Generally Eastern lies ?
I am about to buy myself a universal life policy.
It is a pretty cool product whereby you, the life assured, pay a lump sum of about 200k upfront for a million in death benefits when you die. Great for legacy planning. (Of course they will examine you thoroughly for any suicidal instincts first. )
Now, as I am preparing to pay a Singapore company for that, I am gripped with SERIOUS DOUBTS.
Do I want to buy insurance from a Singapore registered entity ?
My answer is tending to NO, at the moment.
This is because I do not have faith in the law to protect my interest or my estate’s as a consumer.
My mother, as some of you may be aware, passed off while on holiday in Tibet in May. She had bought herself travel insurance with an accidental death coverage from the company she held very dear, being an agent herself formerly. Besides that, she also had some other policies with the “accidental death” coverage thrown in.
Singaporeans, be forewarned. Altitude sickness is not considered accidental death IN SINGAPORE ! Especially in Singapore.
The company’s representatives have stipulated that death by accident must entail some violent or gory ending, challenging the common sense belief that an accident is anything that is not pre-existing.
Thus suggesting that my mother committed suicide ?
So I tried Googling. Voila ! In the US, it is an accident ! (just type “altitude sickness accidental death legal” and its the 3rd hit !) http://ftp.resource.org/courts.gov/c/F3/353/353.F3d.742.02-35701.02-35665.html especially if it has not been excluded from the policy.
I am proud of Singapore’s financial system. Now they even have the Policy Owner’s Protection Scheme under the SDIC (Singapore Deposit Insurance Corporation).
What is the use if you are not allowed to die accidentally ?
So what should I do ?
I think I will buy an American insurance policy and take my risk with American consumer law while hedging myself by buying local insurance company shares, because they will be soooooo profitable from their premiums without having to pay much in claims with the helpless consumer on their side.
I pay over 20k in premiums annually. Thanks to my mother’s enthusiasm and loyalty to the Generally Eastern company. It is starting to feel like a write off now.
And as a Singaporean, my mom taught me to live with these inconveniences in return for our good lives. Hey, she believed in that company till her death.