In 2010 I invested in Generali Worlwide Guernsey, both Vision and PPB plans. Vision for 10 years.
I have also been ripped off by Generali and lost 85,000 EUR to date (8.5 years later) due to clearly excessive Administration charges and fees.
Generali informs me that the remaining amount on my Vision plan of 30,240 Euros, cannot be cashed out as it is reserved and will probably entirely be absorbed into 2019 and 2020 Administration charges & fees.
In which case total Admin charges & fees will add up to 110,000 euros in 10 years !!!
That's an average of 11,000 euros per year.
There is zero plans follow up from Generali nor account administration and certainly not up to the level of the charges & fees they apply. All they do is deduct charges and fees whether your plans are increasing or loosing money, whether you have been paying regular contributions or not, whether your funds are in a healthy or suspended fund, whether you have changes in your life like children, lost your job, etc they just keep draining out your money as Admin charges & fees.
The agents / companies they get Customers from are not explaining the charges & fees to clients, get clients to sign tons of papers to cover themselves and Generali up, and in the end clients get trapped into a long duration plan which cannot be ended without loosing a huge portion of your money. Vision does not update after a certain period (i.e 13 months in my case) to take into account actual client status. 12,300 euros of Admin charges deducted from my Vision plan for year 2018 alone.
Getting redemptions (cashout) paid is also a nightmare, you need to fill in tons of papers and send original documents by courrier and still payments take ages.
All of you who have been trough this nightmare, feel the frustration and actually lost money, whatever the amount ... Let's group up to take legal action, and request in deph analysis on this so as to get indemnified. Also let's make some noise (media) so people do not fall into this trap.
contact me : Imrana.Thiam@gmail.com.
I didn't like: Salesmen, Charges &.