Metlife (Gulf Countries) / international wealth builder
Two years ago I signed up for a saving plan with Metlife. At the time I was 48 years old and the Wealth Brokers said no problem to take out a 20 year investment to increase my savings over the years and also to pay out when I retire. The initial premium I decided on was said 50% of my salary and when asked if I was able to reduce the premium - I was advised to do so without any hassles after 18 months of paying the premium. I was also advised that my investment portfolio will be monitored by their wealth brokers and changed to reflect the best possible dividends - this did not happen at all.
Now 24 months later I wanted to decrease my monthly premium, this is not possible, well it is but the initial premium of the policy will not change, i.e. I can lower my monthly premium but the difference of the initial premium will be paid from my savings part of the investment and when that cannot cover the monthly installments the policy will lapse without value.
I asked to also receive a partial surrender, which was advised by the friendly call center agent is possible, however just to be told that no partial surrender value is due to me with this amazing policy I have.
Considering I will be paying 20 years into an investment where I cannot change the premium due to not earning enough to pay the premium and I won't be receiving any salary once I retire this is a horrible outlook, since I am saving over half my salary in this investment and will never see the money again.
I have now surrendered this policy and after paying $29, 000 into this investment my surrender value is $16, 000 and $20k will be taken as surrender fee. Who gets this money - is this a bonus payment for their CEO? Do Metlife associates receive bonuses every year from monies that have been paid into investment schemes that will never bear any significant savings for the actual client? And after all of this frustrating dealings and heartbreak, their mascot of snoopy becomes a blood sucking hound after our money without value to anybody but Metlife themselves.
The money I lost is a full year salary in my home country. I hope whoever benefits from my loss enjoys their bonus on other people's expense - how do they sleep at night?