HWZ Forums

Login Register FAQ Mark Forums Read

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

Reply
 
LinkBack Thread Tools
Old 19-10-2019, 10:02 AM   #1
Senior Member
 
Join Date: Aug 2005
Posts: 1,840
I D.I.Y. my own insurances and discover actually can save quite a bit

https://toc.net/2019/10/19/why-i-cho...-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.
__________________
https://www.toc.net/ Personal finance and investment journey
lyndonmaxewell is offline   Reply With Quote
Old 19-10-2019, 08:33 PM   #2
Junior Member
 
Join Date: Oct 2019
Posts: 2
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
loldota is offline   Reply With Quote
Old 19-10-2019, 09:27 PM   #3
Supremacy Member
 
Join Date: Jun 2010
Posts: 9,335
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.
BBCWatcher is offline   Reply With Quote
Old 19-10-2019, 09:41 PM   #4
Supremacy Member
 
doody_'s Avatar
 
Join Date: Nov 2006
Posts: 7,387
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.....
doody_ is offline   Reply With Quote
Old 19-10-2019, 10:16 PM   #5
Senior Member
 
Join Date: Jun 2010
Posts: 616
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.
boredboiboi is offline   Reply With Quote
Old Yesterday, 01:23 AM   #6
Supremacy Member
 
apriliasiao's Avatar
 
Join Date: Dec 2001
Posts: 6,466
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?
apriliasiao is offline   Reply With Quote
Old Yesterday, 04:13 AM   #7
Senior Member
 
Join Date: Aug 2005
Posts: 1,840
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.
__________________
https://www.toc.net/ Personal finance and investment journey

Last edited by lyndonmaxewell; Yesterday at 04:22 AM..
lyndonmaxewell is offline   Reply With Quote
Old Yesterday, 04:21 AM   #8
Senior Member
 
Join Date: Aug 2005
Posts: 1,840
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.
__________________
https://www.toc.net/ Personal finance and investment journey
lyndonmaxewell is offline   Reply With Quote
Old Yesterday, 08:47 AM   #9
Senior Member
 
Join Date: Aug 2004
Posts: 949
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
Typical advice from insurance agents to client who is new to insurance.
xXxJavierxXx is offline   Reply With Quote
Old Yesterday, 09:14 AM   #10
Supremacy Member
 
Join Date: Jun 2010
Posts: 9,335
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.
BBCWatcher is offline   Reply With Quote
Old Yesterday, 09:40 AM   #11
Supremacy Member
 
doody_'s Avatar
 
Join Date: Nov 2006
Posts: 7,387
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.
doody_ is offline   Reply With Quote
Old Yesterday, 10:06 AM   #12
Supremacy Member
 
Join Date: Jun 2010
Posts: 9,335
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.

Last edited by BBCWatcher; Yesterday at 10:10 AM..
BBCWatcher is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On