Here is one of my favourite jokes which has some relevance to insurance.
A young man bought a donkey for $100 from a farmer. The donkey died. The owner thought of a way to get his money back. He arranged a lucky draw for the donkey, sold 100 tickets at $2 and collected $200.
The winner of the draw came to collect the donkey, found that the donkey was dead and made a complaint. The owner refunded back his $2.
The moral? Some insurance companies collect your premium. When you make a claim, the reject the claim (or refund back your premium) on the grounds of non-disclosure or other reasons. Look for an insurance company that is honorable in paying claims, and in treating customers fairly.
The young man lost his credibility and integrity. People will mark him and shun him for life. There are other subtle ways where the mass are lured into their money-making devices. Buy-one-get-one free scheme... Free gifts that tag along with the products... Bid with your cards' points, ezlink's points... etc...
ReplyDeleteHahaha, this is a good joke :)
ReplyDeleteDear Kin Lian,
ReplyDeleteBased on your years of observation of the insurance industry player life and general, please list the insurers whom you think have treated customers fairly with respect to their claims.
Is NTUC Income one of them? Be objective please.
wow this is classic!
ReplyDeleteThanks for sharing.
wow, quite an eye opener story :)
ReplyDeleteI know of one. That is why I bought all my insurance policies from it. NTUC Income. But that was in the past. Now NTUC Income has joined the ranks of insurance donkey and tried to make donkeys out of its policyholders. So what is left?
ReplyDeleteMr Tan,
ReplyDeleteYou hit the nail on the head. I was wondering why I feel so different about NTUC Income the last year or so. I do not have peace of mind now with NTUC Income. So this is the reason why. Last time I felt that other insurance companies are like that but not Income. But since the new management took over, I am beginning to see signs of these. But it was really when I contacted Income to try to allay my fears that it became real! It was a real eyeopener. NTUC Income had all the chances to allay my fears but instead built upon it throughout the last 15 months. My trust of NTUC Income has dropped more than the stock index in a bad year. Cheesszz.
Guys,
ReplyDeleteIn conclusion, we have as follows:
(a) Products to avoid: Participating, Investment-linked and Structured bullshit.
(b)Insurer to avoid:
NTUC Income
(c) People to avoid:
Insurance Agents