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Personal Accident Plans

I did a search on e-scooter accidents and it shows there are at least 4 such accidents in April alone.

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May you be a e-scooter rider or a pedestrian, both will suffer physical and financial pain should an accident happened. The pedestrian obviously will be injured with bruised or cuts. If the injuries are serious, he may be hospitalised. The injuries may also not be severe enough to be hospitalised and a dressing or casting may be able to treat the patient. In such case, it will be a financial pain on top of the physical pain he is already suffering. Most people will demand compensation from the e-scooter rider but we have seen that it can take sometime to identify the rider i.e. if we ever did. We also cannot assume the rider can afford to pay as the riders are just students or teenagers in some of the cases. The real challenge is the ability and the willingness to pay. What if the rider is an irresponsible person who just refuse to pay a cent?
accidentFrom the point of rider, you can get injured as well. On top of that, the casualty can go after your for the medical bills and other damages. Do you have that ability to handle such a situation of issuing a “blank cheque”?

If some of these thoughts ever go thru’ your mind either as a pedestrian, an e scooter rider or even a cyclist, what have you done to have a peace of mind?

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If you have not do anything excepting thinking and worrying, here is a little solution. You may want to look into a personal accident plan that covers mainly two things.

1) Medical expenses
2) Public Liability

Medical expenses will take care of the medical bills incurred from an accident. It usually covers Traditional Chinese Medicine, Chiropractor fee and Physiotherapy.

If you are a rider or cyclist, Public Liability will come in useful if the casualty wants you to compensate the damages.

HFMD peaks in Singapore

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The above article was published in “the Asianparent“.

Parents can minimize the risk of the child infected with HFMD by not bringing them to areas like playground or shopping malls but some places, such as schools, cannot be avoided.

In most cases of HFMD, the treatment is similar to the child having a fever. But in more severe cases, the child needs to be hospitalised for dehydration because the child is in so much pain due to the ulcers in the mouth and cannot eat or drink. It is common for the parents to take childcare or annual leave to look after the child if he is infected with HFMD and the parents may have to take a no-pay leave if they had used up their entitled leaves. The medical fees for the HFMD is not much different from the usual consultation with the GP unless it leads to an hospitalisation. Even with that situation, it will be covered if your child has a hospitalisation medical insurance such as the integrated shield plans.

There are also instances where the child is not infected but the childcare centers are to be close for disinfection due to HFMD. In such cases, none of your medical insurance may be claimable.  If you are concern about such incidents, you can look at very affordable insurance plan that may cost less than $1 a day.

A brief summary of different plans in the market that can cover you for the medical bills incurred for HFMD as well as the closure of your childcare center due to HFMD can be seen here.

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This plan covers mainly on HFMD

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There are plans for parents who wants a more comprehensive of illness to be covered.

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A wider area of coverage for childcare or school fee subsidy.

 

In addition to HFMD, these plans also cover the injuries that a child sustained from accidents e.g. run and fall in school or home.

If you need more information on these plans, please drop me an email.

Travel insurance does not cover pre-existing medical condition.

Singapore man in coma returning from Tokyo after daughter raises $250k online 

The above news was published on ST Online (01/05/2017). A sad case where travel insurance was in place but claims were rejected as the coma was caused by an heart attack which was an pre-existing medical condition before the travel insurance was taken up.

It is a common exclusion most, if not all, Travel insurance to exclude claims resulted from pre-existing medical conditions. Therefore, elderly travellers or travellers with pre-exisiting medical conditions are strongly encouraged to consider a travel insurance that covers these pre-existing conditions. It may be more costly than the usual travel insurance but having a typical travel insurance is as good as get a cheap, punctured tyre to keep in your car booth to be used as a spare tyre. Other than making yourself feel safe, there’s nothing really much it can do. NTUC Enhanced PreX Travel Insurance plans can cover some of these medical conditions.

A summary of cover for the plans is as follow

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Please submit the form below you need more information for the NTUC Enhanced PreX Travel Insurance plans.

 

 

Average Clause

It is tricky to give advice when it comes to Home Insurance. The concern of under-insuring the property or over-paying the premium when one insured too much is one of the difficulties the homeowner faced and we cannot blame them for it. Different people view the valuation of the same property differently as seen below in a jokingly manner.

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The safest approach is to insured a higher value than the actual worth of the property but it is not really practical as it will increase the premium of the policy. In most cases, homeowners tends to under-insured the property either to save the premiums or there was no proper valuation for the insured items. It is common that the insurance policy was purchased many years ago and there was no review done even though the property had appreciated in value. The under-insuring of property is unhealthy to insurance company. Imagine your property is worth a million but you declare and purchase a Home Insurance for only $700,000 and the insurance company have to pay the full amount of $1mil when a claim arise. It is not fair to the insurance company or those who declared and paid the full amount of their property valuation. Thus, insurance have the “Average clause”.

The Average Clause is a term used when the settlement of a claim at the point of loss is greater than the sum insured. The reality is valuation of contents, stocks, properties fluctuate over time and insurer will not penalise just because the sum assured was less than the insured items. There are acceptable thresholds for insurers before the average clause kicks in and it can varies from 80-85%. If a insurer have a 80% threshold, it will not penalise the policy holder if the sum assured is below the actual claim valuation if it not less than 20%. When the average clause kicks in, the payout regardless of total or partial loss will be base on the below formula

Payout  = Loss Suffered x Sum Assured/Current Value.

For e.g. John insured his $1mil property for $600,000. A fire broke out and the valuation of the property $1.2mil . The loss and repair cost was assessed to be $200,000. Using the average clause,

Payout  = Loss Suffered x Sum Assured/Current Value.

= $200,000 x $600,000/$1,200.000

=$100,000

John will be penalised 50%.

As we can see, under-insuring can cause a policy holder to suffer badly at the point of loss. ASK are some ways to avoid under-insurance.

  1. Always review your valuation of your contents that you are insuring.
  2. Speak to your financial advisors to understand how your average clause works.
  3. Know what is the threshold of your policy before the average clause kicks in.

One way to avoid average clause is to look for policies that are based on First loss basis.

 

Pet Insurance

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A cat or a dog is more than just a pet. To some, it is part of the family. Most pet owners will allocate part of their expenses to take care of their pets for routine checkups and maintenance but there will be unexpected expenses when the pet falls sick.  Luckily these cost are still manageable although they are not cheap. But what if the pets met with an accident? The procedure cost is not any much cheaper than the cost of treating a human. A quick check shows that a bone fracture can cost $2,000-$4,000 to be treated.

Good news for pet owners, there is a pet insurance to protect your financial loss should you incur medical and surgical expenses due to illness or accidents that may befall your beloved pet.

Benefits at a Glance

  1. Covers up to 70% of eligible vet bills arising from illness or accidents, up to S$10,000 each year
  2. No medical examination required
  3. Freedom to use any vet, anywhere in Singapore
  4. Covers third party liability arising from owning the pet
  5. Covers loss due to theft or accidental death

For enquiries and more information on Pet Insurance, please complete the form below and I will get back to you.

 By submitting this form, you agree that Avallis Financial Pte Ltd may collect, use and disclose your personal data, which you have provided in this form, for providing marketing material that you have agreed to receive, in accordance with the Personal Data Protection Act 2012 and our data protection policy .

Policies extend benefits to cover Zika Virus

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The number of cases for Zika Virus in Singapore have increase to more than 300 in less than a month since Patient Zero was identified. The preventive measures advised by NEA is the most effective way to minimise the risk of becoming the next Zika virus patient.

Insurance companies have also taken the initiative to extend the benefits of some plans to cover Zika virus at no extra cost. The following are the policies that cover Zika virus at the moment. I will update the list accordingly.

Personal Accident 

Juvenile Personal Accident 

Travel Insurance

Home Insurance

Maternity Plan

Medical Plans

 

I will update the list when more companies include Zika virus in the benefits. For more information, please contact me by submitting the form below.

By submitting this form, you agree that Avallis Financial may collect, use and disclose your personal data, as provided in this entry form, for the following purposes in accordance with the Personal Data Protection Act 2012 :

(a) to contact you for the purpose of the reply to your queries.

Motor insurance from Aviva at a lower cost.

norwichunionlogoI am able to place motor insurance for your car insurance with Aviva now. While you can get it online, there are some benefits to place the business with me and they are stated as follow.

For used cars

  • Additional 15% discount

*Campaign period : Now till 16 June 2017

For Brand New cars

  • $150 petrol voucher
  • Additional 15% discount

*Campaign period : Now till 30 Sep 2016

Please note this offer is exclusively to my clients who are having Aviva Term, Myshield &and/or MyCare policy.

Just give me a call for more information.

 

Selection of products via the intangible way.

My colleagues and myself carry almost 95% of the life insurance, general insurance and unit trust available to the retail market.
There are reasons why although a product from one company may look cheaper n better but we choose not to recommend it especially for general insurance such as travel insurance or personal accident plans. I dare say commission is usually not the main reason cos the commission across companies are the same and it’s peanuts regardless what we choose.
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One main reason is the ease of claims or the ease to speak to a human being after-sales service. As a financial adviser, our job do not end when you buy. On the contrary, our job starts when you buy because that’s why a claim is likely to happen. Neither the client nor financial adviser likes to make a claim from the minor issues such as travel delay to a major one such as death claim. As a financial advisers, we super-duper hate making claims cos the client is making one claim but we are assisting to make multiple claims from different clients. We really appreciate a company that pays out claims without asking too many questions. Once, a claim officer asked questions to & fro 6 email correspondences asking silly questions over a claim of $500 despite providing them with all document necessary for claims while another claim of same nature with another company made at the same time had paid out a week earlier!  My 7th email to them was to tell them if they cannot afford to pay, just close the file and don’t pay. As these insurance companies are still our partners at the end of the day, we refrain from speaking bad about them and the best we can do is not to recommend that company’s product.
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Recently, I did a review for a long time friend and suggest a change of personal accident from Company A to B. The friend decided to discuss with his insurance agent from Company A who sold him the plan and later told me he will stick with it. I asked him why and the reply was ” The agent said Company A is easier to claim.” My reply was,” I am able to do both Company A & B on top of many others. I had claim from both company A, B & the few others to know who is easier to claim. Have your insurance agent tried to claim from Company B before?? If not, how is he suppose to know Company A is easier?” I could had counter-proposed to say I am able to sell Company A’s product too. Why not place it under me but I choose not to cos I don’t deal with difficult claims. I leave the choice to him.

I trust my fellow Independent Financial Advisors to do the same as me cos we have the choice to choose the better solution for our clients.

Maid Insurance

Do you know there are 70,000 Filipino maids in Singapore? And we have not look at maids with other nationalities such as Indonesia, India or Myanmar. Regardless of the nationalities of the maids, one thing they have in common i.e. as an employer, you need to purchase a Maid Insurance during their stay in Singapore.

Housewife-Maid-Duster-1024x1024An average Maid Insurance can cost around $200 to $400 plus and the policy will usually cover 26 months. The Maid Insurance policies varies between insurance companies, do you know what you are paying or to look out for?

Please allow me to make a disclaimer before you move on. I try to make this post as simple to understand as possible. Therefore, the description here may not be what the actual definition in the policy contract so please check with your advisers or seek further advice before taking any action.

First, the Ministry of Manpower(MOM) requires the employer to have a minimum coverage of $15,000 per annum of hospital and surgical expenses for the maid. The pre- and post- hospitalisation expenses within 90 days of treatment are covered too. This is is safeguard her medical expenses if the maid is warded.

During her stay in hospital, the maid insurance allows you to claim against her wages and levy. Some companies allow you to claim against the extra money you have to pay to get a temporary replacement maid during your maid’s hospitalisation.

For minor incidents due to accidents, the maid policy allows you to claim for the medical expenses incurred when you seek out-patient treatments.

Next, it is common to have $40,000 of benefit if the maid dies or suffer from permanent disablement. There is also a repatriation expenses of $10,000 so that you can send the maid’s body back to her country if she dies in Singapore. It is common to have the re-hiring expenses covered too. Some insurance companies provide an extra lump sum to her legal representative in the event of her death.

If the maid’s belongings are lost or damaged in a fire or theft, it can be covered as well. As an employer, you can opt to purchase “Fidelity Guarantee” to indemnify yourself if your money or valuables are stolen by the maid.

It is very likely that you know you are require to place a $5,000 deposit to MOM and this amount will be forfeited if the maid runs away. Most employer will use a Guarantee bond (security bond) or Letter of Guarantee issued by insurance company instead of placing the real hard cash of $5,000 with MOM. It is widely misunderstood that the insurance company will pay the $5,000 when the maid runs away. The fact is that the insurer only act as a “guarantor”, they might pay for you FIRST and will counter claim the amount of $5,000 from the employer.

Good news is you can further reduce your risk such that you just need to pay the excess which is usually $250 instead of paying the full $5,o00 if the maid runs away by adding a wavier of counter indemnity cover.

The Maid Insurance covers the employer’s liability to Third Party if the maid cause accidental bodily injury or property damage due to her negligence. As a employer, you can indemnify your own risk when the maid claim against you for injury or diseases sustained while working for you. This is similar to the more common Workman injury and compensation insurance.

To summarise, the  basic benefits of a maid insurance are

  • Personal accident – Death & Permanent Disablement
  • Medical expenses due to accidents
  • Hospital & surgical expenses
  • Wages and Levy Reimbursement
  • Repatriation expenses
  • Termination and Re-hiring expenses (due to death or permanent disablement of your existing maid)
  • Third party Liability
  • Maid’s personal belongings

Optional add-ons

  • Guarantee bond
  • Waiver of counter indemnity for Guarantee bond
  • Fidelity Guarantee
  • Dread disease for the maid
  • Employer’s liability

….. The list goes on.

May I remind again that the description here may not be what the actual definition in the policy contract so please check with your advisers or seek further advice before taking any action.