Posted By KC.LauPhoto courtesy of themetapicture.com
Mr. John Mumford III, a rich old man was dying from a rare disease. On his deathbed, he called for his insurance agent, doctor and preacher: “I trusted each you my entire life. Now I want to give each of you $30,000 cash in an envelope to put in my grave. I want to take it with me.”
Mr. Mumford died and at the funeral, each one placed the envelope on top of the man, then he was laid to rest. On the way from the funeral, in the limo, the doctor confessed “I must tell you gentlemen, I only put $20,000 on top of Mr. Mumford, I wanted buy this new machine that would enable me to diagnose his rare disease and save others. It’s what he would have wanted”
Then the preacher said: “I have to confess, I only put $10,000 on top of Mr. Mumford. We needed that money to help more homeless,and it’s what Mr. Mumford would’ve wanted”
The insurance agent was angry at both the man, and said: “I can’t believe both of you, stealing from a dead man. I wrote Mr. Mumford a check for the full $30,000! Furthermore, I handed his wife another $10 million check from my company “
Now, here are the 7 most essential facts you should know about insurance claim.
Males are more likely to claim TPD
Total Permanent Disability (TPD) most likely happens to males. Only 14% of the claim are females.
Half of the Critical Illness Claimants are Younger than 45
There are 3% of dread diseases claimants aged below 25. Only 51% claims are above 45 years old. There are not merely old folks lying at the hospital beds. Superman will still get sick.
About 75% claims Happen before the 10th Policy Year
Most of the claims are filed before the 10th policy year. Those are the policyholders who receive very high insurance ROI ( Return of Investment)
Total of 87 million ringgit Claimed
The total of 87 million ringgit claimed is from Great Eastern alone, and only for the period of January till March 2007. There are 16 life insurance companies in Malaysia. You know how to do the math.
Over 99% Claims are Paid within 14 days
I would have to dig more info to find out what happen to the other 1% that can’t get their claim within 14 days.
Cancer is the Biggest Enemy
78% claim of living assurance ( a.k.a Critical Illness or Dread Disease assurance) claims is cancer for female. Are you properly insured with adequate amout of protection against diseases?
Most People are Under-insured
Look at how many claims shown above are under RM100,000? Insurance agents just have to work harder to improve the statistic.
More great info and tips will be posted out if Facebook or Twitter reaches 10 likes/tweets.
Hi I am Yen Wei Nee
I have been in insurance industry for 17 years and would like to share here with you my experience and information that is now changing our lives.