UNDISCLOSED PENALTIES

<p>I had a recent encounter with momentum, whereby I wanted to cancel my endowment policy. they gave me the surrender value, and upon asking if there would be any penalties, they said no. I requested for a fund history report and then only noticed the fund value was much higher than the surrender value. The penalty worked out to approximately 5.6% of the fund value. Why is it that they don't disclose this amount to the client, as they do provide us with a statement showing surrender value, paid up value etc. This is there way of having there own ways with our money and we can't do anything about it. By this penalty being deducted in the background and divulged to the client, is like *****ing. Insurance companies just don't care, and have an attitude of stuff you, take it or leave it.</p> <p>Most people don't know how much they are being **********, as they accept the surrender value as genuine.</p> <p> </p> <p>I was ****ed off by the fact that they don't divulge this to the client. Further more this endowment policy was taken 24 years ago with Sage, and the performance is pathetic. </p> <p> </p> <p>Think twice, ask questions and ask for reports before dealing with Momentum.</p> <p> </p> <p>Thank you</p> <p> </p> <p> </p>