In this short article, I will show how insurance products are mis-sold to unsuspecting customers. This article also serves as an education short write-up for existing financial advisers because they are often trained to mis-sell in these fashion: The unsuspecting public would often be approached by an insurance salesperson who will propose an insurance product as saving element. The customer … [Read more...]
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What is the Letter of Guarantee (LOG)?
The Letter of Guaranteed provided for by some integrated private shield plan has often is used as one of the selling point by financial adviser. Personally I don’t think it is such a good feature and secondly I found a better way of getting your own LOG the DIY way. Before I continue, what is a Letter of Guarantee? Traditionally the Letter of Guarantee is a credit facility provided for by the … [Read more...]
Question on non-disclosure for insurance application
Question: “Dear Wilfred, I suffered from QQQ 10 years ago. I could not work for 2 days and was on MC. My doctor gave me medication and there was no relapse since. I applied for an insurance but my agent told me that I do not need to declare this condition. The policy was incepted already. Regards – M” Dear M, Due to deliberate non-disclosure, you have breached the principle of utmost good … [Read more...]
What is the role of the adviser during claims
During insurance claims, the duty of the adviser is: To check that the policy which the claim is made against cover the intended risk; To advice the policyholder the documents to prepare for claim submission; To submit the documents to the insurer. The policyholder can also do it as all insurers have a customer service center to accept walk-in enquiry; If the claim is rejected, the … [Read more...]
Medical cost for cancer was whopping $400,000, but did not survive
Recently there was in the news of a girl named who was diagnosed with a bone cancer at just six. After fighting for 6 years, she passed away leaving her parents in debt and an estimated medical cost for cancer was whopping $400,000! See Let's give S'poreans more options. From the newspaper article it seems that the medical cost was due to surgery and chemotherapy from NUH. Personally I am … [Read more...]
Home Protection Scheme is not what you think it is
Home Protection Scheme or HPS for short is an insurance scheme that helps HDB home owners pay for their mortgage debt in the event the borrower dies or is incapacitated. The Home Protection Scheme is often misunderstood. Firstly, it is misunderstood by many borrowers as they think it is like any other insurance product. Secondly, many financial advisers assumes that it has features like any other … [Read more...]
Launch of TM Peace of Mind (CancerCare)
Today, TM Asia Life launch a new product called TM Peace of Mind (CancerCare). The plan offers to pay out on diagnosis of an "early stage" cancer. The product summaries for male and female can be downloaded at these link: TM Peace of Mind (CancerCare) for male and TM Peace of Mind (CancerCare) for female respectively. Existing TM Asia Life customers can get 5% discount on the premium (throughout … [Read more...]
What are the considerations when buying a private medisave-approved integrated shield plan?
When applying for a medisave-approved integrated shield plan, you should consider whether the product: Covers congenital conditions and if so under what terms and conditions; and Whether it covers pre-existing conditions and if so under what terms and conditions. If you already have an existing pre-existing conditions and you have never been considered as under a sub-standard case in any … [Read more...]
Can you tell me which insurer has the worse reputation?
I am not able to tell you this in the public as the insurers will be quick to issue lawyers’ letters to me. Nevertheless, in Singapore history many insurers have earned themselves a very poor reputation for mis-representations and treating their policyholders unfairly by focusing too much on profitability. The older policyholders will know which of these insurers are but the younger customers will … [Read more...]
What is meant by preliminary underwriting for pre-existing condition?
If you have a pre-existing condition or if you have a family history suffering from certain conditions, you may want to consider preliminary underwriting. Preliminary underwriting is a process which a financial adviser assists you to find out from which insurers are likely to offer you the best terms and conditions in view of your pre-existing condition. It is best to approach a financial … [Read more...]
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