Time to Cancel your NTUC Income Policy.

[amateur_photographer]

they also do business the same way...they have the same practise as what u see here...what makes them any diff from NTUC?

so you are telling us not to take any insurance? :dunno:

 

[reachme2003]

i am not in the insurance line. currently, cos do not discriminate potential policyholders according to their occupation. but i anticipate that when claims experience gets too much, they may consider this factor. e.g. by loading premium according to 'hazardous' occupation.

It is time the insurance company wakes up and do not argue using fine print that the customer does not know. If we understand those jargons, nobody would buy insurance.

At the point in time a person is certified eligible for a claim, how many will recover just like Mr Chiang?

You, an insurance company assesses a person base on his current employment and he paid according to the hazard of the employment.

If he is in a high risk occupation e.g. a blue collar in a shipyard, he aged and now do clerical job still in the shipyard, is he allowed to pay a lower premium now?

Any person in the insurance line which to comment?

 

[westwest2]

so you are telling us not to take any insurance? :dunno:

can take...but u must know your insurance company payout practise...

 

[lovells19]

I never have problem claiming from my AIA insurance. quick fast hassle free claims

 

[vince123123]

The agent has no duty to advise you of your rights. The agent is a salesman, which means his job is to present the good side and to hide the bad side - this is what all salesmen do.

If you are naive enough to rely on your agent, then you would only have yourself to blame if things go awry later.

Always read all terms and conditions yourself.

Your analogy of boss/employee is not the same. The employee owes a duty of care to the company. The agent is in a position of conflict.

Why read the fine prints when your agent is the one that is suppose to interpret everything for you? They are after all earning a commission from you.

Would your Bos read the fine prints of documents, after having employed you to do the job for him?

If the agent do not explain/ interpret, DON'T sign. :bsmilie: And if you feel explanation insufficient, DON'T sign.

 

[eikin]

The agent has no duty to advise you of your rights. The agent is a salesman, which means his job is to present the good side and to hide the bad side - this is what all salesmen do.

If you are naive enough to rely on your agent, then you would only have yourself to blame if things go awry later.

Always read all terms and conditions yourself.

Your analogy of boss/employee is not the same. The employee owes a duty of care to the company. The agent is in a position of conflict.

that's not entirely correct, the insurance agent is required to reveal any material fact that will significantly affect the contract. your statement has the potential of misrepresenting the insurance industry.

 

[garou12]

Its called fine print for a reason you know. Its not the agent's duty to go through the fine print with you.

 

[Canonised]

The thing that I dont like about this case is that INCOME should welcome any "disabled" persons to try to be useful to the society ..... pay them the full amount and encourage him to actually try to be useful.... like signing cheques and other light duties rather than stay at home, doing nothing...:think:

 

[Wai]

The agent has no duty to advise you of your rights. The agent is a salesman, which means his job is to present the good side and to hide the bad side - this is what all salesmen do.

Agent are more than just a saleman, obviously u don't know how many exams are there to be qualified to sell insurance or investment products in Singapore.

http://www.gia.org.sg/pdf/code_of_practice.pdf

Agents will explain all the main features of the products and services.....

• All the important details of cover and benefits.
• Any significant or unusual restrictions, warranties or exclusions such as frauds and wars.
• Any significant conditions or obligations which you must meet.

 

[vince123123]

Is the Code of Practice a binding document, or a guidance document?

I am not talking about qualifications, I'm talking about the sales pitch they give.

Agent are more than just a saleman, obviously u don't know how many exams are there to be qualified to sell insurance or investment products in Singapore.

http://www.gia.org.sg/pdf/code_of_practice.pdf

Agents will explain all the main features of the products and services.....

• All the important details of cover and benefits.
• Any significant or unusual restrictions, warranties or exclusions such as frauds and wars.
• Any significant conditions or obligations which you must meet.

 

[Quest]

from the many postings here, it seems that all insurance companies makes it difficult to claim, esp big amounts, which is aimed at preventing fraudulent claims.

so our best strategy is to buy small policies or few small policies and from a few companies. this will prevent us from putting all our eggs in 1 basket.

any other strategies ?

 

[westwest2]

which is aimed at preventing fraudulent claims.

you are wrong...

 

[zekai]

ntuc makes my blood boil.... they still want to appeal!!!

 

[yanyewkay]

hah~ I've never liked and supported INCOME.. the only stupid mistake was to buy that Pioneer policy while I was a chow recruit cos I got no choice. CSM say MUST buy so LL made to sign the policy.

INCOME is cheap, CHEAP.. you pay peanuts you get monkeys. :sticktong

 

[yanyewkay]

from the many postings here, it seems that all insurance companies makes it difficult to claim, esp big amounts, which is aimed at preventing fraudulent claims.

so our best strategy is to buy small policies or few small policies and from a few companies. this will prevent us from putting all our eggs in 1 basket.

any other strategies ?

Ever tried the service levels of GE and Prudential? You don't hear such happenings from the other insurance companies.

Mostly with INCOME, why?

 

[Jason Ho]

For whoever is wondering what happened to some of the previous posts, I deleted it.

Keep the conversation simple and clean. Quote only when necessary. Multiple quotes in forum is as good or almost as good as the start of heated arguement.

 

[Yatlapball]

Independent smaller insurers usually fare better in my eyes. Why? They really need to go that extra mile to hang on to the small little slice of the market share they have.

If you think claiming your own insurance is difficult, wait till you try claiming against someone else who also has a policy from the same company! This would be especially true for motor insurance.

 

[zekai]

Is the Code of Practice a binding document, or a guidance document?

I am not talking about qualifications, I'm talking about the sales pitch they give.

the few item that Wai mention are compulsory to run through with the client. i do not dispute that there are black sheep who skim over the details, i disagree with your generalisation of the role agent or insurance adviser play as a mere salesman.

from what you sprouted so far, you have only basic or hearsay understanding of the industry.

I work as an agent up to the position of sales manager in 3 different insurance companies so i reckon i know what i am talking about.

 

[vince123123]

What I'm saying is, if an agent doesn't do those things, do we have a legal course of action against him?

If it is merely a guidance document (ie the agent can't be punished or barred for practising for not following the directions), then it isn't that much of a use?

There are many different types of salesmen, and I did not intend to use salesmen as a derogatory label. There are sales people who say "all there, see yourself", and there are those who explain the product to you, demonostrate, give you after sales service etc. An insurance agent may fall within either extremes of the spectrum.

the few item that Wai mention are compulsory to run through with the client. i do not dispute that there are black sheep who skim over the details, i disagree with your generalisation of the role agent or insurance adviser play as a mere salesman.

from what you sprouted so far, you have only basic or hearsay understanding of the industry.

I work as an agent up to the position of sales manager in 3 different insurance companies so i reckon i know what i am talking about.

 

[zj2000]

What I'm saying is, if an agent doesn't do those things, do we have a legal course of action against him?

If it is merely a guidance document (ie the agent can't be punished or barred for practising for not following the directions), then it isn't that much of a use?

There are many different types of salesmen, and I did not intend to use salesmen as a derogatory label. There are sales people who say "all there, see yourself", and there are those who explain the product to you, demonostrate, give you after sales service etc. An insurance agent may fall within either extremes of the spectrum.

You can lodge a complain with FIDReC , it is independant and aims to be a mediator when there are complains from policy holders that they are "cheated" by agents or insurance companies... FIDReC's judgement is binding on the insurer but not on the policy holder so if he is dissatisfied with the outcome he can always pursue other avenues of address.... as with all things of this nature, the hard part is proving that the agent misled the client