insurance claims secret unveil

5 Reasons Why You Don’t Want to Buy Life Insurance., sadly, just 62% of Malaysians had life insurance in 2021. It implied that 38% of the population is uninsured. Why is this situation so pathetic? Is it the fault of the agent or assured?

Not only no insurance, but also inadequate coverage. The average is RM100,000-RM150,000. Can it feed your loved one for 5 or 10 years if you don’t return? The sum varied depending on whether the spouse or children worked. Nonetheless, the little money insured hardly lasts a year for a single parent with two or three kids in the metropolis.

5 Reasons Why You Don’t Want to Buy Life Insurance

Is it the parent’s duty to look after the children after one dies? The bank auctions the house for six months arrears in repayment without any insurance to cover the loan tenure.
When one parent remarried, the innocent child suffered. Victimized by abusive stepparents? Unreported rape, tortured with several cuts and bruises, and ancient wounds on an emaciated body An nasty mother’s son was saved by the cops. The argument stated confined the youngster like a dog in a little cage. Can your spirit rest if your child is abused?

5 Reasons Why You Don’t Want to Buy Life Insurance

Expensive

Car loan, parking, gas, and vehicle maintenance all eat into a newlywed couple’s monthly budget. There’s also college loans, rent, utilities, an emergency fund for a child’s doctor, and gifts for elderly parents. It’s a blessing to have a little disposable income left over. Buying life insurance is a “luxury” for people on a restricted budget.
An economical term life insurance policy should cost less than a daily high tea at a local café. Do you prefer expensive life insurance to a bedridden spouse or child at home? Death brings swift solace, but the loved ones’ anguish endures. So why be a careless parent who may later curse those still alive who struggle to meet basic needs?

5 Reasons Why You Don’t Want to Buy Life Insurance

Healthy

Agents nowadays complain difficulty closing sales with youthful, busy people. The yuppie goes to the gym five days a week after work. Similarly, the diet eats moderately due to health and budget constraints. How true is it? Isn’t it Do you prefer soft drinks to mineral water or fruit juice? The diabetes and hypertensive sufferers slowly knock on their door. The Malaysian population portrayed young people in their 30s, which was unknown a century ago. How many Malaysians have a yearly physical examination? Congratulations on a clean report. Otherwise, you’re an insurable or substandard risk.

Money Printing Machine Cover

Understanding insurance and unpredictable humans behaviors may take years. You have covered their moveable possessions like car, motorcycle, home, camera, and household insurance, but not themselves. Road accidents and armed robberies are rampant, so they pray for nothing. No one can anticipate when you will be sick, bedridden, or in the grips. But there’s no insurance for the equipment that prints your money: your body. Overuse causes machinery to break down, and your body is no exception. As a result, a patient dies on a hospital bed.

5 Reasons Why You Don’t Want to Buy Life Insurance

Negative Views
The two older customers sat between a young man and an insurance representative.
As my neighbor’s son spent a week in a private hospital, his insurer declined his claim.
“Why,” another inquired.

“I don’t know why they rejected me; the agent was first helpful, but then he was unavailable.”
Agent and insurance are legal lesson conman that offer you the sky but provide a barren hope.
Please consult your spouse before buying your investment-linked idea, young man. A senior client consoled the vivacious agent.
“It’s fine to reconsider,” the agent says respectfully.
So one rejected assertion became a wildfire myth.

The reality
Sometimes the half-baked agent will ask the assured to sign without filling out the medical history. They informed him he has hypertension and is on long-term medication. Whose? It’s the Assured, who stupidly signed the dotted line on the proposal form.

Its moral hazard
I did help reclaim a denied case. A hospital record revealed that assured had removed kidney stones in a government hospital, to my dismay. When asked by the agent about previous operations, he said NO. As a result, the insurer refused his kidney dialysis claim.
Another case of hypertension was answered poorly despite regular oral treatment. Insurers frequently deny claims for later-stage stroke or kidney failure.

utmost good faith
The insurance legislation governs four principles, including utmost good faith. When entering into an insurance contract, the assured must disclose all material facts to the prudent underwriter before accepting or rejecting the offer. Whether the assured knows or not, inform the insurer. So, true advise bears all facts to the insurer to avoid future claim issues.

5 Reasons Why You Don’t Want to Buy Life Insurance

I am Single
Most y generation don’t care—chase after the latest trendy iPhone device every six months. Also, holiday priority, credit card payment afterwards. Life insurance? Why? I am independent. Hasty response? Single, no ties, no family obligations, no parent, no sibling, living in own world, why care? Then why not let the government handle the burial or leave the body on the road or hospital to rot?

Maybe a Tibetan “sky burial” with an eagle will do.
Your grey-haired retired government servant parent doesn’t get a double whammy. Who should pay for a burial place when you lose one child? Unfortunately, you’ve established entire permanent impairment; hiring a nurse or long-term nursing isn’t a hassle. If you are in a nursing home, who pays for your care?

No Cash
Nobody wants to wait for the newbie’s counsel. Eliminating intermediaries for singles or young married couples is common. Or postponed, they may procrastinate for years. Silent sickness has no red alarms on the body. If you have a car accident, you want to be fully covered. Do you believe the insurance company will accept your offer? You flatly decline. But, in reality, most insureds have this bizarre notion. During my 28 years in the insurance field, I’ve seen similar situations. Is the insurer heartless?

5 Reasons Why You Don’t Want to Buy Life Insurance

Tight Budget, put off
We aged with time and the daily ingestion of highly toxic junk food. I met an elementary school student who had dialysis at the public hospital. Today’s civilization is characteristic of a stressed lifestyle chasing monetary rewards. The insurance premium increases with age. If we compare a 20 year old to a 30 year old, the premiums are greater and the sum covered is smaller. Aging immune systems make us susceptible to sickness. It even applies to a ten year gap band.

In short, acquire insurance when you are young and healthy to save money on premiums and increase your coverage.

Sentence length jargon

How many lawyers and layman can read, understand, and interpret the insurance policy? As a result, no one is an all-rounder. Consult your agent or even the insurer for a comprehensive explanation. Examine the next point carefully; you will need to handle a claim soon.

Exclusions

The insurer would refuse liable if all sickness or circumstances defied the policy in this column. For example, commit suicide within a certain time frame or claim a pee-existing sickness. Please acknowledge receipt of the policy by highlighting to the assured. It is better to avoid short-term discomfort than to blame the consultant’s recklessness.

Start Date

The policy was enforced with the written date and the policy’s expiration date. In medical or 36 severe feared illness claims, the start date is crucial. Never miss it. Sometimes, assured would go to the hospital and bravely ignore the waiting period. The assured would then propagate rumors that the insurer is selling a fraud policy, even if the default is with the assured. Defame the agent, and damage your name.

The plan

In this schedule, your name and ID number should be spelled as on your ID. If you find a mistake, fix it right away. So the insurance can deny your future claims. Don’t risk the underwriter’s reaction to your consumer claim.

Indicate whether the insurance is whole life, endowment, term, or investment linked. Premium waiver due to dreaded sickness or the payer. Any day hospitalization, woman disease, and pregnant admission mentioned in your signed proposal form. Scan any deviations, notify the agent in writing, and verify the insurance approves the change. Finally, I noted the insured sum on the schedule.

Declared the policy number for future correspondence with insurance claims or endorsements. How much is the premium? Assured must warn adjusted premium during the life of the cover, not to mention the medical card renewal clearly indicated.

Invest in assurance.

Spend money on a romantic candlelight dinner, a lavish family vacation, or the latest gadget every six months. How about having a policy coverage that ensures all financial restrictions are not occurring in the continued household when you forget your way home one day?

Positively, Malaysia’s new business total premiums grew by 12.4% in 2021 compared to 2020, a double-digit increase.

Your Views
As always, please leave any ideas or questions in the comments area below.