Alert
Well, it's final then.
One of my insurance policy lasped in January 2005 during one of the most tumultuous period of my life. Although my first cancerous symptom happened withing the policy's period, but the official diagnosis was like 2 months later. I was hoping the company would take the view that the symptom counts as good enough for compensation.
It was not to be. So I contacted the the Financial Mediation Bureau for help. But they too of the view that my policy refers to an official diagnosis, which the policy clearly stated. So FMB agreed with the decision of the insurance company to not award the compensation.
It's all water under the bridge now.
Lessons learnt:
1) It's my responsibility to keep my policies up-to-date, but it would helped a lot if you have a conscientuos insurance agent alert you to deadlines. The agent for this particular insurance policy only contacted me after the lapse and remarked "Too bad..." when I told him that I had cancer.
He sort of abandoned me after that, but came back to give some minor tips after another insurance agent who is my friend contacted him. So get a good policy and look-out for a insurance agent who has your welfare in mind, and not just to collect premium.
How to get a good insurance agent? I would base it on recommendation from friends and relatives. What would you do?
I know my other insurance agent is par excellence. She went beyond the call of duty and she is from another insurance company, yet helped me to talk to my renegade agent and personally handed my petition to FMB.
2) Put premium payment on auto payment such as credit card autopayment, or other automatic payment. That insurance policy lasped between the death of my grandma, father and my hospitalisation, and I didnt get reminder letters. It is time like this an auto payment scheme is so valuable. I thought there is an Auto Payment Loan facility for that policy, but that was a term insurance so it is not available. Numerous reasons...
One of my insurance policy lasped in January 2005 during one of the most tumultuous period of my life. Although my first cancerous symptom happened withing the policy's period, but the official diagnosis was like 2 months later. I was hoping the company would take the view that the symptom counts as good enough for compensation.
It was not to be. So I contacted the the Financial Mediation Bureau for help. But they too of the view that my policy refers to an official diagnosis, which the policy clearly stated. So FMB agreed with the decision of the insurance company to not award the compensation.
It's all water under the bridge now.
Lessons learnt:
1) It's my responsibility to keep my policies up-to-date, but it would helped a lot if you have a conscientuos insurance agent alert you to deadlines. The agent for this particular insurance policy only contacted me after the lapse and remarked "Too bad..." when I told him that I had cancer.
He sort of abandoned me after that, but came back to give some minor tips after another insurance agent who is my friend contacted him. So get a good policy and look-out for a insurance agent who has your welfare in mind, and not just to collect premium.
How to get a good insurance agent? I would base it on recommendation from friends and relatives. What would you do?
I know my other insurance agent is par excellence. She went beyond the call of duty and she is from another insurance company, yet helped me to talk to my renegade agent and personally handed my petition to FMB.
2) Put premium payment on auto payment such as credit card autopayment, or other automatic payment. That insurance policy lasped between the death of my grandma, father and my hospitalisation, and I didnt get reminder letters. It is time like this an auto payment scheme is so valuable. I thought there is an Auto Payment Loan facility for that policy, but that was a term insurance so it is not available. Numerous reasons...
posted by Hee Boon at 9:50 am
1 Comments:
Sorry to hear about this, Hee Boon. Yeah, at the very least, there should have been reminder letters on the part of the insurance. I have forwarded this to my insurance agents in the hope that they will not do this to others (like me!).
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