Friday, September 18, 2009

Can i buy life insurance when i am sick?

A doctor client called me lately. He told me one of his patient who had interest to purchase life insurance should be contacting me soon. Later of the afternoon, the patient's father called. He said, my son who is twenty eight years old would be having an operation this coming Friday. He wanted to effect a medical cover immedately, so that the medical cost could be paid by the insurer. I could not believe my ear! The doctor, patient and the father thought medical insurance could be purchased at any time or buy it only when you are sick.

I had to explain to the innocent man. Life insurance and medical insurance could only be effected on healthy normal person. We do not cover on pre-existing illnesses. The medical cover has the 90 days cooling period before it could take effect on all sicknesses. Life insurance is different from general insurance. General insurance covers on properties, whereas life insurance handles lives. You buy general insurance (Example - motor insurance or fire insurance) when you need them. Not life insurance! You buy it when you don't need it. Because when you need it, you can't buy. Meaning.. when you are dead, no life insurance can be bought and when you are sick, you can't buy either.

I have been selling life insurance for twenty eight years, i am really surprised our educated citizen are still unaware of how life insurance works. Are we that naive after all!!!

Food for thought - "The stupid neither forgive nor forget; the naive forgive and forget; the wise forgive but do not forget" - Thomas S. Szasz.

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