A lot of people used to complain that they've been cheated by their insurance company. Most of them usually have bad experience mostly regarding claim phase. Here are some of the reason why some people can't claim from insurance company when they're in trouble:
1. Lapse Policy
Lapse policy happens when the assured (policy holder) failed to contribute their premium timely. When this happens, their policy is suspended and they can't proceed with their claim. One of the major cause for lapse policy usually happens not because they didn't hv money to pay the premium, but instead they forgot to pay for it. This usually happens to policyholders who use cash as payment method. The easiest way to avoid policy lapsing is by using Credit Card or Debit card or auto-debit to pay for the premium.
2. Illness is not covered
Certain illness is not covered by insurance company. Among the illnesses that would not be covered is as follow, pre-existing illnesses, illnesses due from self-inflicted damage (i.e suicide), illness that originated from other pre-existing illness (i.e. Life assured was infected with gonorrhea due to AIDS, therefore, the gonorrhea is not covered by the policy). There are many more to this list, so, it is important for anyone who are taking a policy to know what are covered and what are not covered by their insurance policy.
3. Waiting Period is not met.
Most insurance company stated that their policy holder need to wait a certain waiting period before they can make a claim regarding any illness that they have. This can range from 30days, 4 month, or even a year from the policy inception. This is however, depends on what product or what type of illnesses that they had. Thankfully, most insurance company covers their policy holder instantly if the illnesses are originated from an accident.
If you wanted to take an insurance product, it's important to know how much and to what extend you are covered. Some of the fine lines in the insurance policy is very important to be read and understand. Therefore, if you ever needed an insurance policy, make sure your agent clearly stipulates all the benefit from the insurance product you're taking. This can ensure you to not having a problem when one day you decided to make a claim. Thus being said, I hope your insurance product is right for you. All insurance product is an agreement between two parties, policy holder and insurance company, therefore there's no such thing as bad insurance or good insurance.
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