A police report has been lodged against a female insurance agent in her 30s who door-knock on rental flats in Sembawang to canvass for sales. According to a 51-year-old factory worker, the woman visited her unit on 11 Nov 2015 at about 9pm and persuaded her husband to “upgrade” Medishield Life using S$10,000 from the CPF retirement fund.
The old couple then believed in the insurance agent and trusted her because they are illiterate and could not understand the contract in English. They only found out that the S$10,800 deducted from their CPF-Ordinary Account was used for CPF investment instead of “upgrading” their Medishield.
The couple initially had plans to use the S$10,000 to purchase a 2-room BTO flat in Punggol but are now unable to afford the down payment for their dream home. Another resident living in the vicinity had also fallen for the insurance mis-representative tactic and falsefully being misled into believing they had used S$2,000 from his CPF-OA to “upgrade”.
Healthcare in Singapore is one of the most expensive in the world with out-of-pocket payments being the highest. The 26% of Singapore’s population who earn under S$1,500 monthly and the poor are the hardest hit by Singapore’s lack of social security as many continue to pile up huge amount of debt from medical bills.