View Poll Results: Which company do you sign up your personal life policy with ?

Voters
55. You may not vote on this poll
  • AIA

    15 27.27%
  • NTUC

    12 21.82%
  • Predential

    18 32.73%
  • Great Eastern

    4 7.27%
  • AVIVA

    6 10.91%
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Thread: Which insurance is good ?

  1. #61

    Default

    Quote Originally Posted by Yeowww
    how to read and understand??? they pay the lawyers so much money to draft out the content for what??? of course make it not so obvious la
    MAS is monitoring all contracts contents so shld be quite safe lah! No misleading contents. So dun worry lah! MAS is quite strict with all the insurance companies in singapre so we shld hav quite a peace of mind regarding the contract.

  2. #62

    Lightbulb

    to clarify. what is not clear is AIA's free look period is 14 days or 30 days. in either case, coverage takes effect from the date premium is paid.


    Quote Originally Posted by Funny
    I confirm wif the other AIA agent liao. Is 14th days leh! I dunno why ur agent told u tat. Or mayb there is a misunderstanding.

  3. #63

    Lightbulb

    why would MAS need to 'monitor' the t & cs of ins cos? it is a contract between them and their potential policy holders.

    what is disturbing to potential policy holders and MAS is mispresentations by the agent/s, whether committed maliciously or otherwise.

    Quote Originally Posted by Funny
    MAS is monitoring all contracts contents so shld be quite safe lah! No misleading contents. So dun worry lah! MAS is quite strict with all the insurance companies in singapre so we shld hav quite a peace of mind regarding the contract.

  4. #64

    Default

    This issue is important.
    AVIVA policy takes place once you submit the form.

    During my BMT days, there were people from AVIVA came down and share.(Some sort of roadshow) Then those who interested sign up.

    1 of the day (within 1 month), 1 of the other plattoon mate was brought to hospital. However, could not make it. AVIVA called up the family and compensated them.

  5. #65

    Default

    Quote Originally Posted by reachme2003
    to clarify. what is not clear is AIA's free look period is 14 days or 30 days. in either case, coverage takes effect from the date premium is paid.
    Yeah! I reread and juz got it! Soli for the mistake.

  6. #66

    Default

    Quote Originally Posted by reachme2003
    why would MAS need to 'monitor' the t & cs of ins cos? it is a contract between them and their potential policy holders.

    what is disturbing to potential policy holders and MAS is mispresentations by the agent/s, whether committed maliciously or otherwise.
    Nope! All pamplets and contracts need MAS approval. Even their advertisement need MAS approval. Cannot be misleading. MAS does check insurance companies for many things. Abt agents misrepresenting, is up to the company and MAS to judge liao. U can lodge a complaint and the agent will be under investigation liao.

  7. #67
    Member
    Join Date
    Mar 2004
    Location
    Somewhere out there
    Posts
    183

    Default

    Quote Originally Posted by Funny
    MAS is monitoring all contracts contents so shld be quite safe lah! No misleading contents. So dun worry lah! MAS is quite strict with all the insurance companies in singapre so we shld hav quite a peace of mind regarding the contract.
    when u take up the policy and sign on the dotted line, its between u and the insurance company.
    whether MAS approved or not...when things gone wrong...they just wash their hands on this and at the end of the day, u will be at the losing end. the people at MAS will walk away scot-free.. look at past blunders by civil servants and what they kanna

  8. #68

    Lightbulb

    if i may quote from MAS, something like this, ' you take responsibility for your action'. in other words, you are not children. keep yourself informed and take responsibility for yourself. do not depend on MAS to do it for you. fatal mistake.

    as ins watchdog, MAS vets their adv materials and, maybe, contracts.

    remember AIA's faisco about IL products, what kind of pressure, applied publicly by MAS? not much.


    Quote Originally Posted by Funny
    Nope! All pamplets and contracts need MAS approval. Even their advertisement need MAS approval. Cannot be misleading. MAS does check insurance companies for many things. Abt agents misrepresenting, is up to the company and MAS to judge liao. U can lodge a complaint and the agent will be under investigation liao.

  9. #69

    Default

    Quote Originally Posted by alwayschampion
    Yes, I was told by a AIA agent that the policy will only in force 30 days after the sign up date.
    I asked my AIA agent. Was told tat it covered accidental death when premium is being paid.

  10. #70

    Default Get yourself an independent Financial Advisers

    I am now a Teacher with MOE,

    But before that I was a Prudential Agent, and after that turn "Independent", as in I represent many company, and ultimately my client's interest.

    I do agree most of the time agent tend to have money as one of the agenda, by I do tell many of my clients that their insurance is sufficient. Most of the time we work with a rule of thumb, You should be insured up to 10 times your yearly income. Most people are well covered with death and disability, and most missed out critical illness, which in my opinion is the most important. People that died or become disabled do not spend as much as those suffering from Heart problem, kidney problem, cancer and so on.

    Do check out www.ippfa.com to look for a personal agent that work for you and not the company. (Or dickson.tan@thekairos.org)

    "Independent" agent will be able to compare prices and benifits based on your request and needs. Make sure the agent that is selling you anything do a detailed Financial Need Analysis before recomending you anything.

    Cheers.....

    Every company have their own niches, example:
    Term policy : Manulife
    Life Policy : AXA, GE, Asia life
    Unit link policy : AXA, Aviva,
    Medical : NTUC, Aviva


    Regards
    Victor Go

  11. #71

    Lightbulb

    pls clarify?

    Quote Originally Posted by Funny
    I asked my AIA agent. Was told tat it covered accidental death when premium is being paid.

  12. #72

    Default

    Quote Originally Posted by reachme2003
    if i may quote from MAS, something like this, ' you take responsibility for your action'. in other words, you are not children. keep yourself informed and take responsibility for yourself. do not depend on MAS to do it for you. fatal mistake.

    as ins watchdog, MAS vets their adv materials and, maybe, contracts.

    remember AIA's faisco about IL products, what kind of pressure, applied publicly by MAS? not much.
    Yup! They hav mishandle the ILP products case. Not only was AIA was affected, I juz read few days ago, prudential was oso being affected. Sometimes, the agents nvr do their jobs well and comsumers are the one who suffer. Agents are the 1st hand ppl so a lot complains and misunderstandings started from them...........

  13. #73

    Default

    [QUOTE=reachme2003]pls clarify?[/QUOTE

    Mean as long as the premium are paid by the client, the policy will cover death due to accident, while the policy is being proceed by AIA.

  14. #74

    Lightbulb

    some clarification. in some ins cos, when a proposal is being underwritten and while premium is not paid, unfortunate events took place resulting in accidental death or permanent disabilities. they take the position that pending outcome of underwriting, cover took effect when proposal was submitted.


    [QUOTE=Funny]
    Quote Originally Posted by reachme2003
    pls clarify?[/QUOTE

    Mean as long as the premium are paid by the client, the policy will cover death due to accident, while the policy is being proceed by AIA.

  15. #75

    Default

    [QUOTE=reachme2003]some clarification. in some ins cos, when a proposal is being underwritten and while premium is not paid, unfortunate events took place resulting in accidental death or permanent disabilities. they take the position that pending outcome of underwriting, cover took effect when proposal was submitted.


    Yup! Tats was wat I was told by my agent. I was juz sharing wat my agent told mi. Wif tat mayb we can c whether all our own agents r in the same frequency. I cannot promise tat it will be definitely correct. So it wld be best to clarify wif ur own agent.

  16. #76

    Default

    Quote Originally Posted by lightning
    I am now a Teacher with MOE,

    But before that I was a Prudential Agent, and after that turn "Independent", as in I represent many company, and ultimately my client's interest.

    I do agree most of the time agent tend to have money as one of the agenda, by I do tell many of my clients that their insurance is sufficient. Most of the time we work with a rule of thumb, You should be insured up to 10 times your yearly income. Most people are well covered with death and disability, and most missed out critical illness, which in my opinion is the most important. People that died or become disabled do not spend as much as those suffering from Heart problem, kidney problem, cancer and so on.

    Do check out www.ippfa.com to look for a personal agent that work for you and not the company. (Or dickson.tan@thekairos.org)

    "Independent" agent will be able to compare prices and benifits based on your request and needs. Make sure the agent that is selling you anything do a detailed Financial Need Analysis before recomending you anything.

    Cheers.....

    Every company have their own niches, example:
    Term policy : Manulife
    Life Policy : AXA, GE, Asia life
    Unit link policy : AXA, Aviva,
    Medical : NTUC, Aviva


    Regards
    Victor Go
    Hi Victor, i think great eastern is strong in endownment and prudential is strong in life policy.

  17. #77

    Default

    [QUOTE=reachme2003]some clarification. in some ins cos, when a proposal is being underwritten and while premium is not paid, unfortunate events took place resulting in accidental death or permanent disabilities. they take the position that pending outcome of underwriting, cover took effect when proposal was submitted.


    (Is my understanding and what I learned) Under insurance contract, as long as the premium is paid, the deal is consider done. The insurance have to honour the contract due to accidental death or permanent disabilities. If the company have not receive the premium, they hav the rite not to honour the policy.

  18. #78

    Lightbulb

    yes, it is the law of contract. however, it is the practice of some insurance co, not arising out of legal obligation.




    [QUOTE=Funny]
    Quote Originally Posted by reachme2003
    some clarification. in some ins cos, when a proposal is being underwritten and while premium is not paid, unfortunate events took place resulting in accidental death or permanent disabilities. they take the position that pending outcome of underwriting, cover took effect when proposal was submitted.




    (Is my understanding and what I learned) Under insurance contract, as long as the premium is paid, the deal is consider done. The insurance have to honour the contract due to accidental death or permanent disabilities. If the company have not receive the premium, they hav the rite not to honour the policy.

  19. #79

    Default

    [QUOTE=Funny]
    Quote Originally Posted by reachme2003
    some clarification. in some ins cos, when a proposal is being underwritten and while premium is not paid, unfortunate events took place resulting in accidental death or permanent disabilities. they take the position that pending outcome of underwriting, cover took effect when proposal was submitted.




    (Is my understanding and what I learned) Under insurance contract, as long as the premium is paid, the deal is consider done. The insurance have to honour the contract due to accidental death or permanent disabilities. If the company have not receive the premium, they hav the rite not to honour the policy.
    Hi funny,

    The insurance company will honour the contract as long as they have recieved the premium. This is very subjective, if a person were to pay to the agent during their first signup / payment by cash. Does this means that the company have recieved the premium and honour the contract ?

  20. #80

    Default

    [QUOTE=alwayschampion]
    Quote Originally Posted by Funny

    Hi funny,

    The insurance company will honour the contract as long as they have recieved the premium. This is very subjective, if a person were to pay to the agent during their first signup / payment by cash. Does this means that the company have recieved the premium and honour the contract ?
    Yup. By rite and under the law of contract, this is the way. Honour the contract of death and total permanent disability due to accident, not critical illness related when the 1st premium payment is paid to the insurance company. Regardless of underwriting going on proceeding the approval of the policy. (This is my understanding and what I had learned abt insurance). Ask ur agent for confirmation.
    Last edited by Funny; 23rd June 2005 at 06:44 PM.

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