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 Insurance Talk V3, Anything and everything about insurance

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TSroystevenung
post Jan 9 2017, 11:04 PM

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QUOTE(smartinvestor01 @ Jan 9 2017, 10:57 PM)
It was found in the policy..

But i am concern about the protection that the policyholders have although the wording is inserted in the policy..

It was shown to me by my friend.. But I am just worried..
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I tried googling, is it this one?

"Lonpac-PHM-MediSavers-2015-Product-Disclosure-Sheet-2015-07-06.pdf"
TSroystevenung
post Jan 9 2017, 11:27 PM

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QUOTE(smartinvestor01 @ Jan 9 2017, 11:07 PM)
Yes, bro...
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The disclosure sheet does not mention anything about guaranteed renewal nor does it say anything about "alteration clause". However at the end there is a note that reads

"Note:
This list is non-exhaustive. Please refer to the policy contract for the full list of terms and conditions under this policy"

QUOTE
Duty of disclosure
Consumer Insurance Contract

Pursuant to Paragraph 5 of Schedule 9 of the Financial Services Act 2013, if you are applying for this Insurance wholly for yourself/family/dependants, you have a duty to take reasonable care not to make a misrepresentation in answering the questions in the Proposal Form (or when you apply for this insurance). You must answer the questions fully and accurately.

Failure to take reasonable care in answering the questions may result in avoidance of your contract of insurance, refusal or reduction of your claim(s), change of terms or termination of your contract of insurance.

The above duty of disclosure shall continue until the time your contract of insurance is entered into, varied or renewed with us.

In addition to answering the questions in the Proposal Form (or when you apply for this insurance), you are required to disclose any other matter that you know to be relevant to our decision in accepting the risks and determining the rates and terms to be applied.

You also have a duty to tell us immediately if at any time after your contract of insurance has been entered into, varied or renewed with us any of the information given in the Proposal Form (or when you applied for this insurance) is inaccurate or has changed.


As you know for General Insurance the contract is to be renewed yearly and perhaps you should ask the agent why are you still required to disclose material facts if it is Guaranteed Renewal?

Assuming if this year a claim for a heart bypass has been done, will the policy be renewed next year without any Exclusion on the heart and accepted as standard rate without any loading? If yes, then why ask for my health declaration again?

This post has been edited by roystevenung: Jan 9 2017, 11:28 PM
TSroystevenung
post Jan 10 2017, 10:16 AM

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QUOTE(kazekage_09 @ Jan 10 2017, 09:28 AM)
Firstly, thank you for all the informative info from all the contributors here. I find it very very useful for me.

I have a few question though,
1. How about some of the products that say no medical checkup required? For example PruWarisan, the minimum coverage of RM350k no need medical checkup right? So then, do people with diabetic and hypertension can apply this?
2. In takaful right now, there seem like a trend now that most of agents keep promoting hibah/income replacement etc. From your opinion, which one should one focus first? Income replacement or medical card?

Many thanks!
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1. The PruBSN Warisan no medical exam required is only applicable if no prior claims and standard case.

Diabetic is UNABLE to apply, whilst for hypertension there may be a need to do ME depending on prior health condition and BMI.

Do expect Loading for hypertension on the life

2. Both are equally important and both are taking care of providing protection, one from the huge medical bills and another providing income replacement to your loved ones when you are not around (either hibah or as a wasi).

Yes you are correct that one can still fall back on Gov hospital. But do not expect everything to be free. A client father with no medical card got admitted for a broken leg and metal implant is required. GH request the client to pay Rm5k for the metal implant.

If you are okay with this GH arrangement then you may only want to look at the life cover or critical illness cover.

This post has been edited by roystevenung: Jan 10 2017, 10:21 AM
TSroystevenung
post Jan 16 2017, 12:08 PM

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Brace yourselves this 2017, the medical cost of insurance is geared to be increased across the board...

This post has been edited by roystevenung: Jan 16 2017, 12:25 PM
TSroystevenung
post Feb 6 2017, 11:47 AM

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QUOTE(smallikanbilis @ Feb 6 2017, 11:27 AM)
Hi,

May I know if there is any medical card that covers take-home drugs (apart from cancer and dialysis)? Thank you.
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What type of drugs are you referring to? Insulin? For HBP or Cholesterol?
TSroystevenung
post Feb 10 2017, 07:08 AM

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QUOTE(Freemasonry @ Feb 10 2017, 01:56 AM)
my insurance got rejected due to obesity, havent appealed tho.

Wondering if other insurance company will also rejected me or once i got rejected, all insurance company will also know about my case.

For example Company A rejected, will company B & C knows about it too? Like CCRIS or CTOS.

No health complication, 25 years old, smoker.

BMI 36
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It would be in your best interest that you reduce your weight before trying to get insurance from other insurer.

Even if you were to take from other insurer, you are required to declare in the form that the application was rejected by the first insurer due to obesity.

Whether your name pops up in the insurer database is not the question here.

The reason why Underwriting declines the case is because obesity if not control may lead to severe health complications, which results in huge medical claims of which even with the loading (extra premium) is not be able to justify policy issuance.

This post has been edited by roystevenung: Feb 10 2017, 07:18 AM
TSroystevenung
post Feb 17 2017, 09:52 PM

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Hi all, please be informed that this thread has exceeded 2500 post and is now closed.

For the new insurance thread, head Click --> << Insurance Thread Version 4.00 >>
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