Which insurance is good ?
- Thread starter alwayschampion
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there are other options to consider. only cancel a policy as a last resort.
AixisOfJustice said:
reachme2003 said:
i have yet to make any claims from any the companies.
actually i find it difficult to evaluate on this variable cos all the agents i spoke to quote me some sob story and claims exception that they say happen in their company.. so it is relatively qualitative in nature and the statistics are not easily avail. maybe you got some advise in this area...
I got this from the Channelnewsasia Online:-
SINGAPORE : Enhancing market conduct standards is the way forward in the insurance industry.
Senior Minister Goh Chok Tong said it would be the key to maintaining the dynamism and healthy growth of the industry.
Mr Goh made the comments at the 50th Anniversary of the Singapore Insurance Employee's Union on Saturday.
After 50 years of developing the industry, insurance workers have built themselves a market that has total premiums of S$17 billion in 2004, while total assets managed are worth S$87 billion.
Since the insurance industry was liberalised five years ago, it has grown in breadth and depth with new players in the market.
Consumers are also enjoying more choice.
But Mr Goh said looking ahead there are trends that are worth taking note of.
He said consumers are becoming more sophisticated, with a clear understanding of complex insurance products and they know their rights.
With an aging population, consumers also need better medical coverage.
The third area is the widening network for sales and distribution.
Banks are also now offering insurance even while customers make their deposits.
As for the future, Mr Goh said enhancing its standards can be achieved by a three-way partnership between the employers, employees, unions and associations.
Mr Goh said: "There should be no compromise on standards. Employers need to take the lead in raising professional and ethical standards of the industry by setting the right tone, encouraging a culture of openness and having zero tolerance for unethical behaviour. Investment in employees to enhance their skill sets helps ensure service and delivery quality."
He said employees should not wait for their employers to train them, but instead take the initiative to upgrade themselves. - CNA/de
SINGAPORE : Enhancing market conduct standards is the way forward in the insurance industry.
Senior Minister Goh Chok Tong said it would be the key to maintaining the dynamism and healthy growth of the industry.
Mr Goh made the comments at the 50th Anniversary of the Singapore Insurance Employee's Union on Saturday.
After 50 years of developing the industry, insurance workers have built themselves a market that has total premiums of S$17 billion in 2004, while total assets managed are worth S$87 billion.
Since the insurance industry was liberalised five years ago, it has grown in breadth and depth with new players in the market.
Consumers are also enjoying more choice.
But Mr Goh said looking ahead there are trends that are worth taking note of.
He said consumers are becoming more sophisticated, with a clear understanding of complex insurance products and they know their rights.
With an aging population, consumers also need better medical coverage.
The third area is the widening network for sales and distribution.
Banks are also now offering insurance even while customers make their deposits.
As for the future, Mr Goh said enhancing its standards can be achieved by a three-way partnership between the employers, employees, unions and associations.
Mr Goh said: "There should be no compromise on standards. Employers need to take the lead in raising professional and ethical standards of the industry by setting the right tone, encouraging a culture of openness and having zero tolerance for unethical behaviour. Investment in employees to enhance their skill sets helps ensure service and delivery quality."
He said employees should not wait for their employers to train them, but instead take the initiative to upgrade themselves. - CNA/de
Anyone that fits your requirement is good insurance.
NOT just the company that is important
NOT just the agent
NOT just the product
Its a combination of all 3 factors.
Every year there will be a company having the highest sales, the one with the strongest financial rating blah...blah......
Every company has top performer agent, good agent and not so good agent, but what you need is someone you are comfortable with, you know that you are going to get good advice from and when you are in need of insurance help, he or she is able to help you make claim promptly.
All insurance companies have decent products. Its only how the financial adviser get the neccessary information from you (provided you give real information) to really tailor made the product/s to suit your current needs as well as cater for future growth.
Usually you need a combination of different to suit your different requirement. Just like lenses. A 10x zoom lens may give you a wide range of coverage, lower cost but may not produce the quality you wanted.
Don't let your friends tell you what you need and don't need just because they just bought some insurance recently unless they are working as financial adviser and really understand your current financial situation and your future plans.
A not so good adviser always say their product is the best in town. Remember the Best Lens in town may not be the one you need.
Low premium may not mean low coverage, high premium may not mean high returns.
Go read up and ask the adviser to educate you on what is Term / wholelife / Investment link / General insurance before taking up anything.
I think the one who takes time and effort to educate me about what kind of financial / insurance product categories available in the industry before he tell me what plan is suitable for me is someone I can trust.
NOT just the company that is important
NOT just the agent
NOT just the product
Its a combination of all 3 factors.
Every year there will be a company having the highest sales, the one with the strongest financial rating blah...blah......
Every company has top performer agent, good agent and not so good agent, but what you need is someone you are comfortable with, you know that you are going to get good advice from and when you are in need of insurance help, he or she is able to help you make claim promptly.
All insurance companies have decent products. Its only how the financial adviser get the neccessary information from you (provided you give real information) to really tailor made the product/s to suit your current needs as well as cater for future growth.
Usually you need a combination of different to suit your different requirement. Just like lenses. A 10x zoom lens may give you a wide range of coverage, lower cost but may not produce the quality you wanted.
Don't let your friends tell you what you need and don't need just because they just bought some insurance recently unless they are working as financial adviser and really understand your current financial situation and your future plans.
A not so good adviser always say their product is the best in town. Remember the Best Lens in town may not be the one you need.
Low premium may not mean low coverage, high premium may not mean high returns.
Go read up and ask the adviser to educate you on what is Term / wholelife / Investment link / General insurance before taking up anything.
I think the one who takes time and effort to educate me about what kind of financial / insurance product categories available in the industry before he tell me what plan is suitable for me is someone I can trust.
I always go for th ebig boys AIG or AIA, have any of you read the T&Cs of local insurer? I mean really read it. Do your comparison and you'll soon realise that though products are same or close the T&Cs written by local insurer are heavily lop-sided towards them. I have to say local companies (be it Telcos or large local companies) write the T&Cs in the most kiasu way.
Just a simple Travel Insurance will be good enough to compare. Some people may think that it's the insurance agent that serves you is the most important on the contrary it is what's written on paper is what is most important. Go for the big boys, their T&Cs are of International standing.
../azul123.
P.S. I am not an insurance agent nor affiliated to an Insurance company.
Just a simple Travel Insurance will be good enough to compare. Some people may think that it's the insurance agent that serves you is the most important on the contrary it is what's written on paper is what is most important. Go for the big boys, their T&Cs are of International standing.
../azul123.
P.S. I am not an insurance agent nor affiliated to an Insurance company.
azul123 said:
I thought most insurance has the T & Cs for travel insurance. Almost all follows a standards.:think: Correct me if i'm wrong.
reading T&Cs alone is not the only factors in deciding. not many of us, even if we are able to understand, will read them. it is not easily disgestable. big boys' insurers eg, AIA, has their share of consumers' woes as well. eg. investment linked products.
well, insurers here will soon be included in the net of our consumer protection act. one more hurray for consumers.
well, insurers here will soon be included in the net of our consumer protection act. one more hurray for consumers.
azul123 said:
each insurer has their own t&cs although there may be some similiarities as well as some differences between them. with some similiarities, one should not conclude that there is some 'standard'.
alwayschampion said:
ok there is a miscommunication. I mean that there is a certain standard guidelines imposed by the goverment for travel insurance. Correct me if i'm wrong :embrass:
reachme2003 said:
As in what a travel insurance should have for a consumer and that meets the consumer needs.
Anyone know about the Manulink investor ?
On the web says
No insurance charges or policy fee
Guaranteed acceptance regardless of your health status
On the web says
No insurance charges or policy fee
Guaranteed acceptance regardless of your health status
Buying insurance is like buying an expensive parachute. Everybody will say that the parachute they bought is the best and the most trustworthy. Who will say otherwise? So don't buy just because other people say their insurance is good. Make the decision yourself.
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