Is this even legal?
I asked for my premium type to be changed from “stepped” to “Optimum” retrospectively. Not to change the policy, just the premium type. Iselect managed to have it changed, even though I’m on claim now.iselect knew I was on claim, and told me that my being on claim was on their computer screen. My file with iselect now has a note that a salesperson can’t answer questions, and I had to wait 2 days for a Manager to return my call.
AIA I have now sent me:
1. A quote signed off by AIA’s Retail Insurance Chief, on letterhead, in PDF format;
2. A co...
Worst ever policy Diamond life
annual payment $5399 , paid it every year for 12 years. the agent said i will get $5,000 back every year till i reach 100 years old. the agent did not tell us she gets $2,100 comission in first year and $100 every year for next 5 years. Then now after 12 years i find out i do not recieve $5,000 every year . but only $2750 every year. !!! now i have paid around $63,000 in total for past 12 years and if i decide to end the policy i get back only $50,000 . yes i got riped off hard and my hard earn wage for past 12 years gone.!!!!!!!
The reviewer stated that an incentive was offered for this review
Unexpected rise in monthly premiums
Got life cover just 2 years ago. Advised that premium is fixed upto 75year age and it will rise by 5% as cover will also rise by 5%. But 1st year they raise 8% and this year 35% cover raised by 5% only. Sending emails, trying to get any answer on phone but nothing is happening. Going to cancel the cover after paying huge amounts for last 2 years. wastage of money. Not recommend to anyone.
- Verified customer
Aia Once They Have You Premiums Just Skyrocket
They get you in with affordable premiums, then once they have you, they just jump 20/60/ now over 100%, knowing they had you hooked in less than FIVE YEARS. Its robbery i need to get out!!! Dont be sucked into "honeymoon" initial premiums. One can assume this practice speaks volumes about how they will likely settle a claim when the time comes?!
Monthly premium increase over 60%
As a 63 year old, annual premium increases are expected, although as a long time customer (over 10 years) it is hoped that this may count for something. In November 2017 my life insurance needs were renegotiated to a more acceptable premium level, including joining AIAVitality (currently Gold status). In the 15 months since, the premium has increased by 61%. I have since spoken to 5 representatives (roughly 1 per weekl), all of which have provided firm undertakings to provide premium breakdowns and to revert with solutions to address the massiv...e premium hikes. So far (after over a month), there has not been one response - no phone call, e-mail - nothing. It seems the issues facing the industry, such as the outcomes of the royal commission, were not shared with this company. "Honeymoon rates" are available on the internet fo this company it would appear as new client premiums are much cheaper than existing client premiums. Self insurance seems the only answer.
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.