I am guessing you are refering to the (what we call as) waiting period.

for health related insurance, there's a waiting period. i forgot how long.

example, there's 30 days waiting period for critical illnesses, and 60 days for specific ones. these 2 waiting period is standard across all companies, i believe. LIAM and PIAM sort of monitor i believe.

it's pretty standard among insurance companies. this is to protect them. but if one gets into an accident, then one can immediately claim from their medical card. after all the waiting period applies to sickness not accidents.

Edit: i think mixed up waiting period for ci and medical.

This post has been edited by adele123: Aug 17 2014, 10:56 AM

Ic thanks. But may I know does all company have same policy 3 month waiting period? Or some have shorter or longer waiting period? Like great eastern is how long???

For Prudential, the waiting period, look at the attachment. For Critical Illness, it is 60 days and for Specified Illness, it is 120 days from the date the policy is in force.

Accidents is covered immediately upon the policy is in force.

The list of Specified Illness is mention under the Exclusions.

As you may already know, the insurance is a contract and in any contract it cannot be one sided.

Without the Waiting Period, people will not take insurance when they are healthy. We might as well wait till we got cancer and then only take insurance.

Rest assured that once the Waiting Period is over, the cover will start. I had clients making claims 8 mths after policy in force for kidney stones, bill Rm32k & slip disc 7 mths after for Rm42k.

This post has been edited by roystevenung: Aug 17 2014, 09:14 AM


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It should be the same among the insurance companies for the same type of insurance. Cant answer affirmatively but underwriting control like waiting period should be standard.

Hi Roy, so confirm after 120 days can claim??? I did some searching & i found this thread after 11 month still cannot claim??

https://forum.lowyat.net/topic/3123872/all

For most of the insurance company, the waiting period is standardize.

The standard waiting period are attached below. The below booklet is created by ourself and I will give a copy to my clients so that they knew insurance policy they have bought in detail.



This post has been edited by ExpZero: Aug 18 2014, 07:05 PM

hey, don't be so paranoid. Insurance companies aren't out there to cheat ppl's money despite what most people would think.

the link you posted, there's suspect of pre-existing condition, that's another story. i didn't read the entire post, too lazy. point is, as long as you don't have pre-existing condition and really not out there to cheat insurance companies, there's no reason why a claim would not be approved.

if you look at roy's picture correctly, the LONGEST you have to wait is 120 days. for critical illnesses, it can be as short as 30 days for most illnesses. although the waiting period is longer for Early CI.

PS: the way you are asking the question feels like you want to buy medical card and claim right after the waiting period is over.

As long as the condition that is being claim does not fall under Exclusion and Waiting Period, then there is absolutely no reason why the insurer will decline the claim.

Do note I mention Exclusions, which includes any pre existing illness.

If you had any medical condition that is of significant fact that may impact how the policy is being underwritten and had it declared, then you should have nothing to worry about on the future claims.

hello all,
i would like to seek your advise about AIA Smart Care PA.
is anyone has subscribed the plan ? do you mind to share your opinion about they services ? if you think it not good enough, can anyone please suggest to me any package of self or family insurance that worth to subscribe ?

If you want something comprehensive for yourself and family because you don't have insurance, this should not be the one. i tried google but can't get any info. Basically it's a PA policy, so just cover benefits as a result of accident.

i would think the dai kor of the insurance company do not have lousy services la. by dai kor, i mean GE, Prudential, AIA. but even that, the relatively smaller ones doesn't mean they suck, just don't have the resources to expand too big.

Any insurance companies would be able to give you more or less the so-called comprehensive coverage (life, medical, CI, PA). the slight difference would be the price and other non-major benefits. depends on your budget really.

Waiting Periods and Exclusions are contractual terms, meaning to say that if an event falls within them, the Insurance Company has full legal rights not to pay.

As for any events falling out of the Waiting Periods or Exclusions, the company will still have a right under the 2 years incontestability clause to challenge the validity of the policy on basis of any non-disclosure of material facts at time of policy application. This is only applicable to claims which are made within the 2 years period counting from the date of policy issuance or date of reinstatement or inclusion of the benefit.

Under such circumstances, the insurance company will usually conduct an investigation on the medical history of the insured. Under this situation, they will not issue any letter of guarantee, instead the insured has to pay the medical expenses first and file the claim later for reimbursement. Of course, not all illnesses are thoroughly investigated. For example, if an insured is admitted to hospital after six months policy issued due to diabetes or hypertension, then the insurance company will normally investigate if during the application, such condition was stated as nil. It could be true that diabetes or hypertension may be diagnosed just after buying the policy but it could also be possible that there were diagnosed much earlier prior to policy application and during application there are questions asking about diabetes and hypertension which were answered as No.

Acute conditions such as acute gastroenteritis or appendicitis would have been paid out with a blink of an eye.

However, being ethical the insurance company should not take forever to conduct their investigation. They must conclude it after some time depending on how cooperative the insured is in providing the information required and how soon the attending physicians complete the medical report. So you need to constantly follow up with them to check the progress, otherwise you will wait for a long long time.

Bottom line is during policy application, be 100% honest and truthful with your medical conditions that you know. It is better to declare every health condition so that when claims arises, it will be as smooth as silk.

This post has been edited by zest168: Aug 19 2014, 10:02 AM

Hi,

would like advices from Sifu here on the policy that my bro is paying monthly. Premium is RM 210/month. He is 25 yrs this year

Prudential ILP

TDB 30K
36 Crisis Shield Plus 20K
Pruacci Guard 100k
Pruacci Med 5k per case
Puracci Income 200 per week
Prudisability provider 4.5K
PA 90K
Lifetime 1.8Mil
R&B 400
PruMed 50 per day
Hospital benefit 150 per day

Any opinion if we should upgrade the premium?

Thanks

This post has been edited by junnie87: Aug 21 2014, 07:18 PM

That's a good basic overall plan lah. Cuz it touches on your life, med, pa, and critical illness as well. Your agent is a good agent that thinks from your perspective and get you covered.
If I were to do anything to it, I would up your PA by about 300k-500k, up your life by at least 150k, and your critical illness cover by at least 100k. << instead of just increasing your premium lah.

Can see your agent thinks for you wan. Give him or her a call lah

would like to disagree on a few things with the other guy, so because i want to point out the other side of the field.

1) 36 CI - 20k is kinda little. but agree, at least 100k
2) life insurance portion and PA (acci guard) - seriously, at 25, i'm assuming no dependents, so there's really no urgent need to increase the death benefit portion. although one may argue, the benefit is also payable upon permanent disability.

3) would like to point out somethings for considering. at 25, i assume his working with company benefits. better to ponder if the benefits below are necessary. if no company benefits, ignore the below.

Pruacci med 5k - the benefits covered for this is redundant really. you can just claim from the employer.
Pruacci income - also, this weekly income, considering that most employed ppl actually still get paid due to sick leave, is it really necessary?
PruMed 50 per day - my understanding is this gives cash for hospitalisation and extra if ICU, and additional coverage for surgery. Employer would have covered this as well. if not, the medical R&B 400 is gonna be more than enough to cover the hospital bill. and surgery, would also be covered

though cancelling these few items would probably save very little as these are not the expensive things, but a penny saved is a penny saved. then again, i shouldn't jump to the boat of advising cancelling this and that. the best thing is probably, put a pillow under your head and judge, what is indeed needed in your brother's case.

PS: my opinion is, buy what you need, cancel what you don't need. extra cash when you have a mishap is great, but, you really need that?

Thank you for your advice.

However, I am not sure that my brother's company does provide any insurance coverage for him. I do remember they have their own panel clinic for minor illness but in terms of insurance card given to me, i doubt so. He didn't mention anything about insurance from his company though he went to hospital recently.

Do you think he should cancel those you mentioned or just stick to it for now?

if me, i will la, but simply because i know my employer covers for me, and i know my financial condition, etc... i dare not advise you either way. erm... for now, observe and assess. i mean, some of the points i pointed out, kinda make sense and you wouldn't have thought about it that way (maybe you did). but to be fair, really certain benefits are cheap. but i'm cheapskate, so i like to just pay for what is necessary. cheap stuff also don't want.

to me, those weekly income, it's kinda just extra cash. but the medical part, it complements, but also feel abit unnecessary. fun benefits, but really... need or not?

Hi,

Will discuss with the agent again.

My brother does not have any insurance with his company. So, we will see what are the best options for him

Discuss with your agent on your PA and Life. I definitely will say increase it now if you can afford it because for Life, should you increase it later in life, the rates will increase and so will your premiums. So if you can afford it now, why not get it now when your age is low and you are healthy and insurable?
For PA, the price is fixed and you should consider getting between 300k to 500k because your future unearned income is so much and there's no telling where your potential to earn ends. So at the least, peg it at 10 times your current annual income. God knows which crazy accident will cost us literally an arm and a leg right?

As far as your existing plan, I will ask you to not cancel anything because we won't know when we will need it. And when we do need it, no company will be so generous to take our premiums knowing it is a sure loss.

I'm from AIA but I will tell you to go with what your agent has arranged for you and continue with him/her because he/she jaga you very well.
Of course, if you would like to look around, you can engage me as well

The common mistake is saying the younger you buy insurance, the cheaper it is. HELLO. It’s ILP, anytime YOU BUY, insurance deducted it’s based on your current age. The charges doesn’t depend on entry age.

But true enough, one may be denied increase in sum assured since it is subject to underwriting. That I may admit, can be a problem though I don’t think insurance company will deny a healthy person increasing the sum assured. But seriously, future cost has nothing to do with buying early.

as for the rest, the other guy has his points. but buying accidental related insurance is really not as difficult compared to medical-related at old ages. unless high risk occupation but different story la.

Entry age 30 vs entry age 35 has a big difference in rates lah. Yes charges will still increase but what I am trying to get across is to fix the premiums at a lower figure vs getting it later and fixing it at a higher figure.