Personal Accident Insurance for TCM

[mummynew]

I have a PA insurance (premium $370+/year for $500,000 main cover and $5000/year PA medical cover).

I suffered a sprain on my back while doing CNY cleaning. Have been to TCM for several times and bills totaled about $400 (there's a sub-limit of $500/accident in the $5000/year cover).

My query is if I submit claims (so many forms to fill that is quite frustrating), anyone know whether insurer will refuse renewal or will load my renewal premiums? (currently close to 60 yo and bought the plan about 6 years ago. Payment under auto giro deduction.)

 

[reddevil0728]

I have a PA insurance (premium $370+/year for $500,000 main cover and $5000/year PA medical cover).

I suffered a sprain on my back while doing CNY cleaning. Have been to TCM for several times and bills totaled about $400 (there's a sub-limit of $500/accident in the $5000/year cover).

My query is if I submit claims (so many forms to fill that is quite frustrating), anyone know whether insurer will refuse renewal or will load my renewal premiums? (currently close to 60 yo and bought the plan about 6 years ago. Payment under auto giro deduction.)

You buy insurance for such purpose n can claim it. You want to avoid claiming because you fear they will refuse renewal and load your premium.

like that what’s the point of buying in the first place?

 

[mummynew]

You buy insurance for such purpose n can claim it. You want to avoid claiming because you fear they will refuse renewal and load your premium.

like that what’s the point of buying in the first place?

Claim decision must be a 'rationale' one.

Like for some ISP plans, once claimed then premium will increase next year. So policyholders need to decide whether it's 'worth' to claim (have to see the claim quantum vs amount of premium increase).

*my thought of insurer may refuse renewal / load premium likely to be an unfounded one and so seeking advice from experienced PA claimants.

 

[mummynew]

I went to check premium of PA covers, then realised it's much more expensive now:



and so more concerned about losing my more reasonable-priced old cover.

 

[bluerail]

GST increase making everything more expensive, and PA polices have GST.

Now you can get up to $1000 TCM reimbursement for $325.

I have a PA insurance (premium $370+/year for $500,000 main cover and $5000/year PA medical cover).

I suffered a sprain on my back while doing CNY cleaning. Have been to TCM for several times and bills totaled about $400 (there's a sub-limit of $500/accident in the $5000/year cover).

My query is if I submit claims (so many forms to fill that is quite frustrating), anyone know whether insurer will refuse renewal or will load my renewal premiums? (currently close to 60 yo and bought the plan about 6 years ago. Payment under auto giro deduction.)

Do you have someone to assist you with the claims? This is the value of an advisor, where they will be able to help you settle the claims.

If they refuse renewals, they will have a proper reason one, so they must have found that somewhere your claims aren't as legit as it seems or something to that effect, quite improbable they suddenly decline renewal. There is also no loading for PA policies.

 

[BBCWatcher]

Now you can get up to $1000 TCM reimbursement for $325.

Does this "insurance" make any logical sense to most people?

The $325/year you would spend on this policy would pay for 2 sessions of $150/session TCM, guaranteed. Plus 2 decent lunches to go along with the TCM sessions. The only way you'd do better is if you have at least $350/year of claims (since you'll lose some interest at least on your $325 upfront premium payment). But your claims are capped at $1,000/year. That's a very tight range when you could possibly "win" this lottery ticket.

Surely you would never buy this policy unless there's some other benefit (and it'd have to big), right? Or unless you have high confidence (for example) you're going to have at least $500/year in TCM claims that you'd otherwise definitely pay for out of pocket — that you know you're going to be a bad risk to the insurance company (and truthfully answer the questions on the application).

 

[bluerail]

Does this "insurance" make any logical sense to most people?

The $325/year you would spend on this policy would pay for 2 sessions of $150/session TCM, guaranteed. Plus 2 decent lunches to go along with the TCM sessions. The only way you'd do better is if you have at least $350/year of claims (since you'll lose some interest at least on your $325 upfront premium payment). But your claims are capped at $1,000/year. That's a very tight range when you could possibly "win" this lottery ticket.

Surely you would never buy this policy unless there's some other benefit (and it'd have to big), right? Or unless you have high confidence (for example) you're going to have at least $500/year in TCM claims that you'd otherwise definitely pay for out of pocket — that you know you're going to be a bad risk to the insurance company (and truthfully answer the questions on the application).

Well it depends on your lifestyle, if you exercise often you might have a higher likelihood of injuries.

The policy also has other benefits like additional allowance for MRI/CT so it is not like it only covers 2 TCM sessions. Not to mention the cover for accidental death or disablement, and it doesn't have to be a total disability.

 

[BBCWatcher]

Well it depends on your lifestyle, if you exercise often you might have a higher likelihood of injuries.

That's what I mean. You've got to be rather confident that you're going to have valid claims that exceed the premium.

The policy also has other benefits like additional allowance for MRI/CT so it is not like it only covers 2 TCM sessions. Not to mention the cover for accidental death or disablement, and it doesn't have to be a total disability.

OK, so let's take the latter first. The latter is "junk insurance." And I'll explain it this way. Suppose the police calls your surviving spouse with this bad news....

Police: "Are you Madame Tai?"
Spouse: "Yes, I am. Who is this?"
Police: "I'm Officer Soo calling from the police station. Unfortunately Aaron Tai arrived at Singapore General Hospital in critical condition and has passed away. I'm terribly sorry this happened. May we send a police car to pick you up to bring you to SGH?"
Spouse: "Oh, that's terrible! But may I ask...how'd my husband die?"
Police: "We believe he fell out of a window that failed in his office building."
Spouse: "Woo hoo! We're getting an insurance payout!"

In other words, it absolutely doesn't matter HOW someone dies in terms of insurance needs. ANY cause of death results in the same financial issues (if there are financial issues) for dependents. And that's why you should never pay even one penny for "accidental death" insurance. It's a joke policy, the sort of policy that credit card companies provide free of charge when you charge an air ticket. It costs almost nothing, and superficially it seems nice. But it's a complete joke. It provides zero value in terms of defending against the risks you actually want to defend against (loss of a breadwinner with dependents and his/her future income).

Don't fall for the "soap opera" stories when it comes to insurance. Insofar as possible insure against big losses that you cannot possibly handle on your own, no matter what the dramatic story. If Aaron Tai died of a brain aneurysm instead of falling out an office window would his children be any less needy? Of course not!

With respect to MRIs and CTs, how much do they cost? And what insurance and/or compulsory medical savings do you already have that covers them? And what additional coverage does this $325/year policy provide that would help you defend against the remaining financial risk? Would this coverage help you cope with a financial risk that you cannot reasonably handle on your own? If this policy doesn't pass these threshold questions then you probably shouldn't buy it.

 

[mummynew]

GST increase making everything more expensive, and PA polices have GST.

Now you can get up to $1000 TCM reimbursement for $325.

Do you have someone to assist you with the claims? This is the value of an advisor, where they will be able to help you settle the claims.

If they refuse renewals, they will have a proper reason one, so they must have found that somewhere your claims aren't as legit as it seems or something to that effect, quite improbable they suddenly decline renewal. There is also no loading for PA policies.

Which insurer giving $1000 TCM reimbursement for $325 with $500,000 cover?

I am more into the $500,000 cover than for the misc benefits (that are good to have but not so essential for me).

*thanks for info on 'no loading for PA policies'.

 

[Qiliang]

Does this "insurance" make any logical sense to most people?

The $325/year you would spend on this policy would pay for 2 sessions of $150/session TCM, guaranteed. Plus 2 decent lunches to go along with the TCM sessions. The only way you'd do better is if you have at least $350/year of claims (since you'll lose some interest at least on your $325 upfront premium payment). But your claims are capped at $1,000/year. That's a very tight range when you could possibly "win" this lottery ticket.

Surely you would never buy this policy unless there's some other benefit (and it'd have to big), right? Or unless you have high confidence (for example) you're going to have at least $500/year in TCM claims that you'd otherwise definitely pay for out of pocket — that you know you're going to be a bad risk to the insurance company (and truthfully answer the questions on the application).

I have a plan that costs $150 or so for class 1, medical expenses claim limit is $4,000 per accident, and the TCM Sub limit is $1,000 per accident. It’s exclusive as the insurer created the plan for us so it’s not available to try r general public, But only through us

 

[zi]

Does this "insurance" make any logical sense to most people?

The $325/year you would spend on this policy would pay for 2 sessions of $150/session TCM, guaranteed. Plus 2 decent lunches to go along with the TCM sessions. The only way you'd do better is if you have at least $350/year of claims (since you'll lose some interest at least on your $325 upfront premium payment). But your claims are capped at $1,000/year. That's a very tight range when you could possibly "win" this lottery ticket.

Surely you would never buy this policy unless there's some other benefit (and it'd have to big), right? Or unless you have high confidence (for example) you're going to have at least $500/year in TCM claims that you'd otherwise definitely pay for out of pocket — that you know you're going to be a bad risk to the insurance company (and truthfully answer the questions on the application).

Thanks for sharing your view and ideas. Indeed, there are some people who are just accident prone.

 

[alyssax]

Bumping this thread up. I’m looking for PA plan for TCM. New company doesn’t cover it.

 

[boredboiboi]

Bumping this thread up. I’m looking for PA plan for TCM. New company doesn’t cover it.

Most accident plan covers tcm. How can we help u with?