Not My Cup of Tea
Financial matters are not my cup of tea, so currently getting my health insurance is getting my goat. Add to that, my earlier so called agent was unscrupulous, which demands extra caution this time. Hence I visited and checked with quite a few knowledgeable sources on the subject of insurance, and decided to go online and register.
I logged in to a prominent service provider and was asked to put in my application (proposal), which I did with all honesty, mentioning my pre-existing illnesses. I was then asked to make payment. Then came a long call from a doctor, who virtually interrogated me on the phone. What disease do you currently have (irrespective of my filling in the application), what medication are you on? Have you ever been hospitalised, etc etc. Having fully satisfied the caller,I put down the receiver. The next day I received a rejection email from the company. Since my money was paid much earlier and so much effort and time had gone into this, I did not take it lightly but approached the higher authorities on a single premise: Without a physical examination, and based on just a call and application, on what basis was my proposal rejected? The answer: your proposal! So you had my proposal earlier, and yet you demanded my payment and interrogated me over the phone. Why did you waste your time and my money? “Standard procedure” I was told. Not wanting to waste more time (or add years to my age!), I registered with another service provider.
Premium is Age-Related
The process was not too different and I underwent the medical tests, physical examination, etc. All was well according to the doctors, and age-related. Next thing I receive, is an email from the insurance company, mentioning that due to my pre-existing disease, a 4 year exclusion is applicable. This means if my health is impacted due to the same disease, then I cannot make a claim. I was informed that the exclusion was largely due to the data in my application form! My retort: If you went by that, then where was the need to get me to the examination table? Same response: Standard procedure.
Double Payment in another Garb
My point to them: My pre-existing diseases is age-related which you have already provided for, by charging an age-related extra premium. So now an exclusion clause is tantamount to double payment. Also given blessings from above, the probability of ill-health striking me in the near future, is low. In which case, my premium is wasted. (However, I am willing to accept that.)
But by demanding for a 4 year exclusion, outside of portability, are you ensuring customer stickiness for 4 years?