AIA has this terms that the policy will only applicable only 1 month after you purchase the policy while other dont have.
Which insurance is good ?
- Thread starter alwayschampion
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alwayschampion said:
I dun understand tis point. Wat do u mean by only applicable only 1 mth after u purchase the policy? U mean the policy is in force after 1 mth after u sign the policy? How u got tis info? From ur frend or ur agent? :think: I didn't know abt tis! Mayb I am ignorant! ;p
personally, i think u have to do yr own homework.
yes, agent is very important, however, im sure there are agents who changed jobs halfway. hence leaving their clients with new agents.
each company have different products, although on the surface they seem to be rather similar. Eg, if kanna cancer, get $xxxx. but the defination of what is cancer and when considered kanna cancer may differ for different insurance companies. and as for the payout, is it one-shot or 3 payments over 6 mths, etc.
as a person enters into different phase in his/her life, the needs and requirement changed. therefore there is a need to evaluate insurance/financial needs once in a while.
my suggestion is to more or less find out what u think u need, talk to various insurance agents from different companies, n also the banks' financial advisor, to hear all their views. by investing yr time, u will understand all these better. being more informed, u can make sound decisions.
yes, agent is very important, however, im sure there are agents who changed jobs halfway. hence leaving their clients with new agents.
each company have different products, although on the surface they seem to be rather similar. Eg, if kanna cancer, get $xxxx. but the defination of what is cancer and when considered kanna cancer may differ for different insurance companies. and as for the payout, is it one-shot or 3 payments over 6 mths, etc.
as a person enters into different phase in his/her life, the needs and requirement changed. therefore there is a need to evaluate insurance/financial needs once in a while.
my suggestion is to more or less find out what u think u need, talk to various insurance agents from different companies, n also the banks' financial advisor, to hear all their views. by investing yr time, u will understand all these better. being more informed, u can make sound decisions.
what is the point of your point? no coverage of risk until one month later? pay now and only get coverage one month later? it is daylight robbery!
if you are talking about 'free look' period, i believe that MAS has stipulated that all insurance cos here to provide 'free look' period.
if you are talking about 'free look' period, i believe that MAS has stipulated that all insurance cos here to provide 'free look' period.
alwayschampion said:
for the policies which you mentioned below, there is no 'guaranteed renewal'.
review by the ins co will be on every anniversaries of policy. so it is subject to their underwriting criteria at each anniversary. if you offer to renew when there is no acceptance from the co, policy will lapsed.
the only exception are policies like medishield/medishield plus or their comparables by pte ins cos. but they have annual claim limit and lifetime limit.
review by the ins co will be on every anniversaries of policy. so it is subject to their underwriting criteria at each anniversary. if you offer to renew when there is no acceptance from the co, policy will lapsed.
the only exception are policies like medishield/medishield plus or their comparables by pte ins cos. but they have annual claim limit and lifetime limit.
Gymrat76 said:
AIA is the same as other company which hav 14 days free look period which is a requirement by MAS. AIA will not pay if the insured commit suicide within a year. Some other companies suicide period is 2 yrs. And AIA oso caculate insured age by their birthday not by the year they are born. Most of the other companies are caculated by the year tat they are born. Was told tat AIA pay upon death as long as their heart stop beating, regardless of how the insured die. I dunno abt others.
Too many advises oso not very good. Too confusing. Juz check out with a few companies that u feel comfortable is enough. There are so many banks and insurance companies in singapore. U can't b checking out fr all of them. By the time, something happen to u and u hav't insure, who to blamed. Take too much time to do all those checking liao. Nt worth it. Insure while u are healthy.
Juz have to know all the important points will do. Clamiants and maturity of policies are the most important. When we buy policies, the most scary thing are u can't get the $ when u most need it. I have heard ppl can't make hospital bill claimant when they need it the most. They bought the wrong policies. They dun even know they they dun have hopitallisation coverage. I think they did not ask the right questions. I have bought 1 policy for cancer. The definition is veri important. The policy stated as long u contract cancer, they will pay. They dun care whether the cancer is lfe threatening or nt. Some policies require that the cancer will cost ur life and is spreading. U have to know the definition of your policy. Is all stated in all ur policies. U hav to read it and understand juz in case ur agent forget to tell u. That is y they hav 14 days free look period. Guaranteed renewal wil oso b stated in ur policies. Depend on wat kind of policies u bought and the insurances companies rules. Pls oso take note tat critcal illness hav waiting period. By standard practice, shld be 90 days waiting period.
Even all the agents are still learning in their jobs. They always have to attend many courses throughout their careers path. Let alone for ppl who is not in the insurance industries. Rules and regulations always change. So is better that u got the right agents to do the job for u. It depend on luck on getting gd agent. New agent doesn't mean he/she is not gd. Old agent doesn't mean tat he/she is gd. It sometimes oso gd to hav 2 gd and trust worthy agents to service u. It depend on how u tink.
Too many advises oso not very good. Too confusing. Juz check out with a few companies that u feel comfortable is enough. There are so many banks and insurance companies in singapore. U can't b checking out fr all of them. By the time, something happen to u and u hav't insure, who to blamed. Take too much time to do all those checking liao. Nt worth it. Insure while u are healthy.
Juz have to know all the important points will do. Clamiants and maturity of policies are the most important. When we buy policies, the most scary thing are u can't get the $ when u most need it. I have heard ppl can't make hospital bill claimant when they need it the most. They bought the wrong policies. They dun even know they they dun have hopitallisation coverage. I think they did not ask the right questions. I have bought 1 policy for cancer. The definition is veri important. The policy stated as long u contract cancer, they will pay. They dun care whether the cancer is lfe threatening or nt. Some policies require that the cancer will cost ur life and is spreading. U have to know the definition of your policy. Is all stated in all ur policies. U hav to read it and understand juz in case ur agent forget to tell u. That is y they hav 14 days free look period. Guaranteed renewal wil oso b stated in ur policies. Depend on wat kind of policies u bought and the insurances companies rules. Pls oso take note tat critcal illness hav waiting period. By standard practice, shld be 90 days waiting period.
Even all the agents are still learning in their jobs. They always have to attend many courses throughout their careers path. Let alone for ppl who is not in the insurance industries. Rules and regulations always change. So is better that u got the right agents to do the job for u. It depend on luck on getting gd agent. New agent doesn't mean he/she is not gd. Old agent doesn't mean tat he/she is gd. It sometimes oso gd to hav 2 gd and trust worthy agents to service u. It depend on how u tink.
for the common laymen, the reading of the t & conditions of the insurance contract will give them headache, not to say, confusions. this is where the agent comes in to explain the technicalities of the t & cs. so, ask when in doubt. do not buy until you are satisfied with the explanation of the t & cs by the servicing agent. btw, asking the agent to provide the explanations in writing where it is important to youl may not be unreasonable, with hind sight.
Funny said:
reachme2003 said:
Yah I agreed. Laymen will hav difficulties in understanding. But really must read yourself juz incase ur agent forget to tell u and if u dun understand, must ask ur agent to explain to u. There are too many rules and regulations and sometimes, some agents might forget to inform u. Gd agents are suppose to explain and clear their client doubts. Explain in writing is oso a gd ideal.
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 :bsmilie:
of course make it not so obvious la :bsmilie:reachme2003 said:
Yes, I was told by a AIA agent that the policy will only in force 30 days after the sign up date.
better to clarify. it does not make sense at all. why would AIA offer such 'disincentive' when others are not offering it.
alwayschampion said:
Funny said:AIA is the same as other company which hav 14 days free look period which is a requirement by MAS. AIA will not pay if the insured commit suicide within a year. Some other companies suicide period is 2 yrs. And AIA oso caculate insured age by their birthday not by the year they are born. Most of the other companies are caculated by the year tat they are born. Was told tat AIA pay upon death as long as their heart stop beating, regardless of how the insured die. I dunno abt others.
Too many advises oso not very good. Too confusing. Juz check out with a few companies that u feel comfortable is enough. There are so many banks and insurance companies in singapore. U can't b checking out fr all of them. By the time, something happen to u and u hav't insure, who to blamed. Take too much time to do all those checking liao. Nt worth it. Insure while u are healthy.
Juz have to know all the important points will do. Clamiants and maturity of policies are the most important. When we buy policies, the most scary thing are u can't get the $ when u most need it. I have heard ppl can't make hospital bill claimant when they need it the most. They bought the wrong policies. They dun even know they they dun have hopitallisation coverage. I think they did not ask the right questions. I have bought 1 policy for cancer. The definition is veri important. The policy stated as long u contract cancer, they will pay. They dun care whether the cancer is lfe threatening or nt. Some policies require that the cancer will cost ur life and is spreading. U have to know the definition of your policy. Is all stated in all ur policies. U hav to read it and understand juz in case ur agent forget to tell u. That is y they hav 14 days free look period. Guaranteed renewal wil oso b stated in ur policies. Depend on wat kind of policies u bought and the insurances companies rules. Pls oso take note tat critcal illness hav waiting period. By standard practice, shld be 90 days waiting period.
Even all the agents are still learning in their jobs. They always have to attend many courses throughout their careers path. Let alone for ppl who is not in the insurance industries. Rules and regulations always change. So is better that u got the right agents to do the job for u. It depend on luck on getting gd agent. New agent doesn't mean he/she is not gd. Old agent doesn't mean tat he/she is gd. It sometimes oso gd to hav 2 gd and trust worthy agents to service u. It depend on how u tink.
I really wana thank you for sharing :thumbsup:
ask your agent in question to put it into writing and signed it. then, raised it with AIA for confirmation.
alwayschampion said:
alwayschampion said:
I confirm wif the other AIA agent liao. Is 14th days free look period leh! I dunno why ur agent told u tat. Or mayb there is a misunderstanding. Sorry I misinterpret wrongly. Is enforce in 30 days after u sign the policy. I will confirm n let u know.
I find it stupid. If someone were to sign up, and on the 20th day met an accident. Would he be compensated ?
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