Critical Illness Insurance (II)

Based on the last topic written on Critical Illness Insurance, normally there are 36 critical illness covered by the insurance company. However, you still have to refer to the policy contract on the actual critical illness coverage for you, terms and conditions applied based on written in the policy contract.

Normally, the plan will cover after 60 days from the Commencement Date of the Contract or the date after revival of Benefits, if any or date after endorsement of the additional critical illness Benefits.

The list of critical illness which being covered by the Insurance Company, please refer to the Policy Contract for the actual coverage:

1.    Heart attack

2.    Multiple Sclerosis

3.    Major Organ Transplant

4.    Paralysis

5.    Kidney Failure

6.    Cancer

7.    Stroke

8.    Coronary Artery Disease

9.    Loss of Speech

10. Deafness

11. Alzhemeir Disease

12. Surgery to the aorta

13. Heart Valve Replacement

14. Blindness

15. Coma

16. Primary Pulmonary Arterial Hypertension

17. Fulminant Viral Hepatitis

18. Major Burns

19. Terminal illness

20. Aids Due to Blood Transfusion

21. Motor Neurone Disease

22. Parkinson’s Disease

23. Chronic Liver Disease

24. Chronic Lung Disease

25. Aplastic Anaemia

26. Muscular Dystrophy

27. Poliomyelitis

28. Bacterial Meningitis

29. Benign Brain Tumor

30. Encephalitis

31. Full Blown Aid

32. Other Serious Coronary Artery Disease

33. Brain Surgery

34. Apallic Syndrome

35. Major Head Trauma

36. Loss of Limbs

Critical Illness Insurance

Are you aware that Cervic Cancer is a number two dread disease killer in Malaysia.

Second question...do you know that Life Insurance Companies offer critical illness insurance coverage either as a stand alone Plan or as a rider attached to the Basic Plan.

The purpose of the critical illness insurance is to cover the major medical expenses related for terminally ill people.

Normally, the critical illness coverage will cover for 36 types of dread diseases.

Policy Contract & Endorsement Page

It is important for you to know that once you buy an insurance policy, you will receive your Policy Contract.

The details of the insurance policy are included in the Policy Contract such as Insurance Plan and the premium amount, personal details, payment details, provisions and so on.

It is your obligation to ensure that the Policy Contract is being kept in a safe place because it is the key to the future financial protection of yourself and your family.

If you lost the Policy Contract or it is damaged due to flood, fire and etc, you can request for a duplicate copy of the Policy Contract from the insurance company. You have to complete a Duplicate Policy Contract Form and the insurance company will charge you a minimum amount for the cost of issuing a new duplicate policy contract.

In the event that you have request changes to your policy such as change mode of payment from Monthly to Annual where there is a change of premium amount and frequency of payment, the insurance company will send you a copy of Endorsement Page where you should compile together with the Policy Contract.

If you do not receive your Policy Contract or the Endorsement Page for any changes done to your Insurance policy, you can refer to your servicing agent or directly contact the Customer Service Center of the Insurance Company.

Job Opportunity! – Part ii

The Insurance Company also offers the job opportunity as permanent staff!

Basically, the Insurance Company needs:

1. Actuary for Acturial Department
2. Various positions for Policy Services Department
3. Various positions for Claims Department
4. Various positions for New Business Department
5. Various positions for Policy Issuance Department
6. Various positions for IT Department
7. Various positions for Agency Department
8. Various positions for Branch Services Department
9. And other Departments such as Marketing Department, Product Creation Department etc

It depends on the organizational structure approved by the management of the Insurance company which to cater the achievement of the company Visions and Goals.

With the awareness of the customers on the need of Insurance in their life, this industry is growing bigger.

Buying Insurance

Buying insurance for your family and you is a life commitment. It is not something that you pay today and the policy itself will continue given the protection to your family and you.

You have to pay the premium due on regular basis. The Insurance Company will give you:
1. Policy Contract which all the details stated inside it in Policy Information Page:
i. Policy No
ii. Age next Birthday
iii. Sum Insured
iv. Policy Owner Name
v. Life Insured Name
vi. IC Number
vii. Payment Mode which you have to pay on regular basis except for Single Premium Policy. It can be Annually, Semi Annual, Quarterly or Monthly based on your option which you have to remit the payment of premium until Maturity
viii. Policy Commencement Date
ix. Policy Maturity Date
x. Details of basic Plan and Riders on the Premium and Sum Cover
xi. Copy of Application form which duly completed, signed and witness

2. Definition Page

3. General Provisions

4. Premium Provisions
Please take note on this section because it is related to the premium payment for the policy. You should make the make regardless you received the Reminder Notice from the company on the premium due because the Notices or Letters send by the Insurance Company is a value added services.
It is your responsibility to make a payment within 30 days from the Next Due Date of the policy as stated in Policy Information Page regardless you received any notification or not.
That is a reason why I said that buying Life Insurance policy is a life time commitment.

5. Non Forfeiture Provisions

6. Other Provisions which related to the Policy.
Please refer to your Policy Contract. If you are not sure on the status of the Provisions attached, please refer to your servicing agent or call the Customer Service of the Life Insurance Company.

It is an intangible asset which you cannot see or touch… except that you have the Policy Contract where all the terms and conditions of the policy stated inside it. You have to keep the Policy Contract in the safest place until maturity of policy.

Life Insurance Policy help you for saving, protection for your family during tragedy, retirement benefit planning, to cover for your medical cost and so on.

You will not realised the importance of Insurance until you face the difficult time in your family!
Make a wise decision now for your loved ones and you for future protection!

Cash Value of a Policy

What is Cash Value of a Policy?

Every policy bought by the customer, it will have Cash Value except for term insurance. Cash Value availability for every policy depends on the product features design by the insurance policy. It can have Cash Value after a year, two (2) years or three (3) years.

The Cash Value will be used in the event:

1.    If the policy’s premium has not been paid after 30 days grace period. The cash value will be used to cover for the premium due until it is fully exhausted

2.    The existing cash value, if any, will be paid to the customer if the customer request for surrender of policy

3.    Cash Value will be paid, if any, during the maturity period of the policy

Cancellation of Policy

Do you know that you have to right to cancel Life Insurance Policy that you have bought from the insurance company if you do not agree with the term and conditions?

According to Section 148 Objection of Life Policy (Insurance Act 1996)

148.   (1)   A policy owner, within fifteen days after the delivery of a life policy of any description to him or to a person who resides at his residence, may return the life policy to the licensed life insurer and it shall immediately refund any premium which has been paid in respect of the policy and the life policy shall be cancelled subject only to the deduction of expenses incurred for the medical examination of the life insured.

What you need to do is to write a simple letter requesting for cancelation of policy to the life insurance company together with the Policy Contract within 15 days after the you get the policy contract.

Please check with your servicing agent on the procedure for cancelation and the refund process. You also can directly contact the Insurance company contact center for any clarification.

Do the right decision before buying the insurance policy!