Melinda R Sar

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Verified Reviewer
| map-marker Moscow, Central Federal District

Non-disclosed fee reserves and calculations made policy worthless resulting in losses of USD 250,000 in fees on USD 300,000 contribution

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Generali waited until year 7 of my 10 year term policy to disclose and start deducting fees that amounted to 83% of my invested capital. They took 2% in admin fees (USD 198,000 in total) on a USD 300,000 premium contribution and hid this fee until year 7 in the account reporting. They claim the 2% admin fee is to be applied cumulatively each year for amounts expected to be contributed but the T&C does not say so. Generali also took an annual fee of 1.5% in further admin costs based on an investment value that included the USD 198,000 in fees they had reserved against but never deducted as they should have based on the T&C. Efforts to resolve this with their complaints department resulted in nothing. Will now report to the Guernsey Financial Ombudsman. Please comment here or write to eliesq@***.com if you want to join my efforts in righting the very big wrong that Generali is inflicting on holders of the Vision Policy.
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Loss:
$170000
Pros:
  • Opportunity to select investee companies
Cons:
  • Hidden
  • Non-transparent fees

Preferred solution: Price reduction

User's recommendation: Do not buy. Fees on phantom values inconsitent with T&C of policy

Anonymous
map-marker Dallas, Texas

Terrible value for my money

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bo, ught travel insurance because i was going on a cruise. gpt sick with a bad cold or such while on NCL cruise. NCL does NOT offer any help for sale in their duty free shop, so I went to ship's doctor. tried to file my generali insurance I bought just for times like this. to my dismay paperwork I had to fill out said to claim it with my othwr insurance first? why would I buy or anyone else buy travel insurance if you have to claim it with your other insurance??? they make it very hard to claim, as a disabled veteran 74 years old, I definitely WOULD NEVER BUY FROM THIS COMPANY AGAIN. BEWARE OF THIS COMPANY.
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Jessica K Swo

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Verified Reviewer

Scammed- Lost all my initial deposit

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I signed up for a vision plan after speaking to an independent financial advisor from United Advisors Marine. I decided to put in a high monthly premium of 2400euros/month for the initial 13 months (for a 10 year plan) as I was making extra bonuses that year and I genuinely thought that those funds would be going away to invest with a growth over a 10year period.

I had no plans to surrender early and thought it was flexible to do what I please after the initial period of 13 months. Knowing that I would not have access to this extra cash forever it was a good opportunity to put some savings away. However after the initial period was up I decided to lower my premiums, and at no time was I told that those initial funds of 28000 euros went entirely to fees, and that any growth on investment would be on what is deposited after the initial period. I found out later that lowering my premium would be detrimental to my plan.

The Advisor then sent me ridiculous valuations of my account that make it look like I have a large investment opportunity with the potential for growth over the ten years, when really my entire 28000 was gone down the drain to commissions and administration fees.

SO DECEIVING, especially at 23 years old when I thought I was being responsible, making money for the first time and putting it away.

I lost my entire upfront payment, and eventually decided to fully surrender my plan after 5 years as continuing to put in a measly minimum monthly premium of 200 euros made no sense to me, and I would be continuing to put money into a plan that so badly deceived me. As I've now grown up and matured, I learned I could make more money investing on my own, and to never trust these advisors again. It was naive and stupid on my part to not get an understanding of the terms however the advisor holds a huge responsibility for signing these plans so recklessly and for failing to do exactly what his job title is intended to do.

They sold this product as if it was a flexible product where you can change your premiums as you please, throughout the plans lifespan. Although this is the case you are massively penalised and any bonuses they talk about that would actually make your plan grow no longer stand.

If anyone is trying to sell you this plan- especially someone who calls themselves an advisor, they should tell you that all your initial premiums go entirely to fees!

You are better to start at the minimum and then increase your premiums. Only then will your account not suffer any major losses. Never again will I trust advice from an advisor. I am now fully in the process of surrendering my plan- a whole 650euros.

5 years later, 30000 down the drain.

My entire life plan savings are gone. If someone knows how I could seek some retribution for this, please, I would love to be in contact.

I did write to the financial ombudsman and the lady was so understanding and not surprisingly they receive an alarmingly amount of complaints about this plan. How they manage to still get away with it, I dont know.

Generali, United Advisors Marine thank you very much for the wonderful saving advice, I hope you're happy with yourselves.

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Loss:
$28000
Cons:
  • Deceitful

Preferred solution: Full refund

User's recommendation: DO NOT TRUST FINANCIAL ADVISORS- BE DILIGENT

EJ B

Vision

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Took out a 5 year Vision product in 2011. Made a reasonable return of 2% p.a however at the time was encourage to take 10 or 25yr product. I did read the small print T&;;;;;;C and felt was poor with all charges and early surrender penalties. Relatively happy with the 5yr product now reassigned to new funds outside Utmost. I don't like to be tied in for contracts for too long.
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Preferred solution: Deliver product or service ordered

Luis G Roa

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Verified Reviewer

Insurance does not pay claims

Almost one years after sending a claim after a trip to Mexico where I got sick, CSA/ Generali still does not pay for the expenses in medical treatment in that country I went to Cancun for 1 week and received medical attention at the American Hospital there. Generali keeps giving the round around after 10 months.
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Loss:
$1200

Preferred solution: Deliver product or service ordered

Thiago S Pla

Generali: NO

I started save money with generli in abu dhabi, after ten months I've request my money back, but I can't. The first two years are holded ultil the end the plan (25 years). During revew they say: yes any time you can have you money back, after I request change: only after 25 years, and I still loose money.
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Loss:
$20
Cons:
  • No information clear

Preferred solution: Full refund

Anonymous

Scammed Generali Vision

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GENERALI VISION - DONT INVEST I started the Generali vision plan in Dubai in 2010 with the stated objective of saving up for my son’s college education which is due 2017. In hind sight, I realise this was a very foolish and BAD decision. The agent who signed, Arish Ehsan, advised that I should put a higher contribution in the first 18 months and then can reduce the contribution. So the for the first 18 months, I contributed 2500 USD per month, a big contribution for me. Now I am told that fees is calculated on the initial investment! I am sure that the agent got his big fat commission and I was the guinea pig. Now after 9 and a half years and over 100,000 USD investment, my fund calue is still at 91k and they have made 30,000 in charges!!. Every time my find grows, their charges also grow. I made 5000 USD last year and they debited 4800 in charges!! This is cheating and absolutely ridiculous. Even if I had put this money as a fixed deposit in a bank, I would have made more money. This is robbery of my hard earned money. Now with just another 6 months, i have no confidence that i will even get my capital back. I would like to close this and my capital back. When I search the net, all I read about Generali is horror stories. I wish I had known earlier, I would never ever have chosen this fund. Reason of review: NEED MONEY FOR SONS COLLEGE FEES BUT GENERALI HAS CHEATED. Monetary Loss: $100000 plus
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1 comment
Guest

Same here... Generali (now called Utmost Wealth Solution) will drain out 30 to 40% of your money through admin charges. Stay away !!!

judith c Hea
map-marker San Diego, California

Be sure to read all the fine non transparent print!!

If you have any loss with items while traveling - good luck. They don't cover any items usually lost by travelers ie. purse, cells, wallets etc. They will cover (after much questioning) items like toys, art work and glassware. Never again with this company!
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Loss:
$148
Reason of review:
did not meet expected needs

Preferred solution: Let the company propose a solution

David H Pnk
map-marker Lagos, Lagos

Scam company

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They have good broker and they also had good manager that manage this company,but I think someone is behind the company that scam some customers,Have you lose in any trading,are you trading without profit, do you have withdraw problem, now listen I advise you to contact Mr Mario via WhatsApp +447467****71 and tell them you're problem and he can teach you how to know good companies, you can share to save peoples life.
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Reason of review:
Poor customer service

Preferred solution: Full refund

1 comment
Guest

Stay away from Generali (now called Utmost Wealth Solution).

Robert H Osj
map-marker Geneva, Geneva

Easy way to lose your money

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I was mis-sold a vision policy by a third party about 9 years ago. I wasn't told about the exit charges or the complicated fee structure. After complaining to Generali, they did try to help and offered something to offset my loses. I moved my funds to two funds that looked like they had performed well over the past 3 months, 6 months and 1 year, all showing positive returns of 3 - 6%. Low and behold, as soon as I'm on board, these two funds have started to sink, already losing £3k in 4 months. And there are not really any better options to choose from. All the available funds in the Vision policy are performing poorly. So, Generali have a terrible product, which is expensive to get out of and is easily mis sold by unscrupulous financial advisers (such as *Mr Andrew Sapsed* who is now a director at CN Goodall, Switzerland, and is the human equivalent of antibiotic resistant gonorrhea). I'm pulling out of the Generali scam at a considerable loss, but it's either lose £13k now, or £50k in 20 years time. ***** Keep clear of all Guernsey based financial services. *****
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Loss:
$18000
Cons:
  • Unwillingness to release me from this horrible contract
  • Massive unfair fee structure and exit costs
Reason of review:
No win situation! Terrible retirement plan, easily mis-sold.

Preferred solution: I would like Mr Sapsed to die of anal cancer!

Anonymous
map-marker Fort Lauderdale, Florida

BAIT AND SWITCH ARTISTS

I have been in heavy contact with Mr. Bruninga of Generali. he is well versed to dance around and not pay a just claim. Their fine print in your contract after you pay is excludes all physicians that are not medical physicians. My 3 physicians are 1. chiropractic physician, DO physician and a dental Physician. GENRALI game is that they will not accept their physician statements of inability for health reasons unable to travel. So you get the fine print 15 page policy contract after you pay w a cc., therefore its too late to rescind, they got your money. So I lost premium money and cruise ship fare.
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Renell v
map-marker Johannesburg, Gauteng

Generali stole my pension money

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Invested USD 15 000 in Generali 10 years ago as part of Pension- was promised that my money would grow by 20% plus. Now surrender value is USD 4 000 It seems I was ripped of by Henk Bovendorp and Elsabe Nicholson who sold this to me Generali does not respond to my queries Please help
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David F Ugf

Generali Vision surrender value 10% of investment

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I was sold a Generali Vision product whilst working in Russia. The DeVere advisor told me that after two years it would be "fully paid up" and I could then cancel my contributions and withdraw my funds at any time.

Unlike today, Generali did not at the time provide clear illustrations of the effect of early terminating the plan. I elected to do so after two years, by which time I had contributed a bit over £38,000. I then left the money in the plan. When I asked to cash it in this year, its value had fallen to £24,000 but worse to come.

The "surrender value" was jut £3100!

The remain £20K went to fees etc.

In the US I could take a capital loss on my taxes but as I'm a British taxpayer, I've effectively lost over £30K. And this isn't due to bad investments but admin charges.

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Loss:
$30000
Pros:
  • Slick sales talk
Cons:
  • Misselling
  • Dismissive attitude
  • Misleading information
Reason of review:
Not as described/ advertised

Preferred solution: Let the company propose a solution

Anonymous
map-marker Oshawa, Ontario

Disaster!

In over 5 years I literally haven’t earned a penny in this program, although was promised a moderate 5-8% increase each year. A year ago I spoke to my so-called “account manager”, who offered me stable 2% interest. Since then I lost 10% of my initial investment. I am trying to reach this person for the last month over the email - no response! I want to withdraw my money, and i have no one to talk to. They are scammers and thieves.
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Anonymous
map-marker Dubai, Dubayy

DO NOT SUSCRIBE

I opened the Vision plan 5 years ago and do not trust the advisor. he/she is paid on your contribution and not on his/her performance. Secondly, very high fees which are paid every year and every year they calculate the total amount of your contribution (since day 1) for application of the fee. the major issue: No transparency, you loose money and you cannot exit easily (or you loos 1/3 of your contribution). I took me 5 years to really understand how it works and this thanks to blogs not to them. they will sell you the product saying that you will have 5% Bonus at the end of the plan. let's see. but for the fee, it's 2% per year of your total contribution. which is not the case for the loyalty bonus.
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OGCapital

Taking Advantage of Clients

Living in Shanghai I have seen various companies come and go, all selling the same plans from Generali, RL360, and Friends Provident International. Same goes for the advisors, they show up, work for 3 years, maybe switch to another company for 3 years, and finally leave. Their clients are left behind ('orphaned' as they call it) with nobody to manage their plan or even answer their calls. Running a US registered investment advisory in Shanghai, a lot of our clients have told us about their problems with these savings plans. Most foreigners have an orphaned account, while Americans find out that they are not even allowed to have these plans. I have gone through all the fine print of the contracts of these companies to figure out exactly what the fees are (anywhere from 4-8% depending on your situation). I have determined for every plan the best way to salvage the situation, whether that is making changes to the plan or surrendering it all together. Shoot me an email if you have any questions you think I might be able to answer.
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Reason of review:
Pricing issue
1 comment
Imrana T

I have also been ripped off by generali Guernsey and lost 85,000 EUR. Has anybody taken legal action on this ?

What is the outcome ?

Perhaps we can all sue Generali as a group ? If you have or know people who have also been scammed with Generali eccessive Administration charges & fees, please all sign the petition https://chn.ge/2M5KfaS and send me a mail (imrana.thiam@***.com) I will try to group all of us in a legal procedure.

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