Forum: Read the fine print before buying an insurance policy

In the letter “Price not the only factor when choosing Integrated Shield Plan” (July 3), Dr Desmond Wai pointed out rightly that there is “no point in paying a low premium for an IP plan if a patient cannot get good care when he falls sick”.

The same applies to all insurance policies, as a low-premium policy may not protect the insured when the need arises.

In travel insurance, for instance, the price difference from one insurance company to another can be quite significant, but the devil is in the details. One insurance company may include Covid-19 coverage, and another may not. Even the claim process may differ from one company to another.

Recently, I made a travel-related claim on behalf of my wife for some items lost on a plane. My claim was denied outright by the insurance company’s third-party claim agent, citing the fine print on negligence. 

I would not have bought the travel insurance if I had known the claim process was outsourced as, to me, this indicates a lack of commitment to the insured.

I advise consumers to read the fine print carefully, search for online reviews, and if possible, get feedback from friends about companies and products before buying a policy.

Ong Kok Lam