True Story (Part 2): Policy lapsed and recovered, client earned over 100k.
Do you have a policy that you haven't paid premiums on for over ten years? Do you immediately throw it in the trash when you receive a lapse notice? You might be losing over 100k without even knowing it! If you have such a policy, be sure to read this true story!
RM 121,430, how much will it be worth after 2 years?
Do you remember a certain day in August 2019, while I was dealing with documents, I received a message from Mr. Ming (pseudonym):
"Bro Han, I received a letter from the insurance company, can you help me take a look? I'll WhatsApp you the letter later." After reading it, I replied:
"Mr. Ming, the letter says your policy has lapsed, with a total outstanding amount of RM 121,430. If you want to reinstate it, you'll need to pay this amount." After a while, he replied:
"Wow! Over a hundred grand owed! Forget it..." I persisted and asked:
"Can you show me your policy?" Shortly after, I received a message:
"Bro Han, I've handed the policy to your office, please help me take a look." After carefully reviewing the policy, I contacted him and said:
"Can we grab a meal when you're free?"
During lunch, I asked him, "Mr. Ming, you bought a 20-year savings insurance policy, and it's about to mature in 2 years. Do you mind if I ask a very personal question?"
He replied, "Go ahead."
"Do you have 121k in fixed deposit?" Mr. Ming frowned and asked, "Why?" I continued:
"Don't worry, I'm not borrowing money from you. If you have this amount sitting in the bank earning interest, it's better to use it to reinstate this policy. I guarantee you'll be pleasantly surprised in 2 years!"
Mr. Ming stared at me in disbelief, "Really?" I joked with him, "How about this, I'll give you 20k, and I'll buy this policy from you."
An hour later, Mr. Ming wrote a RM 121,430 cheque to me. I quickly got him to sign the reinstatement form and submitted it along with the cheque to the insurance company for approval. In just a few days, the policy was reinstated.
From that moment on, he often invited me for tea or meals, and each time he would ask about the details of the policy. I was happy to provide him with the latest information.
Two years later, on a day in August 2021, he messaged me, "Bro Han, my policy is due for maturity next month. How much can I get back?" After checking, I replied, "You'll know the exact amount in early September."
One month later, one morning, I received a call from Mr. Ming:
"Bro Han, I received RM 239,100.69 as the maturity amount! I'm really thankful for your advice to reinstate the policy; otherwise, I would have lost over a hundred grand for nothing..."
"When are you free to bring your family to KL for shopping? I'll take care of your food, drinks, and accommodation." Although it was just a conversation over the phone, I could feel his uncontrollable joy and excitement in his tone.
RM 121,430, turning into RM 239,100.69 after two years - how would you feel if it were you?
Hong Kok Han
Malaysia