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More complaints from those who take out loans to buy life insurance
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Fidrec helps consumers resolve disputes with licensed financial institutions through mediation or adjudication.
PHOTO ILLUSTRATION: PEXELS
SINGAPORE – Complaints have been steadily increasing about premium financing – taking out a bank loan to buy a life insurance policy – in tandem with rising interest rates.
The number of such cases began creeping up in 2023 and has continued to tick higher, said Ms Eunice Chua, chief executive of the Financial Industry Disputes Resolution Centre (Fidrec).
