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1 INSURANCE FRAUD on Wed Jun 01, 2016 1:46 pm


Arresto Menor
Dear Sir/Madam,

I would like to bring to ask for your advice about this Coco Life Future Savings that was offered to us by Coco Life Agent in Coco Life Branch Office in SM Cebu City. We signed up to it last May 28, 2016 because of the explanation of the agent and the manager of the Coco Life Branch in SM Cebu that Coco Life Future Savings is a form of Savings of Coco Life with investments that will gain 6-7% interest per annum and life insurance and a hospitalization insurance as rider, for terminal illness. However, until now the policy is not yet given to us. An amount of 10 thousand pesos good for 6 months is already charged to our credit card last May 28, 2016. We were not able to wait for the processing of the policy that time because we had a fastcraft trip to catch. We are residing in Ormoc City Leyte and the sales officer said they will pouch the policy via LBC. We do not understand How long the policy will be processed? We thought it could be done online faster as they have said while we were still there that it is just around 30 minutes for us to wait the processing of the policy. Unfortunately during that time we were not able to wait and so we agreed that they will send it via courier. We wanted the policy badly because we want to know the terms and conditions in there if it conforms to their explanation.

We are actually trapped to their tactic because first the agent approached us at the mall and offering a raffle of CocoLife. And then in their office a sales officer gave us a talk regarding this Future Savings Plan. They said it is under the SAVINGS of CocoLife and just recently we found out that COCOLIFE FUTURE SAVINGS is not under SAVINGS of CocoLife, it is under their Pension/Retirement Plan. We are really deceived. Plus they said that the 10,000 amount would be paid at staggered basis on our credit card but we found out as we made query to the our City Bank card that it will be billed one time.

Now, we want to cancel it. Is it possible? How can we do it? How can the 10,000.00 be back to us?

Hoping for your advice.

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