A retired professor friend of mine sent me a text message, which prompted me to put together a series of articles, exclusive to Malaysiakini.
“I have been having trouble with my auto payments not getting through to (name of insurance company removed),” he wrote.
“Went to see them and (although I applied to switch) from BSN to RHB for auto-payment months ago but (the insurance company has not done the switch for me yet).”
Obviously, like most people, this friend of mine encountered difficulties even trying to get in touch with the insurance company.
Phone calls to the company probably went to a voice-activated machine, which explains why he took the trouble paying the insurance company a visit only to find that the branch office at Jaya 33 in Petaling Jaya, Selangor has closed down.
After paying his premiums for many years, he could still face the possibility of having his policy annulled for failing to pay the premium.
Such stories happen, and very often, it is not even our fault. It happened to me recently, but the policy was quickly reinstated after I wrote to the customer service manager and copied Telelink Bank Negara.
I pointed out that it was not my fault as I had submitted my form for a change of credit card for the auto-payment option. This was proof I had no reason to default the payment of the premiums.
Persistence pays
Under normal circumstances, most people would give up after a few attempts at engaging with the customer service department. In my case, I would always go all the way especially when I know I am being sidelined.
Who would not, given that insurance is sold based on trust!
In exchange for a piece of paper and some promises, you are paying your premiums to a company every year that is using your money to make more money, but when it comes to their turn to compensate you, they use every way to wear you down.
Some voice answering machines, for example, could go on for a few minutes before you get to speak to a human person.
After you have spoken to the customer service person, you are told the insurance company cannot do anything because your policy has lapsed! And you are left to despair. After paying your medical insurance for over 15 years, you suddenly discovered that you are left with nothing.
To buy a new medical insurance policy would be impossible because you have what insurance companies call “medical preconditions.”
What do you do? Do you just give up and complain to your friends, who cannot do anything to help?
The same could happen when your life policy has lapsed without you knowing about it.
As a result, your beneficiary will not be able to benefit from the compensation that the company was supposed to pay them, and this, despite you paying the premium nearly all your life.
Helpful tips
In this series of articles, I will share with you some practical tips, based on my own journey, and you see how you can also turn things around.
My advice for most people is: Never allow your insurance company to bully you. Know your rights as a client and remain persistent as long as you know you are not trying to cheat the insurance company.
I have managed to get back my premiums paid to the insurance company for several years after I learnt that I was sold a policy 10 times above the minimum insured amount for a life policy when I asked to purchase medical insurance.
I have also paid premiums for three years unknowingly when my agent cancelled the Disappearing Premium Option (DPO).
After four to five months of consistent pursuit with the customer service manager, finally, their senior manager came to meet me personally to resolve the matter.
After signing a Customer Due Diligence form, within just three days, the money was returned to me.
It was a simple solution, and the money is rightfully mine, but why it took them five months to arrive at this solution is anyone’s guess. I wish to give credit to Bank Negara, which has been most helpful in solving the problem.
More information, enquiries, or redress via Bank Negara’s telelink can be obtained from https://telelink.bnm.gov.my. They can be contacted via phone: 1-300-88-5465 (when overseas: +603-2174-1717).
For direct enquiries, the public may also contact Telelink through their newly introduced Live Chat function during their operating hours: Monday-Friday, 9am-5pm).- Mkini
STEPHEN NG is an ordinary citizen who believes everyone, including the insured, has rights that must be protected.
The views expressed here are those of the author/contributor and do not necessarily represent the views of MMKtT.
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