Frugal Honey

Investing & Retirement

How to Get Your Money Back From Manila Bankers Life Insurance

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!


Getting Ready to Retire

First things first, I am no way ready to retire, nor do I want to, but that doesn’t mean that I don’t think about retirement and am not preparing for it.

The details are still quite fuzzy when it comes to my ideal retirement, but I do know that when I am retired, I will no longer have to wake up to an alarm clock (except if I have to catch an early morning flight) and will not have to endure reckless drivers and mind-numbing traffic just to get to work.

Retirement planning may seem daunting but you’d be surprised that some of the things you are doing now, or should be doing, are actually paving the way for a picture perfect retirement. Here are the three things that I’m currently doing so that future me can be a happy retiree:


What to Do After You Get Scammed By Manila Bankers Life Insurance

Without a doubt, my post on the shady practices of Manila Bankers Life Insurance is the most popular post on my blog.

I’m still amazed that the comments keep coming in and how Manila Bankers continues to prey on innocent people who hand over their credit cards in good faith merely for verification purposes, but would later find themselves saddled with an exorbitant insurance premium.

Questions of available remedies for the duped and unwilling life insurance holders appear with scary regularity and the most popular suggestion was to submit cancellation letter with Manila Bankers within the 15/30 day cooling off period. It was also suggested that the Insurance Commission be given a copy of the cancellation letter and/or to submit a separate letter complaint to the Insurance Commission.

As it turns out, the Insurance Commission does listen and act on complaints! I don’t know why I’m surprised to hear this though, maybe I’ve become so used to hearing about government apathy and incompetence that I’ve forgotten that government is also filled with silent workers that toil without glory or accolade in ensuring that the system runs smoothly while protecting the interests of its citizens. It just so happens that bad news is broadcasted on loudspeaker and is so much sexier to report on, thus, the resulting negative image.


The Chairman’s Message + Webinar on Stock Trading

I received this year’s COL Financial Chairman’s Message and it began with this panama quotation:

“If investing is entertaining, if you’re having fun, you’re

probably not making any money. Good investing is boring.”

–George Soros

I must be doing something right then because my stock portfolio is the most boring thing on the planet right now. And that’s because I haven’t touched my portfolio in more than a year. Sadly, my stock investing has been downgraded in my financial priorities. Debt payment has taken the first spot and insurance premiums and the office cooperative have become my primary investments. But don’t you worry my dear stock portfolio, you’ll have my undivided attention soon enough.

 Alright, enough chatter, here’s the chairman!


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