase the plan, the child gets covered for free.

DimWit Kid · Post by **DimWit Kid** » Thu, 02 Apr 2009 1:13 am

zhiz22 wrote:A client has checked with me with regards to citibank plan.

After a simple comparison with another company's plan the truth was out.

The coverage is extremely extensive as compared to ACE and most other insurers.

It covers Infectious Diseases (Dengue, Malaria, HFMD, Chikungunya etc), Food Posioning, Insect/Animal bites, higher medical expenses due to accident, TCM expenses etc.

Best of all, the annual premium is only $95 ($7.90 per month) meaning its at a 70% discount compared to CITIBANK from the first year onwards. (My client was quoted the $27 a month plan)

Last but not least, if the child gets to enjoy the same coverage as parent at only $25. If both parents purchase the plan, the child gets covered for free.

As a stupid financial conservative, if I get a quotation that said to me the premium is 50% of any other quotation I received, by default I will never ever touch it without reading through all the small prints (and most of the times that is just too much so I just don't touch it). 5-10%, ok.. it makes sense. When it's 50% difference for (seemingly) the same coverage, chances is I'm being Madoff-ed!

zhiz22 · Post by **zhiz22** » Thu, 02 Apr 2009 1:53 am

DimWit Kid wrote:
zhiz22 wrote:A client has checked with me with regards to citibank plan.

After a simple comparison with another company's plan the truth was out.

The coverage is extremely extensive as compared to ACE and most other insurers.

It covers Infectious Diseases (Dengue, Malaria, HFMD, Chikungunya etc), Food Posioning, Insect/Animal bites, higher medical expenses due to accident, TCM expenses etc.

Best of all, the annual premium is only $95 ($7.90 per month) meaning its at a 70% discount compared to CITIBANK from the first year onwards. (My client was quoted the $27 a month plan)

Last but not least, if the child gets to enjoy the same coverage as parent at only $25. If both parents purchase the plan, the child gets covered for free.
As a stupid financial conservative, if I get a quotation that said to me the premium is 50% of any other quotation I received, by default I will never ever touch it without reading through all the small prints (and most of the times that is just too much so I just don't touch it). 5-10%, ok.. it makes sense. When it's 50% difference for (seemingly) the same coverage, chances is I'm being Madoff-ed!

haha you are right. Other plans are already permanently 70% off as compared to what is being offer. Do a comparison and you will be startled by the difference.

sina6379 · Post by **sina6379** » Mon, 04 May 2009 4:09 pm

if you can stop paying to ace insurance, do it now. this is my advice. i have a very bad experience with them and they don't even want to call back after i told them that i am cancellation 2 policy. i have to go through citibank customer service and threaten citibank to take action, if not i am going to cancel my citibank card as well. please pass this information to everyone, NEVER NEVER BUY INSURANCE FROM ACE

evsvit wrote:Just now somebody called me saying they are "Ace Insurance Limited, underwriter for Citibank". Lady on the phone gave me a quick description of the accident insurance plan for only $41 per month, and 50% of my premiums will be cached back to me after 5 years. When I asked her to mail me the draft of the contract or terms and conditions of that plan, so I can review and decide whether I need it, she said that "this is a hassle-free campaign" and that I have to agree to buy that plan now before I see any terms and conditions (which will be mailed 2 weeks later). In other words - she asked me to agree to sign-up for some service that she doesn't want to tell me the whole truth about.
The question is: do you think it's a scam? (Or attempted scam?)
I think - yes. What do you think?

justinhcw · Post by **justinhcw** » Wed, 16 Mar 2011 2:04 am

They have a pulled a fast one on me as well.

I told them that I want to see all documentations first before I commit to anything. 1 month later, i incurred a triple repeat transaction, totaling more than $100. Imagine my shock that my request for documentations/T&C for their policy ended up signing me on their policy and charging me for it.

AND Citibank wants to charge me for me to view the sales draft when a call to their 24H banking hotline gave me the detail of the suspected vendor instantly. And it took them 2 days to reply to my internal email requesting for details of the suspect transaction. Tsk tsk tsk, and they call themselves the bank that never sleeps.

Have subsequently sent an email to ACE customer service email and will follow up with call tomorrow. If they still do not bank in back my money within 1 week, not sure lodging a complaint to Consumers Tribunal will help speed things up.

Somehow I would like to think that Citibank is not working together with ACE. I also would like to believe that ACE Insurance practice ethical selling methods but this thread is making me think 2x!

link removed by moderator

ksl · Post by **ksl** » Wed, 16 Mar 2011 2:23 am

You look as if you are working for an Insurance company to me, why else would you pull a very old thread from the past 2009, just to leave a link?

beppi · Post by **beppi** » Wed, 16 Mar 2011 9:55 am

Somebody wants you to buy something over the phone and declines to give you the terms and conditions until well after you committed - and you are still ASKING if this is a scam?!?
How naive are you???

ALL honest and trustworthy companies will give you all details in writing to read and consider BEFORE you decide and commit.
You should definitely walk, no, better: run away from any company that won't do this!

aster · Post by **aster** » Wed, 16 Mar 2011 11:18 am

I had the same phone call too.

The idea is to have you say "yes" under the premise that you can simply cancel in like the next two weeks.

I asked to see the terms and conditions online and wasn't given a link but a promise that I would receive them by email. Never heard again from them since...

People here get the feeling that they have to sell on the spot, right here and now, and the same attitude is what makes the shopping experience here so shitty. I've stopped beating around the bush and when approached in a store - especially an electronics store - I simply reply "Just looking" and ignore the pushy salesman. When subsequently asked "what I'm looking for" I reply "nothing in particular." Luckily the second attempt to say "piss off" in a nice way tends to work...

beppi · Post by **beppi** » Wed, 16 Mar 2011 12:28 pm

Such sales tactics are not specific to Singapore or Asia: I got many such phone calls in Germany (more than here), with exactly the same plot.

Post by **x9200** » Wed, 16 Mar 2011 12:47 pm

beppi wrote:Such sales tactics are not specific to Singapore or Asia: I got many such phone calls in Germany (more than here), with exactly the same plot.

Yes, but in Europe you have it legally enforced (Directive 97/7/EC), here not.

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Insurance by telemarketing, so-called "hassle-free campaign"

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