(I wrote this on April 2005)
One of my client is dying of 4th stage nasal cancer. I am not capitalising on this episode to tell you what to do.
In year 2000, I was refered to him because he has a daughter and wish to buy an Education Policy. My concern for such family will always be to check on the parents' coverage first. I asked him how well is he covered and he told me very well. I pressed him for an answer and he told me $30,000.
I advised him that he should look into his family needs and roughly told him that should anything happen and if his family depend on him for $20,000 a year, he has to be prepared for next 20 years for a cover of $400,000.
Refused to talk to him on Education Policy and find ways to up his coverage with his CPF and his budget from intended Education Policy.
He took my advice, and his coverage was improved to almost $200,000 with policies using his CPF as well.
One and half year later 2001, with another daughter borned, called me for education policy again.
His dread disease cover was low and my advice was to look at this cover first. Gave him another Living Policy with term rider.
2003, Feb, received a call from him that he contracted 3rd stage nasal cancer. Well, I have done my part with peace of mind. Back in my mind then was if he wanted another Education Policy? But I was shell shocked to hear the bad news.I submitted the claim for him and Income paid out the Living Policy, and the Term rider has a waiver for dread disease, thus no premium need to be paid further for the Term rider.
Paid him the two Living Policy, $50,000 term rider continue with waiver of premiums and other policies remain inforce.
Yesterday, the wife rang me to say he is critical in hospital. Two weeks ago when I visited him, I saw his condition to be very bad and do not expect him to past beyond this year. I just message that I want to vist and his wife repled "I've brgt him bk 2 die @home.he wanted 2 come home."
It is sad but that is the reality of life.
We plan what we can appropriately, so that our family will not go through financial hardship though emotionally, it is painful.
End of the day, we all wish we live to complete our family obligation without having to depend on insurance payout, but when things happened, what we plan for, will at least cushion off some financial worries.
Look into our NEEDS and not our WANTS, as I have been saying this since 1988 when I stepped into this industry.
It is painful for my client's wife, but it is comforting what I have recommended and advised have been taken up and now they understand why I do not sell them what they want, Education Policy, but what they need.
He left behind his wife, and two young children age 3 & 5.
Sad story, but comfort is in that the family can move on without being caught in financial setback.
I took comfort in that the deceased client agreed with me in my recommendation because I am also a family man with a wife and three children. I appreciated him for his open mind to accept that family takes priority in insurance planning.
Monday, November 13, 2006
Saturday, November 11, 2006
Review your old policy Riders
Review the Riders that is in your old policies
Many of us have riders in our old policy that cost quite a hefty premium because it was taken when we were younger and from then premiums are not changed.
1. 5YRT - this is basically a 5 year convertible term that will have premiums changed every 5 years, at a point in time, the premiums will be high because of age, and many are not aware. Will a level Term premium be better and more cost effective for you? There are many new Term Plan that has low premium today, example, i-Term.
i-Term
2. ADB - Accidental Death Benefit, Personal Accident Plans today have wider scope of cover and much lower premium today.( one company issued the PA long ago, and premium is not cheap, though it may be monthly $15 or so for $30,000 Personal Accident and still inforce, but yearly $35 premium can get one a $50,000 PA policy with $1000 medical today with a few other insurers)
PA - Personal Accident Insurance
PAID - Personal Accident + Infectious Disease Plan
3. H&S - Hospital and Surgical Benefit - Shield Plans are much cheaper today and again scope of cover wider. And premium paid via Medisave.
New - Enhanced Incomeshield Plan
Ask yourself what are the riders for and do you need them? Many have bought policies much earlier in the 90's and file the document away have not really bothered about the riders.
I have personally reviewed with a few of my friends and there are some savings that one can derive from adjusting the riders.
But a few will not need adjustment, so very much depend on what riders you have.
Take a look and talk to your trusted agent or seek second opinion.
I think it is good to look into the few things mentioned above. I can only say I have reviewed with a few of my policyholders their other policies and this is what I can tell you, review the riders.
Many of us have riders in our old policy that cost quite a hefty premium because it was taken when we were younger and from then premiums are not changed.
1. 5YRT - this is basically a 5 year convertible term that will have premiums changed every 5 years, at a point in time, the premiums will be high because of age, and many are not aware. Will a level Term premium be better and more cost effective for you? There are many new Term Plan that has low premium today, example, i-Term.
i-Term
2. ADB - Accidental Death Benefit, Personal Accident Plans today have wider scope of cover and much lower premium today.( one company issued the PA long ago, and premium is not cheap, though it may be monthly $15 or so for $30,000 Personal Accident and still inforce, but yearly $35 premium can get one a $50,000 PA policy with $1000 medical today with a few other insurers)
PA - Personal Accident Insurance
PAID - Personal Accident + Infectious Disease Plan
3. H&S - Hospital and Surgical Benefit - Shield Plans are much cheaper today and again scope of cover wider. And premium paid via Medisave.
New - Enhanced Incomeshield Plan
Ask yourself what are the riders for and do you need them? Many have bought policies much earlier in the 90's and file the document away have not really bothered about the riders.
I have personally reviewed with a few of my friends and there are some savings that one can derive from adjusting the riders.
But a few will not need adjustment, so very much depend on what riders you have.
Take a look and talk to your trusted agent or seek second opinion.
I think it is good to look into the few things mentioned above. I can only say I have reviewed with a few of my policyholders their other policies and this is what I can tell you, review the riders.
Friday, November 10, 2006
ChoiceLife - Do you have a choice in life now?
There was an article in The Straits Times about AIA Choice Life 10 years and 15 years policy on 7th November 2006.
It is suppose to be limited premium payment for 10 years and 15 years, but now 25,000 policyholders are informed that they have to pay more years for the policy.
Financial Guardian critical years was also in the news some time back and now this.
Many other insurers have also been selling limited payment years policy, as competitions mount, but Ntuc Income is not able to offer. Infact, under intense competition, Income introduced one Protection Policy with limited payment of 15 years but premium is calculated by our actuary on realistic term, and premium compared to other insurers is really much higher.
Imagine buying for a baby, a wholelife policy, pays for 20 years, and the insurer have to carry the baby for the next 80 years?
Traditional policy like Ntuc Income wholelife Living Policy has an automatic premium loan feature that can run a policy into old age after enough years of policy being inforce, perhaps after age 60, which I myself will use when I reach a point that I do not wish to pay the premium but need the coverage forward.
Ntuc Income has just introduced a LIMITED PAYMENT LIVING POLICY.
Premium payable is guaranteed up to 20 years or to age last birthday 64.
It is suppose to be limited premium payment for 10 years and 15 years, but now 25,000 policyholders are informed that they have to pay more years for the policy.
Financial Guardian critical years was also in the news some time back and now this.
Many other insurers have also been selling limited payment years policy, as competitions mount, but Ntuc Income is not able to offer. Infact, under intense competition, Income introduced one Protection Policy with limited payment of 15 years but premium is calculated by our actuary on realistic term, and premium compared to other insurers is really much higher.
Imagine buying for a baby, a wholelife policy, pays for 20 years, and the insurer have to carry the baby for the next 80 years?
Traditional policy like Ntuc Income wholelife Living Policy has an automatic premium loan feature that can run a policy into old age after enough years of policy being inforce, perhaps after age 60, which I myself will use when I reach a point that I do not wish to pay the premium but need the coverage forward.
Ntuc Income has just introduced a LIMITED PAYMENT LIVING POLICY.
Premium payable is guaranteed up to 20 years or to age last birthday 64.
Involved in Motor Accident - What to do?
Thank you for insuring with Ntuc Income.
Anyone involve in a road accident, will be stressed. It is even more stressful when one faced a motorist of no integrity. In all situation, just report the truth and leave it to Income to handle the matter. We always believe our insured are people of integirty.
Just to keep you updated if I happen to be not able to respond promptly.
In case of any accident, first, stay COOL.
Send car to the Independent Accessment Center ( IDAC ).
If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault. But if yourself is at fault, unless u are 100% sure and asked to do the same, use your WISDOM. Especially when case is 50-50, and third party is unreasonable, leave the matter to Income and ask them to initiate claim action. DO NOT SIGN OVER ANY LIABILITY, IT IS NOT COMPULSORY TO SIGN THE FORM ON THE SPOT.
Following are few situations you may want to take note. Though in all situations, we prefer that you leave the claim to NTUC Income to handle.
If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC . If you are at fault, proceed to IDAC by calling 67886616.
Summary
1. Your Fault. Don't worry about lost of NCD, sometime if repair claim is low, can reimburse and keep the NCD, this I can help you later after the case is settled.
Just send the car to IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income.Call our hotline 67886616 for assistance
2. If it is third party fault. Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you. Unless you have friend who can claim for you and 100% not at fault, you may want to use your prefered workshop to handle the claim against third party.
3. Unsure of liability, meaning do not know who's fault it is. Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.
4. Met with unreasonable driver. Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.
IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim. If you meet an unreasonable, high demanding road bully,don't talk too much with him/her, leave them to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing you photos of damage claims submitted. Any other complication, please do not hesitate to contact me. This is just some information as many were quite worried and stressed in such situation.In every situation, there is always a solution, so stay COOL and remember ME.
5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand delivered to your home as if third party is sueing you in court, DO NOT PANIC, this is to be submitted to Income General Insurance Claims Department, and we will engage our lawyer to handle if it is not your fault.Send such writ of summons to us and stay COOL.
Happy Driving.
Anyone involve in a road accident, will be stressed. It is even more stressful when one faced a motorist of no integrity. In all situation, just report the truth and leave it to Income to handle the matter. We always believe our insured are people of integirty.
Just to keep you updated if I happen to be not able to respond promptly.
In case of any accident, first, stay COOL.
Send car to the Independent Accessment Center ( IDAC ).
If you are able to have the third party to sign a note of liability, by all means do it, if third party is at fault. But if yourself is at fault, unless u are 100% sure and asked to do the same, use your WISDOM. Especially when case is 50-50, and third party is unreasonable, leave the matter to Income and ask them to initiate claim action. DO NOT SIGN OVER ANY LIABILITY, IT IS NOT COMPULSORY TO SIGN THE FORM ON THE SPOT.
Following are few situations you may want to take note. Though in all situations, we prefer that you leave the claim to NTUC Income to handle.
If it is third party at fault, we can refer our panel of workshop to assist you to claim against third party. Just send car to IDAC . If you are at fault, proceed to IDAC by calling 67886616.
Summary
1. Your Fault. Don't worry about lost of NCD, sometime if repair claim is low, can reimburse and keep the NCD, this I can help you later after the case is settled.
Just send the car to IDAC for accident reporting and Income will refer a workshop to repair for you.Leave the claim to Income.Call our hotline 67886616 for assistance
2. If it is third party fault. Again send car to IDAC and we will refer our panel workshop to assist in claim or you can find a workshop of your choice to file a third party claim for you. Unless you have friend who can claim for you and 100% not at fault, you may want to use your prefered workshop to handle the claim against third party.
3. Unsure of liability, meaning do not know who's fault it is. Contact our hotline 67886616 and proceed to IDAC and leave the matter to Income to handle.
4. Met with unreasonable driver. Sometime you may think that the matter is low in cost to settle and if it is your fault and wish to compensate third party.
IMPORTANT - PRIVATE SETTLEMENT, ask third party to sign the private settlement note provided to void you of liability and fax me a copy to be filed with Income,after both agree on private settlement. This is to prevent third party to bite back unscrupulously again later. With the agreement signed, Income will not entertain the claim. If you meet an unreasonable, high demanding road bully,don't talk too much with him/her, leave them to claim your insurance and inform Income of possible fraudulent claim, this you can send me an email and I will liaise with my claims officer and we will await third party claim. And if claim is inflated, we may need your assistance to dispute the claim by showing you photos of damage claims submitted. Any other complication, please do not hesitate to contact me. This is just some information as many were quite worried and stressed in such situation.In every situation, there is always a solution, so stay COOL and remember ME.
5. For third party claim against YOU, sometime a WRIT OF SUMMON is hand delivered to your home as if third party is sueing you in court, DO NOT PANIC, this is to be submitted to Income General Insurance Claims Department, and we will engage our lawyer to handle if it is not your fault.Send such writ of summons to us and stay COOL.
Happy Driving.
Subscribe to:
Posts (Atom)
