Funny people

Just now I met a prospect who openly declared her distaste for insurance and said she’s not a believer. What’s interesting was, she was actually underwriter previously for 10 years, of 3 different insurance companies. And she said she knew all the “loopholes” and all the “bad stuff” with insurances and that it’s not easily claimable. Not even 10 years of association in that industry can change her view. Additionally she was sick with the politics and gradually quit that line.

Hmmm….interesting. By the way, ANYWHERE also got politics lah. I repeated that umpteen times to people. Want a place without politics? Sorry, cant think of any. Hmm…Unless work in zoo lor. Face the animals, sure no politics. Unless you’re rich enough to publish your own books, then yeah, no politics.

You know once in awhile I will meet this kind of clients. What kind?
The kind who thinks they-know-it-all, and know-it-best. But the fact is, they dont.

“Wow. 10years. Oh I see.”

“How about you? How many years you worked as an advisor?”

“Coming 5 years. My hubby, coming 7 years.”

“orhhhhhh 5 years only huh, I 10years. *smug*”

Despite how much I’m mentally rolling my eyes at the back of my head, Okie I know I’m very bad but I cant help it. Just listen to my explanation.

Firstly, she said she worked 10 years as a underwriter. A underwriter is one who underwrites a case, and determine whether it’s acceptable, if so, with what conditions, limits and exclusions. It’s dependent on the client’s health, policy amount and policy type. So she is the one who ascertains the risk involved and worked out quotations and loading rates etc. So dont blame me with any strict loadings or liens ah, because it’s all the underwriter’s decisions. =P

With her 10years as an UNDERWRITER, I would assume that she’s competent in risks analysis, good in maths, familiar with either big or small illness as concerned with her job and know what kind of people with what kind of illness will die how early. That’s it.

I cant be fully convinced that she’s as FAMILIAR as me in terms of knowing the “loopholes” or “bad stuff” etc or understanding how insurance works and how they can help people because

1)I’m the one who delivers the policy contracts and well-versed enough to explain to the client(of course I’ve read them umpteen times too)

2) I’m the one who do claims for the clients. So with experience, I will know why some claims will be paid while some cant, etc. Though for more complicated cases, companies will request for medical reports. And that is up to the CLAIMS department to access already.

So I would THINK I will understand how insurance WORKS and how insurance can help in our lives BETTER than someone who spend 10 years behind a desk to calculate about the probability of how early and easy can one die because of some silly illnesses and the qualitative and quantity risks involved in claims payment.

If she worked 10 years in the CLAIMS DEPARTMENT instead. Ahh…probably I will give her more credit. Because she would have admitted more claims than I would have experienced. And she would have know the percentage of people who have successful claims.

But I tell you, even if she really work 10 years in the CLAIMS department, she also cant give me that face. WHY? Because it’s not the “Insurance” fault that one’s claims cant be paid. The prospect might not have bought the IDEAL TYPE of policy to suit her needs. Problem might lies with, 1) she has not enough budget, 2) her application was denied because of any health conditions, or 3) the advisor did not do a good job by giving the right recommendations.

It’s very difficult to get one fully covered because it involves quite a percentage of one’s money. Normal beings like us still need liquidity. The richer one is, the easier it is to get himself fully covered since he dont need that much liquid cash. But again, when one is rich, he has more to lose, and has more to consider, and thus need more coverage.

I’m a believer of insurance and that’s why I’m in this line. I truly believe it can help people. Because of 1 simple fact. That is, we’re not immortals, and life is not an absolute. Life is unfair, and we’re all humans reincarnated to go through birth, aging, sickness and death(生,老,病,死). The Buddhists say we’re incarnated as humans to repay debts(还债), the Christians say we’re repaying our sins. Whichever way you call it lah. I just know nobody can live forever and nobody can guarantee anyone that he/she wont fall sick for all his/her life.

So if the money you pay every month generates you an interest higher than what you normally can get from banks, and where major illness or death occurs, you can get an even bigger sum of money, then why not?

But while we’re at the topic of insurance, I have to be frank about Mrs “Know-it-all”‘s statement. True. “Insurance” are not perfect. They have their loopholes. Not every claim will be paid. Not every case will be accepted. Not every sickness can be claimed. Again, it’s the same logic. Life is not an absolute. It’s utterly impossible to cover every little aspect or pay up the cost of every tiny minor illness when the probability is 99.99999999%. How many many of us never see doctor even once in their lifetime? I’m sure everyone of us sees doctor now and then for tiny minor stuff.

SO if every little nitty gritty stuff can be claimed, then they can never be enough pool of money for the catastrophic, needy people who genuinely needs them. And not to mention, there wont be any company who wants to do a business which 100% will fail. Confirm “toh” one lor.

There should be a win-win situation and not a one-sided win-lose situation. Insurance is a risk-transfer tool and it’s something which we can contribute together to form a pool of money to help one another in times of need and NOT a tool to let trashy, greedy and stingy beings take for granted and take advantage of.

I do understand there are different products in the market. While we remain competitive, it’s up to you to access and compare. Some will be better, some will be more inferior. Most of them have the basic features.

Sometimes dont understand the things which some people are thinking. They expect to pay a $20+ per month and the company would pay everything including every outpatient trip to their family doctor because of a mere flu or fever outbreak.

Common lor………..

Or they expect to pay only a $100 every month for 10 years but yet expect a $100K coverage with a 20% growth at the age of 45(not young leh..)

Can! Can be done. Regular Investment-linked, via dollar cost averaging, tentatively in a positive climate(not a guarantee). Traditional plans cant give that high a return in 10years because mostly are fixed investments in bonds. Bonds cant give you that high a return at such a short time. And definitely not that high a coverage for middle-aged people of 45 and above. Want asset accumulation AS WELL AS high protection? Only via investment-linked.

Then they complained about the low guaranteed amount and that everything is uncertain for investment.

Sometimes really is cough blood, I tell you.

Give peanuts, expect to get dragon.

There is another way to achieve high coverage and a considerable amount of asset accumulation. That is by buying term and investing the difference. But to achieve a good 20% growth in 10years, besides a good eye in investing, you also need a bigger capital for unit trusts, shares, ETF(exchange-traded fund), etc.

$100 a month.

HOW TO INVEST??????????!!!!!!!!!!!!!!

Such a small capital…..unless buy Warrant. But is also dependable on investment climate and need abit of luck. It’s like buy big or small. And needs constant lookout on pricing and STI..and to do that for 10years?? ZzzZzz

Funny lah some people. All sorts of different people on earth.


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