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Insurance Talk V6!, Everything about Insurance
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whirlwind
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 Jul 15 2020, 04:32 AM
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Hi guys, I’m currently having stand alone life and medical policy and according to my agent the medical policy coverage is kinda low but I’ve just renewed my policy on end of Mac(pay the premium yearly)
He intro a new policy combining both life and medical. I’m ok to upgrade but I plan to upgrade only by either end of the year or early of next year. Having a little concern of overlapping the old and new policies (save money?)
He did mention about waiting time for the new policy to be approved therefore he suggest that I upgrade immediately
What do you guys think?
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whirlwind
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Jul 15 2020, 11:23 AM
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QUOTE(Holocene @ Jul 15 2020, 08:28 AM) Better safe than sorry however it all comes down to your financial comfort and planning. Best, Jiansheng Care to elaborate when you mentioned “better safe than sorry”? I’m open for discussion and opinion |
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whirlwind
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Jul 15 2020, 11:26 AM
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QUOTE(lifebalance @ Jul 15 2020, 09:59 AM) Depending on your need (whether it's urgent that you need this upgrade now or not) and cash flow budgeting, if it's overlapping then it's suggest to only think about applying it the following year since you've just paid for the premium (unless you don't mind paying at a loss). Yup, I’m assuming that if I apply for the new policy in January next year and it takes max 2 months to get it approved, by Mac I would have the new policy and I’ll get surrender my old policy by end of Mac |
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whirlwind
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Jul 15 2020, 01:50 PM
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QUOTE(rapple @ Jul 15 2020, 01:31 PM) Do take note 120 days is for certain sickness only. There's another 2 years waiting period for other more serious illnesses. I did a switch from GE to HLA, and because my policy is less than 2 year I had to pay first for my MRI scan on my spine.. I see, these are the disadvantages of upgrading policy but still you’ll get back the money. I guess I’ll stick to my plan. Upgrade end of the year, not at the moment. |
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whirlwind
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Jul 15 2020, 01:58 PM
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QUOTE(lifebalance @ Jul 15 2020, 01:53 PM) the 2 years contestability period isn't define within just 2 years, if there is a non-disclosure then you only need to worry, otherwise as long as it meets the 120 day guideline, your claim will have no issue. The insurance company may anytime investigate on your claims but if you have nothing to hide, they will still honour the claim filed to them. Thanks for your input |
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