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Pryce Plans and buying pre-need plans

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A reader wrote:
Just wanna ask if Pryce Plans is still existing. My sister was paying last week and the bank teller said: “The account number no longer exists”. I have been paying for more than five years now…Gosh, I need your advice guys…Thank you!
insurancePryce Plans declared funding problems in 2005 and has not been allowed by the Securities and Exchange Commission to sell new products. The company still exists but only to service claims. After I read Beth’s question, I called up the company and the person at the other end of the line candidly admitted that because of the company’s funding problems, some releases are delayed, but claimed that these would be serviced. Beth, if your sister paid through Equitable PCI bank account, that account number has already been replaced due to the bank’s merger with Banco de Oro. Please email me. To wastedbrain who complained that he couldn’t claim benefits from his father’s insurance policy with Pryce Plans, I have a name and contact number for you in Cagayan de Oro. Email me. When buying pre-need products, don’t take the agent’s word on the financial health of the company. With all due respect to agents, and there are many good ones, that's like asking a criminal if he did the crime. Always do your own research on the financial health, management expertise, track record, reputation, ability to service claims, and quality of customer service of the company. It will take quite a bit of time on your part, but you are preparing for your future after all. The Securities and Exchange Commission’s website is very helpful (www.sec.gov.ph) in finding information about pre-need companies. In your analysis and due diligence, however, always be prepared for Factor X. That’s MoneySmarts linggo for unexpected things that happen even to good companies. The reality is, extensive research may do a lot of things to protect the ordinary investor, but it is not a fail-safe protection against Factor X :-). Don’t ask me to explain. I think that’s just how the cosmos was made: bad things happen even to good people. Bad things happen even to good companies. There are good things that can come out of that, but that “something” cannot be explained by peso signs or stock market tickers. Guess what it is…Oh wait, that’s off-topic! :-)

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This page contains a single entry by published on August 15, 2007 3:28 PM.

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