Tuesday, 10 Sep 2019
The Star Online, Originally published on
WITH reference to the views expressed by the National Consumer Complaint Centre’s (NCCC) S. Baskaran that were published under the heading “Crafty agents, naive consumers” (The Star, Sept 6; online at bit.ly/star_agents), I feel it may not be fair to point all fingers at insurance agents when it comes to complaints voiced by holders of insurance policies.
Having been in the life insurance industry for long years as an officer before I fully exited on retirement about six years ago, I handled many complaints from dissatisfied policyholders. While there were valid cases of agents not properly explaining the products they sold, I felt that some policyholders themselves were negligent for not bothering to scrutinise the terms and conditions of the policy contracts they received.
Coverage details are spelled out in all life policy contracts. For example, every contract contains elaborations on technical terminology and benefits, plus the exclusions under certain circumstances like pre-existing ailments. From my handling of complaints, I discovered that many policyholders just filled up their policy contract without reading the contents.