I D.I.Y. my own insurances and discover actually can save quite a bit

lyndonmaxewell

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https://toc.net/2019/10/19/why-i-chose-to-diy-my-insurance/


I DIY our own insurances by actually studying the different insurance terms and bypassed the middle-man for most save for General Insurance related. By doing that I discovered that I actually saved quite a bit of money.

CI and DI through commission rebate sharing company means shave off 28% and 15% off first and second year premiums.

DPI online website save premiums as 10% to 20% lower than comparable life insurance products.

MINDEF & MHA Group Insurance, as the pool is huge, premiums is considerably cheaper for the coverage.
 

loldota

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But you will find yourself having problem when it come to claims. you dun have a servicing agent to assist you. thats the cons of have DIP
 

BBCWatcher

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But you will find yourself having problem when it come to claims. you dun have a servicing agent to assist you. thats the cons of have DIP
Even if you like your agent, there's absolutely no guarantee he/she will stay employed with the insurance carrier for any particular length of time. There's a great deal of turnover in the insurance industry.

Also, what sort of insurance policy claims are we talking about? For example, if it's a public hospital Integrated Shield plan, the public hospitals file claims directly, electronically.
 

doody_

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Lol what servicing agent? The agents that I bought my policies from already hand over three times. New agent probably don't even want to help, didn't get any commission and not buying any new policies.....
 

boredboiboi

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Lol what servicing agent? The agents that I bought my policies from already hand over three times. New agent probably don't even want to help, didn't get any commission and not buying any new policies.....

Which company. I can help if is within my platform.
 

apriliasiao

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But you will find yourself having problem when it come to claims. you dun have a servicing agent to assist you. thats the cons of have DIP


u must be an insurance agent la. want claim just call up hotline and ask can liao. what so difficult? :s22:
 

lyndonmaxewell

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Actually for a person who is savvy enough to plan for his own insurance coverage, he would be savvy enough to know the process or who to look for to file his claims.
 
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lyndonmaxewell

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Even if you like your agent, there's absolutely no guarantee he/she will stay employed with the insurance carrier for any particular length of time. There's a great deal of turnover in the insurance industry.

Also, what sort of insurance policy claims are we talking about? For example, if it's a public hospital Integrated Shield plan, the public hospitals file claims directly, electronically.



I agree with you as well.

Claims for death is straightforward with the insurance companies with the accompanying death certificate. Hospitalisation is e-filing with the hospitals directly. Even the other claims could be made by calling the hotline directly or visiting the customer service centres for advice on claim procedure directly.
 

BBCWatcher

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There was greater merit in the claims assistance argument back when many more people couldn't read, there wasn't as much agent turnover, and electronic filing meant an agent could use a fax machine. The world is a bit different now. :)
 

doody_

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Helpful tip for agents trying to scam new clients lah. Critical illness and death claims are pretty straightforward and no time pressure. Submit the necessary documents and you get the money. Hospitalisation is the one that's more complicated. Claiming is easy, but determining what is claimable takes some effort. Eg you go in for a procedure, need to check if it's covered by the insurance, and also need to see what TnCs there are. 1 common one is min 6 hours stay to be considered as hospitalized and hence claimable by insurance.
 

BBCWatcher

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Hospitalisation is the one that's more complicated. Claiming is easy, but determining what is claimable takes some effort. Eg you go in for a procedure, need to check if it's covered by the insurance, and also need to see what TnCs there are. 1 common one is min 6 hours stay to be considered as hospitalized and hence claimable by insurance.
Not so much in the public hospitals since they started their financial counseling some time ago. Moreover, the citizens who simply always go to the public polyclinics (referrals!) and who stay in public hospital B2 ward or below really don't have any "games" available to play. There's considerable overlap between that group of citizens and the small group who might benefit from an agent's claims filing assistance.

Also, day surgeries are generally covered, and non-day surgery hospital admissions of 5 hours 59 minutes and less aren't going to trigger the gigantic, catastrophic medical bills that insurance is properly supposed to resolve.

On top of all that, no agent is going to be able to help you get a claim paid (except to MediShield Life coverage levels) for a pre-existing condition. And most agents, even if you can find your agent, aren't going to tell you about the limited "tricks" because most agents don't even understand the products they're peddling.

....Other than all that, great idea. ;)
 
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articland05

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But you will find yourself having problem when it come to claims. you dun have a servicing agent to assist you. thats the cons of have DIP
lame. as if insurance agent forever stick to one company....
 
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