A couple of months ago, I blogged about my experience with Danvil/Philippine Prudential Life. I know they promised a refund, but I still didn’t feel secure enough. Neither the Sales Manager or the General Manager, both of whom I have spoken with, mentioned anything about providing me with a Letter of Cancellation or a Statement of Account. It’s a good thing that Neri’s blog entry helped me realize that I needed the confirmation from Philippine Prudential Life. Additionally, my credit card company advised that I would need to submit a Dispute Form so that they won’t charge me with the amount. With this knowledge in hand, my parents, my friend and her husband, and I returned to the Family First/Philippine Prudential Life office around the 8th of November to request for a Cancellation Letter, or for a Statement of Account.
It was really difficult to get the to provide us with the required documents. They tried every delaying tactic they could think of, from explaining that a Cancellation Letter wasn’t needed because they already sent the documents to the main office, to asking us to wait for their Sales Manager. My dad and I ended up raising our voices to the person we were talking to, but it was my mom, who mentioned—and really calmly at that—phoning the media, that got them to give us our Statement of Account. And what do we find out? They were able to print a copy of our Statement of Account all the while! It was infuriating!
Anyhow, if anyone else needs advise on how to get your Philippine Prudential Life Insurance Plan canceled, the steps I took might assist you:
- I went to the Family First/Philippine Prudential Life office (SM Southmall, which is the same place I got the plan) within 24 hours to have my account cancelled
- Go hardball on them; refuse to listen to any of their reasoning. Take extra measures if required. I even went to the Head of Security to report them before they agreed to cancel my plan.
- Have your Cancellation Letter signed by the Sales Manager or whoever you have talked to.
- Ask for a Statement of Account from Philippine Prudential Life. It can be requested at the same place you got the plan. The “status” field in the SoA should be filled with “Canceled upon inception”. From what I’ve read on other blogs, you can get this a few days after the actual date you went to their office to cancel the policy. It does coincide with the time I got the Statement of Account.
- File a dispute report to your Credit Card Company and attach the Statement of Account and Cancellation Letter. This will ensure that the amount would not be credited to your bill.
I got my refund around December last year. I’m so relieved! I hope more people can get their money back too. Family First/Philippine Prudential Life is a legitimate company, but personally I wouldn’t want to put all my life’s savings in a company that receives such negative reputation.
For those who haven’t been able to cancel the policy within 24 hours, you need to file a letter of complaint to the SEC, making sure that you indicate in your letter how Family First/Philippine Prudential Life’s marketing tactics have violated the Consumer Act of the Philippines. You can also read through the comments on Bob’s blog entry or Noemi’s blog entry about the same topic for more information.
Has anyone been refunded by Family First/Philippine Prudential Life? Feel free to share your experience here!