Leaving You Underinsured Creates Repeat Business
Imagine having a doctor who purposefully does not treat you completely such that you would constantly remain sick, thus having to visit the doctor repeatedly, each time paying for his services and medication. I am not familiar with the medical fraternity in Singapore and I trust that most doctors do their jobs ethically, but I know for a fact that the local financial industry thrives on this unethical practice.
I recently met a client who bought an investment-linked policy recommended to her by her friend which provided poor coverage while being taxing on her monthly budgeting.
What’s sad was what the agent wrote in the point-of-sale documents to justify the sale of the policy – an ostensibly apologetic “client to increase coverage when financially better”. It shows that the agent was fully aware that such a policy underinsures her client and yet deemed it fit to recommend her friend the policy. It is particularly upsetting since the client had specifically indicated her concern was (quite rightfully, for her profile) insurance coverage with her limited budget.
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Case Study on How Insurance Would Have Helped Unfortunate Man
I read in the papers about a very unfortunate case about a man who accidentally slipped and fell on a walkway wet from rainy weather, causing him to be paralysed from the neck down.
He is now suing the town council for negligence and seeking compensation for medical expenses, loss of earnings, transport costs as well as pain and suffering.
Under-Insured Insurance Agent?
Sunday’s edition of TODAY carried an interesting article which described the story of an insurance agent who battled and won various health catastrophes. The article is available online.
There is no doubt that she, along with many other insurance agents, would be using her story as an example to highlight the importance of insurance, which I agree – her experience certainly tells us the importance of insurance. What they would not say is that this is likely an ironic case of an insurance agent being under-insured.