NTUC Income Insurance..

[catherineteosg]

Today one of my friend called me. He want to apply Term Insurance. So He approached 3 agents to get competitive quote.

He informed all the 3 agents that who ever offer best price he will choose. He has some minor health condition so he expect some overloading.

He approached 3 agents

Prudential, Agent agree to condition and apply insurance. Prudential responded with in 1 week ask him to go for medical checkup.
Aviva, Agent agree to condition and apply insurance. Still in processing..
NTUC.. He has some policy with NTUC income. so he approached Agent. Slow. not responsive. He informed agent that he will apply with other agencies too to get best quote. Agent agreed and visited him after 2 weeks of delay. Then while filling form, Agent told him, If he is applying to other companies he will not proceed with application and simply walked away.. Very bad experience. This NTUC income agent has 15 years experience with NTUC..


1) Is in unreasonable to apply 3 insurance companies for insurance and select one (After factoring the overloading)?
2. NTUC Agent Claims NTUC income is non profit oriented so in case of claim they settle easily.


Based on your experience with other Insurance companies who you will consider for your insurance needs?

 

[Lewis.T]

1) If the pre-existing is severe he should not be cherry-picking. He should stick to a company that's willing to accept him. Underwriting may include a medical examination, and if the medical examination has no loading involved, and he does not want to stick to the plan, the agent may be bearing the cost of the medical examination. It may be unreasonable, it may not be. Depends on how you view the situation.

2) Bullcrap. Insurance companies are all businesses, much like hospitals. They are all profit driven.

 

[NiteX2]

In this instance, I would think that it is just the Ntuc agent choosing not to take on your friend as a client. Same like people having the right to choose their advisors, advisors also have the right to choose who they want as their clients.

Having said that, he could have passed on the case to his colleagues if he did not want to take up your friend as his client.

If your friend doesn't mind, he can contact me with his details and I can help him find a term insurance from my end