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Panafrica unit linked insurance
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josiah33
#1 Posted : Monday, June 20, 2011 3:49:38 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
I took a wealth provider policy with panafrica insurance but i've got no idea how many units i have or how much they are worth. If i ask for a statement, i get a statement showing how much premium i've paid. Anyone with an idea of how to know how many units i have and what those units are worth?
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Barrywhite
#2 Posted : Monday, June 20, 2011 3:53:12 PM
Rank: Member

Joined: 12/2/2009
Posts: 286
Location: Nairobi
@Josiah33: Pretty interesting, you need to visit their offices and demand answers. ICEA does provide a statement complete with interests earned to date. If the absense of this, how would anyone know how their policy is doing?!
The laudable is more often than not rendered laughable by overclaim
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josiah33
#3 Posted : Monday, June 20, 2011 4:01:35 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
@barrywhite umenichanua. Those people must let me know how much am worth now. The only thing i know is that the unit price was sh.18 when i took the policy and now it's sh.27.44 or something like that.
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niando
#4 Posted : Monday, June 20, 2011 4:05:59 PM
Rank: Member

Joined: 6/5/2008
Posts: 174
any investment insurance in kenya is a mere con due to material facts non disclosure by agents.Take pure life cover seriously though.
For bookkeeping and bank loan interest recalculation try us:niando.becia@gmail.com
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Barrywhite
#5 Posted : Monday, June 20, 2011 4:23:59 PM
Rank: Member

Joined: 12/2/2009
Posts: 286
Location: Nairobi
@Josiah33: How many units did you initially buy? Then if you know the quantity and the unit price, you can calculate the value of your investment.
The laudable is more often than not rendered laughable by overclaim
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josiah33
#6 Posted : Monday, June 20, 2011 4:37:14 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
@barrywhite that's my dilemma. You see, i've got no idea how many units i've bought up to now because i can't calculate how many they are from the premiums i pay even when i know the unit price at that particular time. If only i knew how much upfront fee they deduct and their other charges i'd be in a position to know how many units i have after deduction of upfront fee and cancellation of some units to cover this other charges. @niando is insurance investment a con for non disclosure by agents of the fact that it is worthless or is it a con for not disclosing how your policy is doing even when it's supposed to be doing fine?
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niando
#7 Posted : Monday, June 20, 2011 4:47:41 PM
Rank: Member

Joined: 6/5/2008
Posts: 174
josiah33 wrote:
@niando is insurance investment a con for non disclosure by agents of the fact that it is worthless or is it a con for not disclosing how your policy is doing even when it's supposed to be doing fine?


The agents wont tell you that 45% of your premium goes to 'administration fees' read their commission in the first year and 10% till the maturity of the 'investment'.

woe unto you if you decide to withdraw after the policy has acquired a surrender value.

A certain percentage will be deducted to punish you for that.This is not indicated anywhere in the policy so the Insurance company has an upper hand.Utado?

Josiah did you know that .

Many other costs too.

Buyer beware .

I have burnt my fingers on these 'investment 'policies.Learned and moved foward.
For bookkeeping and bank loan interest recalculation try us:niando.becia@gmail.com
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josiah33
#8 Posted : Monday, June 20, 2011 5:12:39 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
@niando ok, looks like i've burnt my fingers but i am made to understand that if u hold on for 5 years and above your returns would be able to cover for the initial administrative and agents commissions and still be left with something. I am going to find out the truth from those panafrica guys.
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jerry
#9 Posted : Monday, June 20, 2011 11:25:30 PM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
Relax; Just because you don't have info doesn't mean there is something wrong with the policy. As you find out the truth about the policy enjoy its benefits like taking a loan against it. PanAfrica is a very good co. and all policies under AKI are similar if not the same. Pan Africa scooped the following Awards last yr: Fastest in claim settlement, best customer service!, 1st Runners-up in ICT, life insurer of the year, Fraud Detection And Prevention Initiative Of the Year.
Disclaimer: I don't work or intend to work for Pan-Africa or any insurance co. I've 2 policies with them and a loan on one of them.
The opposite of courage is not cowardice, it's conformity.
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josiah33
#10 Posted : Friday, July 15, 2011 6:47:07 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
@jerry wish u could tell me more about this wealth provider thing if u know about it. It's not that i think Pan africa insurance co. is bad, i just hate being in the dark about something i should know about.
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