MAS acts to stop misleading sale of critical illness plans
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SOME unsavoury financial advisers have tried to upsell critical illness (CI) plans on exaggerated claims that more illnesses are due to be harder to claim - a move that has prompted the regulator to step in to put a stop to it.
In response to queries from The Business Times, the Monetary Authority of Singapore (MAS) on Thursday said it received feedback on misleading insurance sales practices relating to fresh changes on CI coverage as outlined by the Life Insurance Association (LIA) Singapore.
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