Buying insurance

iceball SG

I am just curious..

Suppose I buy a insurance policy which will compensate me when I am struck with a serious illness or I die..

So when I get a serious illness, I can still contact the insurance company to claim from them..

What if I die in an accident immediately. Than the policy money is supposed to go to my family members. But suppose I did not tell them that I bought insurance and the company will pay them money when I die or they forgot that I got buy insurance.

Than I pay my insurance by giro, meaning that the company will auto deduct money from my bank account every month to pay for my insurance bill so my family members never receive any bills from them to pay for insurance so they still don't know that the company has been deducting insurance from my bank account even though I am already dead.

So what will happen?

The insurance company just happily deduct money every month from your bank account because nobody inform them that you are dead. They only stop deducting when your bank account 1 day run out of money for them to deduct and than they send a letter to your home informing you to pay them, than only will your family know that you bought insurance and now that you are dead they are entitled to claim money from the company?

or how?

alfagal SG

it is always impt to let ur family know e existence of the policy.
rem to put all ur policies together, so that when they find one, they find all...
then it will make it easier for them to claim..

claim is always on case to case basis, if there is evidence in the delay of claim, usually its made payable..

fox_hound_33 SG

If i am not wrong, you can file your family as a form of nominee for your insurance payout. Once you do that, the insurance company will pay your family if you are “not around”.

Slkt 003 SG

angel7030 SG

so many questions, dun buy lor. can buy toto, 4 D and big sweeps