Why doesn’t my Singapore Insurance policy pay when I make a claim?

By Kelvin Tan

Many times we get an insurance policy in Singapore and we think we are protected from everything! But when we are down with an accident or illness, our claims don’t get paid!

Why what went wrong? Isn’t that main purpose people buy insurance in Singapore for? Isn’t that what insurance in Singapore suppose to protect? And then is just the blame game, and you think that the insurance company just plain right cheated you with all the fine prints no doubt!

Well this is far from the truth, very likely the agent who sold you the policy did not do a good job in helping you understand clearly or explaining what the policy protected you from or against. And through time you probably forgotten all the finer details what the policy protected you from!

Insurance is such a broad topic, and the terms and conditions spelt out in the insurance contracts in Singapore, tend to be specifically worded to protect against that exact risk. And anything outside that description is usually not covered!

Insurance can be a very complex protection tool but you need to understand clearly what it can do for you. There are many different kinds of policies to protect against many different kinds of risks. There are medical policies to protect against hospitalization, life policies to protect against death, personal accident policies to protect against accidental death and total permanent disability, critical illness policies to protect against 30 dreaded diseases. The list just goes on and on…There is no one single plan that protects from everything, that is why you need to review your policies regularly to ensure any new risks are covered.

So what policy do you want to claim against? Hospitalization? Total permanent disability? Even when you are doing a claim, you need to review your different policies and check which will give you the best benefit when doing a claim.

Need to get a good insurance agent who understands what kind of protection you may need, and clearly explained to you what you are insured for. So any event of a claim you would know which policy to use or claim against. The secret is in using the right tool for the right job. Insurance can a powerful tool in the right hands, which provides huge protection at minimal cost!

If you understand the concept of insurance, it can help give you a very good foundation for protection and financial freedom for you and your family.

Contact us for your free policy review and advice www.Abundance2Insure.com

Ricky Ng and Associates are Professional financial planners with expertise in life, medical, financial, retirement, estate and investment planning. Representing Great Eastern Life, one of the largest insurance company in Singapore.