₦airaland Forum

I am happy this paid Insurance propagandist said Insurance works in Western Countries where good governance and strict controls cannot allow them defraud people like they do in developing economies like Nigeria.

People are telling the world what their live experiences are with these companies and someone is coming here to write nonsense to defend a failed industry called Insurance in Nigeria.

RUBBISH!

I Agree. Mutual Benefits Assurance Plc. is a BIG SCAM. I have been burnt and it is very recent and fresh. I have learnt the hard way and I now understand why the Insurance Business cannot thrive well like their counterpart (Banks) in the financial industry in this Country. Its simple. THEY CANNOT BE TRUSTED.

They are liars and cannot be trusted. They keep vital information away from you at the beginning and lure you like the devil to bring your money only to start telling stories when you want to terminate willingly what you willingly gave them. They even have audacities to tell you how much of your money you can collect if you plan to part liquidate their scan life insurance scheme.

They tell you not to liquidate because they are busy investing your hard earned money given to them to make more money and they cannot afford to upset that plan.

When I wanted to liquidate my funds with them after 3 years of consistently saving with them, I was treated like crap. I had committed about N620,000 with them, I told the agent 2 weeks before that I needed funds urgently and I had issued a cheque against the liquidation if it sailed through. He came and pleaded for me to part liquidate. I said ok and that N500,000 will do following which i will continue. To my amazement, he came back and said the company only approved N400,000 of my money to be released to me. I was furious. What I wanted was N500K not N400K so I decided to close the account. The agent said they had to restart the closure process and that it will take about 2 weeks - in this jet age for the company to release my fund. He then asked and collected the policy document from me saying it was part of their process.

I had to look for a colleague who gave me the money to meet the cheque obligation. Then the agent scanned a one page document for me to accept and sign that the money they will pay to me will be N572,000. I was shocked, very sad and I regretted the day I decided to deal with them. My conclusion was that I just lost N48,000 for keeping my money in this scam company for 3 years worst still i haven't even seen my discounted funds 5 days after I signed to terminate. The story is that they are processing the cheque!!!!!. It takes me 2 minutes to write 3 copies of my cheque I give to their agent who appears in my office every 3 months so why 1 week to write theirs?

My worry is that If the Owner of the policy is alive and the person goes through this drama to get his/her money back, I can only wonder what the beneficiary of such people would go through to collect the so called Life Insurance money if the primary person is no more.


A colleague I narrated the story to told me of how she was told she couldn't access her N45,000 she saved with them that she didn't save the money for the required number of months. Who does this in this age in this country?

It is a BIG lesson for me and I have decided to educate the populace to exercise caution and ask all the questions in the world before you decide to deal with these so called Insurance companies.

I have moved on and my point is, shouldn't a company live on trust why cant I trust a company with my money. No bank in Nigeria will treat you like this.

I will employ all to save their money in the banks. I know how much interest I would have gotten if I saved this money in the bank untouched for 3 years.

PLEASE BEWARE FOLKS.

BEWARE OF MUTUAL BENEFITS LIFE INSURANCE SCAM