I have spent the last 4 months going to and fro with my insurance companies, trying to get some of the compensation that was promised when I first bought all the policies. All the insurance agents told me that it would take 10 days at the most, that there would be no problems with payment. Yes, we have done lots of these claims before, ten days max. Really? Seriously?
The next time you buy any insurance policy against illness, beware. I now understand the extensive investigation these companies put every claim through - 10 days max? Forget it. First of all, they poll ALL registered clinics in Singapore for records of any visits you might have made to them. Think that all of these would respond in 10 days or less, if you include the time it takes to issue a cheque? Really? Seriously?
Then they wait to see if other insurers will be paying you. Why? For a precedence? Why? Surely one company's product has nothing to do with the other? Nope, they wait.
Secondly, these illness policies are the ones with the highest margins. These are the ones the agents are told to push. Why are they with the highest margins, given that 30% of the population has cancer? Go figure.
Like all major financial institutions, when it comes to taking your money, they cannot issue an invoice fast enough. But when the shoe is on the other foot, they drag along. What about people who need the money for treatment? Those people who are struggling to make ends meet for their families, and who, like the responsible adults they probably were, bought insurance to keep their families 'safe'.
Singaporeans really need to stand up for themselves and demand their rights. I know many other people who have been diagnosed, and the insurers refused to pay. Apparently they NEVER pay without question - the first move is always refuse to pay. Is this what one calls an honourable, even conscionable, way to do business, especially when insurance is supposed to protect us from disaster and crisis that devastates? Every time I see an insurance ad with the happy three generation family, I feel like choking. Apparently, Singaporeans, when confronted with crisis, prefer to get through it, then forget it, rather than litigate.And insurers make hay out of this.
Don't be fooled by your friendly insurance agents - they are trained to be friendly and encourage you to part with your money. On a good day, I think that they do not know better, that they themselves trust the company's sales pitch that they have been trained to parrot.
Check out the track record of the insurer first - like any other product, it's caveat emptor. You will be putting in a huge some of your hard earned cash over the years - make sure you get what you deserve, and have paid for, back.
The next time you buy any insurance policy against illness, beware. I now understand the extensive investigation these companies put every claim through - 10 days max? Forget it. First of all, they poll ALL registered clinics in Singapore for records of any visits you might have made to them. Think that all of these would respond in 10 days or less, if you include the time it takes to issue a cheque? Really? Seriously?
Then they wait to see if other insurers will be paying you. Why? For a precedence? Why? Surely one company's product has nothing to do with the other? Nope, they wait.
Secondly, these illness policies are the ones with the highest margins. These are the ones the agents are told to push. Why are they with the highest margins, given that 30% of the population has cancer? Go figure.
Like all major financial institutions, when it comes to taking your money, they cannot issue an invoice fast enough. But when the shoe is on the other foot, they drag along. What about people who need the money for treatment? Those people who are struggling to make ends meet for their families, and who, like the responsible adults they probably were, bought insurance to keep their families 'safe'.
Singaporeans really need to stand up for themselves and demand their rights. I know many other people who have been diagnosed, and the insurers refused to pay. Apparently they NEVER pay without question - the first move is always refuse to pay. Is this what one calls an honourable, even conscionable, way to do business, especially when insurance is supposed to protect us from disaster and crisis that devastates? Every time I see an insurance ad with the happy three generation family, I feel like choking. Apparently, Singaporeans, when confronted with crisis, prefer to get through it, then forget it, rather than litigate.And insurers make hay out of this.
Don't be fooled by your friendly insurance agents - they are trained to be friendly and encourage you to part with your money. On a good day, I think that they do not know better, that they themselves trust the company's sales pitch that they have been trained to parrot.
Check out the track record of the insurer first - like any other product, it's caveat emptor. You will be putting in a huge some of your hard earned cash over the years - make sure you get what you deserve, and have paid for, back.
posted by Simone @ 2:05 PM
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