Manulife Financial / Horrific experience/unresponsive client service
Manulife is the worst company I have ever deal with. Manulife needs to be more transparent with its life insurance policyholders.
Manulife has increased my annual premium from $488.95 to $1, 104.64, a 123 percent increase. When Manulife tried to increase my annual premium from $1, 104.64 to $2, 023, i refused to accept the insurer's second increase. After I rejected Manulife's second increase, the company has reduced my death benefit by $34, 964. So even though I am paying 123% more to Manulife, I am getting less benefit.
Most importantly, Manulife has violated the terms of the contract by sharply increasing my premiums. The amount of increase is not allowed to be greater than $488.95/month under my policy.
I have complained to Manulife regarding their breach of contract several times for more than one year. However, Manulife has refused to acknowledge and correct their mistakes. Manulife has continued to overcharge me every month without correcting their errors.
After I received no help from Manulife, my wife and I closed our Manulife RRSP accounts and transferred everything to our Royal Bank of Canada RRSP accounts one year ago.
I have been paying for this life insurance for 32 years. This is how Manulife treated one of its best customers. Manulife has to take responsibility and look into this matter. A lot of customers are angry and frustrated (I know I am not the only one). Lots of policyholders are extremely angry with their insurers' massive premium increases.
I would appreciate anyone reading this post recommend a life insurance lawyer if you happen to know a good one. My email address is [email protected] I am exploring legal action since Manulife has refused to correct the mistakes. Please also email me if you are experiencing similar problem. Manulife needs to be held accountable. Shame on you Manulife (John Hancock Life Insurance is a subsidiary of Manulife).
Updated by Andrew A., Feb 02, 2017
I personally know Manulife does not treat its policyholders fairly. Manulife also only offers very poor customer service; Manulife's management has always ignored its customers' valid complaints. You have to be courage and persistent if you want Manulife to address your concerns. Keep on fighting for financial consumers' rights.