Aug 27 2009, 02:16 PM
QUOTE(PJusa @ Aug 19 2009, 02:15 PM)
hi,
due to the fact that there seems to be a lot of doubt regarding H1N1 i would like to let you guys know that i called AXA, Allianz and Tokio Marine earlier. They all related this clarification which I will post here for your information:
1) The quarantine clause does not mean the insurance will not pay if you get H1N1 and need to be hospitalised. It means you will not be covered by your insurance IF you are quarantined for the costs of the quarantine if your are not infected.
2) If you are hospitalised due to H1N1 you are covered as to the limitations of the respective policy. There is no question about this.
3) If you are not hospitalised but get H1N1 you are not covered UNLESS you have outpatient benefits. Outpatient benefits would also cover H1N1. The medical plans in malaysia usually cover only H&S costs.
4) No insurer can or will start to exclude H1N1 cover from any policies in force as per above due to "too many cases". There is no such thing as a restrospective exclusion. Also all three insurers assured me they will not start to put exclusions into new policy blankets. Of course this is no written guarantee but I would have been surprised if they would have said anything else to be honest.
I hope this puts you guys at ease a bit.
IF any insurer decides to give their insured better cover and also cover the costs of H1N1 unrelated to H&S then even better. Otherwise there is no need to make any bulletin as the one from Mr. Yem - its understood and part of exisiting contracts. there never was any doubt about the cover to begin with.
Hi PJusa,due to the fact that there seems to be a lot of doubt regarding H1N1 i would like to let you guys know that i called AXA, Allianz and Tokio Marine earlier. They all related this clarification which I will post here for your information:
1) The quarantine clause does not mean the insurance will not pay if you get H1N1 and need to be hospitalised. It means you will not be covered by your insurance IF you are quarantined for the costs of the quarantine if your are not infected.
2) If you are hospitalised due to H1N1 you are covered as to the limitations of the respective policy. There is no question about this.
3) If you are not hospitalised but get H1N1 you are not covered UNLESS you have outpatient benefits. Outpatient benefits would also cover H1N1. The medical plans in malaysia usually cover only H&S costs.
4) No insurer can or will start to exclude H1N1 cover from any policies in force as per above due to "too many cases". There is no such thing as a restrospective exclusion. Also all three insurers assured me they will not start to put exclusions into new policy blankets. Of course this is no written guarantee but I would have been surprised if they would have said anything else to be honest.
I hope this puts you guys at ease a bit.
IF any insurer decides to give their insured better cover and also cover the costs of H1N1 unrelated to H&S then even better. Otherwise there is no need to make any bulletin as the one from Mr. Yem - its understood and part of exisiting contracts. there never was any doubt about the cover to begin with.
Even in AIA, there are 2 standalone critical illness plan:
1) Critical Illness Shield - this was offered thru worksite distribution channel meaning there needs to be minimum sign-up of 10 pax, payment mode thru payroll deduction can be monthly. if through credit card, the payment shd be made semi-annual or annually. If you want to get this, you can also seek for distribution channel like life insurance brokers as they would already have minimum annual commitment to the insurer for them to distribute the product. The premium rate would be exactly the same as getting it from aia
2) Healthguard @55 - this product can be offered can be bought individually. Premium is slightly more expensive but has additional features
Both are standalone products
Strengths: Premium is level upon entry age. The younger you are, the premium is cheaper but does not change as you get older. Secondly, both product pays only till 55 and you remain covered till 70 years old
Just let me know shall you require further info
joY
Added on August 27, 2009, 2:41 pm
QUOTE(mtsen @ Aug 26 2009, 07:41 PM)
actually even if the adviser did a good and perfectly neutral job, if the consumers didn't try to understand the least, they will still ended up not satisfied with the adviser eventually, especially when another adviser is trying to pinch the consumers away ... this type of consumers, which is 80% of us, will eventually ended up in the less financial independent types ...
Added on August 26, 2009, 7:45 pmAnika is indeed working with a few insurers to provide 'solutions' ... it is highly NOT possible they did not get any profit share from that.
not sure about protac thao.
as of whether they may provide bias recommendation, its hard to say. There are careful ways to suggest a solution of my preference without violating any code of conduct ...
Hi mtsen, Added on August 26, 2009, 7:45 pmAnika is indeed working with a few insurers to provide 'solutions' ... it is highly NOT possible they did not get any profit share from that.
not sure about protac thao.
as of whether they may provide bias recommendation, its hard to say. There are careful ways to suggest a solution of my preference without violating any code of conduct ...
yes agree with you that as consumers we must put some effort to understand eventhough consultation is given by a reputable source. Each of us have individual needs and considerations to be made before making a decision thus getting more info and understanding of the subject matter would help a lot
As for brokers services, currently in the market, there are 34 insurance brokers and besides being registered under bank negara, they are also under the association IBAM. Under the BNM ruling, all brokers have a code of ethnics to follow whereby they are representing the clients needs to provide the best solution to their needs. Sometimes, the solution could be a combination of products from a few insurer
As to whether they could be bias, they could to a certain extent but it pretty much depends on the professionalism of the indiv broker.
I have been working with insurance company and now I'm a life insurance broker but long-term customer satisfaction is still my utmost priority now. There's no point if we're in for fast sales, but customers these days are educated and discerning. Bad publicity from one disappointed customer would kill our reputation. With all being said, if you're interested to get consultation on any insurance matters, you can contact me
rgds
joY
This post has been edited by joYJ: Aug 27 2009, 02:41 PM
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