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Sunday, April 03, 2011

Insurance indeed a jargon

Insurance - definition : act, system, or business of insuring property, life, one's etc., against loss or harm in as fire, accident, disablement, or the like, of a proportionate to the risk involved. (quote from http://dictionary.reference.com/browse/insurance).

I hate all the jargon. This is just the beginning of my frustation/headache towards all this insurance company and policy that they have. If you were to ask anyone down the street, do you know how your insurance work, they definitely cannot answer you.

I have done some studies in Low Yat Forum and my conclusion is I hate insurance. I hate insurance agent because they are not telling the truth (even if you know them closely). They just want to earn your money. Think! They tell you all their selling point, eg.
eg..
- you need protection if you fall sick
- do you want to get treatment in government hospital?
- what if you get disabled and cannot work?
- what if you die next day and your next-kin get nothing

Their selling point is right. It is good to have a plan for your loved ones, your closest kin if something bad happen to you.

But.
But..
But...

I hate insurance company for making their products so complicated!! Damn it.. the next time insurance agent come into my pharmacy, imagine I sell to you a medicine with all the pharmacokinetics, pharmacodynamic, pharmacoeconomic data.. and the insurance agent will die first (insurance agent better buy policy to protect yourself first.. HaHa..) All we layman want is simple and affordable product. No point twisting here and there. And dont need to use 'jargon' in your policy, provide layman word.

I hate insurance company for their complicated statement!! Anyone seen their statement?? What do you do? I guess most of us just keep it in a file and never bother to analyse. Why? It is much much more complicated than analyzing a company financial report.

I hate insurance company for not acting professionally!! I have attended once a gathering of insurance agent. Well, they just keep brainwashing.. want to drive BMW, want to TRAVEL, etc.. If you want to earn our money, please tell us what we need to know. Don't twist around the facts. We dont mind to pay, if you tell us the truth. Do you know why I said they not telling the truth. It is all out there, read from forum and you'll know.

I hate them for not telling how to do claim!! Some agent takes long time to respond to you. What if they policy buyer is someone poor? They need the money badly u know!!

Do you know that insurance agent will earn money from your premium each month? So, they must have after-sales service. If you cannot contact them, just blacklist the person.

Few factors that I get from LYN forum:
1. Age -> Buy earlier is cheaper (next time there will be policy to buy when u anak belum lahir)
2. Sex -> women's premium is higher (wtf!!)
3. Young people should get policy that focus on disability, rather than medical (i partially agree lar)
4. Get protection for critical illness is better..
5. number of days a Medical Card can cap you at (or some companies, it's only 120 days per year. ICU = 50 times per year)
6. Make sure 'Out Patient Cancer Treatment' & 'Out Patient Kidney Dialysis' - As Charged. Some company put cap of RM50k. RM50k is nothing for cancer and kidney treatment.


Just my thought..

Hope insurance policy maker can make changes (keep it simple) for us layman ok.

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