Over selling by insurance agents

I was told that some young people bought too much life insurance. They bought policies for themselves, for their children, to save for their eduation, for their medical expenses, etc.

The total insurance premium that they have to pay takes away half of their salary. They face some financial difficulty in managing their expenses.

I was asked by their counsellor, on what are their options. If they terminate some of the policies, they would have to suffer a loss. But, if they continue, they find it difficult to cope.

Here is my frank view. The insurance adviser has over-sold and gave bad advice to the customer. The customer can make a complaint to the authorities for the bad advice, and ask for a refund of the premiums that they have paid.

I hope that the adviser is made responsible for the bad advice that has been given. Do not let them get away with it.