I’m sure all of you out there owned at least an insurance policy to safeguard yourself from any mishaps, or perhaps to secure the future, right? Well, here I am, to teach you a thing or two on the insurance issue. Read on.
So, I owned 2 insurance policies personally. Yes. 2 of them. But both of ‘em are of similar, or almost similar. The very first policy was bought from my friend who worked with me previously in MNC, and now has switched his field to insurance as a full-time agent. The second policy was bought from my close friend, which I know him since schooling days. Yes. Mr.V is the name of the agent that brought upon me the second policy. For more "interesting" stories about Mr.V, you may go HERE or HERE to read more about it.
So, there’s this one fine, bright shiny day. If I’m not mistaken, it was the exact same day (14th May) that I drove my friends out to test my new car, and to have dinner with them. On that very same day, I asked Mr V to check the status of my policy. And he duly said “OK NO PROBLEM”. This was in middle of May this year.
One month passes by without me noticing it. And he yet to get back to me on the status of my policy. As a result, I sent a message to him on 28th May and asked him about this matter. Shockingly, his reply to me was : “No time, Wait.”
After further checking, ransacking my bedroom for all the documents that are related to the ‘overdue’ incident. I found out that it was due to a change in my credit card’s expiration date. My credit card that was registered under auto-pay for the insurance was due for renewal. Hence the change in card number, and the failure in deduction of the insurance.
But still, WADAFARK!!! I talked to him about this ONE FULL MONTH AGO!!! And now he’s telling me NO FUCKING TIME!?!?!?!! What kinda insurance agent would take ONE FULL MONTH to check the status of my insurance policy?!?! What kinda stuff is he so busy on about?!?!!?
On the 2nd June, he replied me with this: “policy overdue since March 2009.”
See?! If all these were settled in May, things would be much easier. But no. Mr V chose to ignore my request, or perhaps he simply forgotten the whole matter of it.
Hence, I consulted my agent that bought me my very first insurance policy on the solution of this matter. Here’s the conversation.
M: Me
A: Insurance Agent
M: My friend informed me that my insurance policy is overdue since March. How now?
A: OK. You’ve got 2 options now:
(i) Pay up whatever that is due.
(ii) Omit the past due amount. But when you’re doing some medical/insurance claims, the amount that you get will not be in full. The figure that you omitted will be deducted from it. This is what we, the insurance industry called it “premium holiday”.
M: Huh?!
A: What? You don’t understand?
M: No no no no. I do understand every single word of it. But seriously dude, I can do the second option??
A: Of course! There’s an option here in the Credit Card Monthly Deduction Form that stated you can do that, dude!
He showed me the form, pointed at that very line that stated the second option he told me about.
M: Damn! Ok, then. I’ll do that. But what about overdue interest? Will they charge me that or will there be any administration charge for overdue?
A: Oi, since when you heard insurance overdue charge you interest?
M: No ar?!?! Niceeeeeeeeeeeee.
M: By the way, just curious. Do you think it’s advisable for me to cancel this insurance policy, now that I’ve 2 almost similar policies on hand?
The agent looked through both policies in depth, few minutes later. He said……
A: No.
M: ????
A: Keep it. It WILL be useful when you’re purchasing a property in the future. You may use that to pay for the Mortgage Reducing Term Assurance (MRTA).
M: Oooh.......Ok. Fair enough. I’ll keep it then.
See? This is another difference of being a full time insurance agent and a part time insurance agent. Yes, Mr V is a part time insurance agent. He inherited all the insurance customers from his old man. All he needs to do is just ‘service’ them on a timely basis.
It’s been 3 years on now since the day I purchased the insurance policy from Mr V. For all insurance policies, those agents will only be reaping the ‘rewards’ after 5 years down the road. So if in any circumstances, the policy were to be terminated within that 5 years duration, the agent will not be getting a single cent outta it.
So, I told Mr V that I wanna do the second option and I don't wanna pay whatever that I owe between March 2009 till now. He said that he'll check and come back to me on this one.
Another check and revert case. How professional can he be?
Till todate, he never came back to me on the second option that i asked him last time around.
Ok. I’ma meet up with Mr V. on Monday evening. He says that he’s gonna settle my problem once and for all by me signing some credit card deduction forms due to the change of the cardnumbers which ultimately caused the failure in auto-deduction. Let’s see how it all pans out. Though I'm not very positive on the outcome.
Will keep you lots posted on this.
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