The complaints keep on coming because Manila Bankers Life Insurance keeps on scamming.

Its modus operandi goes like this:

  1. Call or text people using private numbers procured from some entity that has access to or collects personal data. Another way is to approach people at the mall (it’s best if the person looks young or timid);
  2. Catch victim’s attention with promises of freebies and discounts;
  3. Use praise, scare tactics or both to get the victim’s guard down before proceeding into your practiced, company-approved spiel, repeatedly emphasizing the investment or protection aspect of the product;
  4. Ask to see victim’s credit card or debit card, promise that it will only be used for verification purposes. Do everything possible to get victim to hand over the credit or debit card;
  5. Swipe the card and charge the highest amount possible without letting the victim know;
  6. Return card and pretend nothing was charged or debited;
  7. Get victim to sign insurance policy with authorization for credit or debit made. Do everything in your power to make sure that victim is unaware of what he/she is signing;
  8. If victim realizes that a charge was made, pretend that you had no control over what happened and there’s nothing that can be done about it;
  9. Escort victim out the door. Feel your soul get closer to the eternal fires of Hell, but what the heck, you made a sale, so yay to you!

However, you can get your money back after you’ve been duped by Manila Bankers. Take it from Bhagz who graciously allowed me to repost her experience for the information of others who were also deceived into parting with their hard-earned money.

Here’s the timeline of Bhagz’ experience:

November 18, 2017 – signed a policy with Manila Bankers. That same night, she realized how scammy/scummy Manila Bankers was and decided to terminate her policy.

November 20, 2017- emailed a cancellation letter to Manila Bankers with the Insurance Commission copied in to the email.

November 28, 2017- submitted a hard copy of the cancellation letter at the Manila Bankers head office in Ayala Ave. The Insurance Commission was also copied in to the cancellation letter.

December 11, 2017- received a letter from the Insurance Commission where Manila Bankers was directed to reverse the charges made. The letter contained 7 other names with the same directive to Manila Bankers to also reverse the charges made on their accounts.

December 18, 2017 – received an email from Manila Bankers informing her of the cancellation of her insurance policy and reimbursement of her money subject to the submission of the following requirements: release waiver, quitclaim, bank chargeback form (all three documents to be provided by Manila Bankers) and the insurance policy/contract.

January 5, 2018 – went to the Manila Bankers office/kiosk in Robinson’s Galleria to sign and submit the required documents.

February 18, 2018 – left a comment that she finally received her reimbursement and that it was deposited in her account.

The best scenario is that you totally ignore the Manila Bankers agents when they call you or when they approach you at the malls. But if you already fell prey to their wily tactics, be sure to do what Bhagz did by submitting a cancellation letter within the cooling-off period or within 15/30 days after you signed the policy. Any request for termination within the cooling-off period is automatically granted, no questions asked.

However, it gets trickier if your case no longer falls within the cooling-off period because you’ll have to file a formal complaint with the Insurance Commission if Manila Bankers refuses to reimburse your money. I doubt that it will be expensive to pursue a formal complaint, but for sure it will be time consuming.

If you don’t have the energy to go through all that, then just cancel any automatic charges made on your credit card or debit card for the yearly renewal of the policy and chalk up your run-in with Manila Bankers to experience. Be sure that you learn something from that experience though by never falling victim to similar schemes in the future and helping others who went through the same thing you did.

(Other posts on Manila Bankers Life Insurance can be found here and here.)

3 Comments on How to Get Your Money Back From Manila Bankers Life Insurance

  1. Min
    March 19, 2018 at 5:06 pm (2 months ago)

    Hi,

    Thanks for this. I just fell into this trap at Robinson’s Galleria today. I don’t know, I am usually very careful with my finances but for some reason I willingly agreed to everything they offered me today. This is something I don’t need, since I already have other active insurances but I still signed up. Naawa lang ako sa agent kasi sabi niya kelangan na niya lang maka-kota for that day, and all I have to do is listen to them introduce their products. Ahh, I feel so stupid. It’s not a very big amount but I feel that I don’t want to trust my finances with a company that fools/tricks its clients. Insurance should be based on trust. If you have time, can you give more details about the cancellation procedure? To which email address do we have to send the cancellation? (Is this right? reportscam@insurance.gov.ph) To whom do we address the letter? Any tips/guidelines on what to write on the cancellation letter? Thank you very much and more power!

    Reply
  2. Miggy
    April 16, 2018 at 1:18 pm (1 month ago)

    HI SIR! Patulong naman po regarding sa MB Life insurance na yan. Last August 25, 2017 pa ko nagsign ng insurance sakanila then sabi nung agent saken pag naginsurance after ng mga ilang years magagamit ko sa mga ganto ganyan etc. una palang kase talagang ayaw ko kumuha sakanila kase my isa na ko insurance sa isang coop association then that time na salestalk na ako hanggang sa hnd nla ako pnayagan lumabas ng room hanggat hnd ako nakakapag sign sakanila pinakita ko laman ng cash card ko buti na lang hnd ko dala atm debit card ko then nung sabi ko pagiisipan ko dun nila sinabi saken na kahit magkano na lang daw or kung sadyang ipon ko ung nasa card ko at talagang akin un makakapag decide ako sa sarili ko at talagang iniinsists nila na magpa insurance ako sakanila then mga dec. 2017 gusto ko na ipacancel kase that time nawalan ako ng work sabi saken hnd ko daw po pwede marefund pa kase wala pa cash value. So pano pong gagawin ko ngaun 2018 na po makukuha ko pa po ba ung refund ko? Thank you!
    Sana po makareply kayo.

    Reply
    • Jillsabs
      April 19, 2018 at 3:51 am (1 month ago)

      Hi Miggy,

      I’m sorry pero hindi mo na mababawi ang nabayad mo sa insurance policy kasi lagpas na sa cooling off period na 15/30 days after signing the insurance contract, kaya hindi na pwedeng ipacancel ang contract.

      Pero hindi mo naman kelangan ipagpatuloy ang pagbayad sa policy at pwede mo na lng siyang ipalapse para automatic na materminate. Kung naka auto debit yung bayad sa ATM card mo, ipa cancel mo lng Yung charge sa bangko mo. Good luck!

      Reply

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