Glad to see travel insurance is getting public attention in the recent MATTA fair.
For your information, travel insurance is basically a personal accident insurance plus some additional benefits. The benefits covered vary widely among the insurance companies. You can choose a basic travel insurance plan which covers 1 to 2 benefits to a comprehensive plan which covers 10 to 20 benefits.
Just want to point out a benefit which may available in your travel insurance and hospitalization & surgical (H&S) insurance. Overlapping of benefit is a waste of money.
1) Emergency Assistance Services
(The common services include Emergency Medical Evacuation and Repatriation Services, Repatriation of Mortal Remains, Compassionate Visit and Return of Minor Children)
Some insurers cover the ARRANGEMENT and EXPENSES incurred for these Emergency Assistance Services.
Some insurers cover the ARRANGEMENT only. Please pay attention to this.
Most of the H&S insurance offered by life insurance companies in Malaysia covers the ARRANGEMENT and EXPENSES incurred for these Emergency Assistance Services.
However, no many H&S insurance offered by general insurance companies cover the ARRANGEMENT and EXPENSES incurred for these Emergency Assistance Services.
The maximum limit for Emergency Medical Assistance Services is ranging from RM100,000 to RM1,000,000 depending on the insurers. Check your H&S insurance now.
Conclusion:
The benefits covered by travel insurance vary widely among the insurance companies. Avoid overlapping of benefits and choose the one which best suit your need.
Sunday, September 30, 2007
Thursday, September 27, 2007
Second Hospitalization & Surgical Insurance is Not A Waste of Money Provided...
The ever-escalating medical treatment costs in Malaysia will cause the existing Hospitalization & Surgical (H&S) insurance policyholders to top-up their H&S insurance coverage. I foresee the overlapping of H&S insurance will become a big issue in the near future.
However, having two H&S insurance is not a waste of money provided your second H&S insurance is a deductible type. How do you know it is a deductible H&S insurance? A deductible H&S insurance is usually 50% cheaper than a normal H&S insurance in terms of premium rate (comparison based on the same maximum annual claim limit). Another crucial character of deductible H&S insurance is: a pre-determine amount of the medical bill, e.g. RM2,500 must be paid by you or your first H&S insurance before it pays.
Recently, I did a survey on 25 insurance companies who sell H&S insurance in Malaysia. Sad to say that there are only 4 insurance companies offered deductible H&S insurance. However, as a consumer, you wise may want to urge your insurance companies to come out with deductible H&S insurance to cater the rising need of having second H&S insurance.
Your effort will definitely help many innocent policyholders save money. Also, ask your friends to read this article if you know they hold at least two H&S insurance.
However, having two H&S insurance is not a waste of money provided your second H&S insurance is a deductible type. How do you know it is a deductible H&S insurance? A deductible H&S insurance is usually 50% cheaper than a normal H&S insurance in terms of premium rate (comparison based on the same maximum annual claim limit). Another crucial character of deductible H&S insurance is: a pre-determine amount of the medical bill, e.g. RM2,500 must be paid by you or your first H&S insurance before it pays.
Recently, I did a survey on 25 insurance companies who sell H&S insurance in Malaysia. Sad to say that there are only 4 insurance companies offered deductible H&S insurance. However, as a consumer, you wise may want to urge your insurance companies to come out with deductible H&S insurance to cater the rising need of having second H&S insurance.
Your effort will definitely help many innocent policyholders save money. Also, ask your friends to read this article if you know they hold at least two H&S insurance.
Saturday, January 20, 2007
What are the Rights of Malaysia Insurance Companies in Health Insurance Business?
Here are a few things which your insurance company can do in health insurance business:
1) The right to revise the premium at renewal
Insurance company has the right to revise the premium rate when your policy is due for renewal by giving a written notice prior to the due date. Of course, the company must get the approval from Bank Negara Malaysia (Central Bank of Malaysia) before they can increase the premium.
2) The right to reject your reinstatement application
Insurance company has the right to reject your reinstatement application. Please make sure that you pay the premium on time.
3) The right to stop selling this type of product (Portfolio Withdrawal Condition)
If the insurance company chooses not to continue to sell the H&S insurance product, they shall give a 30 days written notice to the policyholders in the event of portfolio withdrawal.
The insurance company still has the responsibility to take care of all existing policyholders until all their policies reach the respective renewal date.
Please log on to http://www.MalaysiaInsuranceGuide.com for details about Malaysian personal insurance.
1) The right to revise the premium at renewal
Insurance company has the right to revise the premium rate when your policy is due for renewal by giving a written notice prior to the due date. Of course, the company must get the approval from Bank Negara Malaysia (Central Bank of Malaysia) before they can increase the premium.
2) The right to reject your reinstatement application
Insurance company has the right to reject your reinstatement application. Please make sure that you pay the premium on time.
3) The right to stop selling this type of product (Portfolio Withdrawal Condition)
If the insurance company chooses not to continue to sell the H&S insurance product, they shall give a 30 days written notice to the policyholders in the event of portfolio withdrawal.
The insurance company still has the responsibility to take care of all existing policyholders until all their policies reach the respective renewal date.
Please log on to http://www.MalaysiaInsuranceGuide.com for details about Malaysian personal insurance.
Monday, January 15, 2007
What are Waiting Periods?
Waiting period means the specific number of days (time frame) started from the policy approval date whereby certain benefits are not payable . For example:
The Waiting period for…
Specified illnesses claim is 120 days
Sickness claim is 30 days
Accidental injuries is 0 day
When will the waiting period re-count?
The waiting periods will be re-count (start all over again) from the date of reinstatement of your policy. Reinstatement means to reactive a terminated policy. Outstanding premium and interests incurred have to settle before the policy can be reinstated.
Monday, January 01, 2007
What Could You Expect from Your H&S Insurance Application?
The insurance company must process your application and give you an answer within
30 days from the date of receiving your application. Normally, there are 4 different responses, namely:
1) Accepted
Accepted means your application is fully approved by the insurance company and you start to get the protection.
2) Loaded with Extra Premium
Loadings means your application is approved by the insurance company, but you have to pay extra premium. The reasons you have to pay the extra premium might be due to:
· Poor health conditions (for example, over weight, under weight, high cholesterol level, high blood pressure, etc.)
· Previous health history
Normally, you have to pay an extra 25%, 50%, 75%, or 100% of premium. The percentage of loading vary widely among insurance companies. Some might ask you to pay extra 25% of premium, while others might ask you to pay 50% extra on the same health condition (for example, high blood pressure). The point here is some companies penalize you less than others.
You must try to apply to another insurance company if you are not satisfied with the loading imposed on your insurance application.
3) Exclusion
Exclusion means your application is accepted by the insurance company but you cannot get 100% protection. You acceptance is subject to certain exclusions. For example, a person with high blood pressure might receive an underwriting outcome as ‘This policy does not cover any diseases or complication arising due to high blood pressure like heart attack, stroke and others.’
There is no standard underwriting process for insurance companies to determine which exclusions they will impose on your application.
Some insurance companies have better understanding on certain medical conditions like high blood pressure, high cholesterol level and they are comfortable to accept applicants with those conditions.
4) Rejected
Rejected means the insurance company does not accept your application. Some insurance companies use the word 'postphoned' to reject your application. They ask you to re-apply after certain months or even years. Do not feel insulted if this happens to you because there are many people out there receiving the same faith like you.
One insurance company denies your application does not mean that all insurance companies will deny your application. Do not give up, try to apply to another insurance company.
30 days from the date of receiving your application. Normally, there are 4 different responses, namely:
1) Accepted
Accepted means your application is fully approved by the insurance company and you start to get the protection.
2) Loaded with Extra Premium
Loadings means your application is approved by the insurance company, but you have to pay extra premium. The reasons you have to pay the extra premium might be due to:
· Poor health conditions (for example, over weight, under weight, high cholesterol level, high blood pressure, etc.)
· Previous health history
Normally, you have to pay an extra 25%, 50%, 75%, or 100% of premium. The percentage of loading vary widely among insurance companies. Some might ask you to pay extra 25% of premium, while others might ask you to pay 50% extra on the same health condition (for example, high blood pressure). The point here is some companies penalize you less than others.
You must try to apply to another insurance company if you are not satisfied with the loading imposed on your insurance application.
3) Exclusion
Exclusion means your application is accepted by the insurance company but you cannot get 100% protection. You acceptance is subject to certain exclusions. For example, a person with high blood pressure might receive an underwriting outcome as ‘This policy does not cover any diseases or complication arising due to high blood pressure like heart attack, stroke and others.’
There is no standard underwriting process for insurance companies to determine which exclusions they will impose on your application.
Some insurance companies have better understanding on certain medical conditions like high blood pressure, high cholesterol level and they are comfortable to accept applicants with those conditions.
4) Rejected
Rejected means the insurance company does not accept your application. Some insurance companies use the word 'postphoned' to reject your application. They ask you to re-apply after certain months or even years. Do not feel insulted if this happens to you because there are many people out there receiving the same faith like you.
One insurance company denies your application does not mean that all insurance companies will deny your application. Do not give up, try to apply to another insurance company.
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