Scam or Not?

in #family4 years ago

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A good life is what parents desired for their offspring. They wanted to make sure that even if they passed away, the life of their children are in good hands and secured. The common steps to this is to apply insurance for their children.


I have a story, it happens for real.


Parents were offered by an insurance company and were captivated of the benefits that it offers. Benefits that could finally answer their long desire of securing their family and their children. They only have a child and because they believe in the insurance company, they insured their child hoping that one day, they can claim the promised benefits.


At 2 years old they insured their child for a 10 year pay insurance plan with a face value of 2 Million ($40,000). Granting the face value, its premium doesn't come cheap, the monthly premium pay could amount from $300-$400 a month for 10 years.

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After few years of paying, their son died due to sickness (Forgot the name of the disease). This could be a hardest turning point of every parents but its beyond their control, they have to accept, let go and go on with their lives.


And now, it's time for the insurance company to serve what they promised to their client. The couple visited the insurance company and claim the insurance of their child, submitted all the required documents and asked to wait for a few days for the process.


After few days, the insurance company told them that they could not claim the insurance. They were denied of the benefits because according to the insurance company, their insurance has a bit essence of fraud. Come on, this is the reason why I hate insurance company.


According to the investigation, the reason of their child's death is the sickness it had during his childhood days when he is not yet registered to the insurance company. During the application for insurance, they did not (or the agent) declare that the child got admitted to a hospital for the sickness.

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Upon the time of claim, the insurance company investigated the claim, and since according to them, they have access to a country's database of health records. In that database, they can see all the hospital records of all the people in the country. I don't know if such database do exist but that's what the insurance said.


In that database, they found out the previous records of the child during its childhood before he was insured and that's the reason for the denial of claim. According to them, it seems that their is fraud because such health records were not declared during application.


Why Now?

Yes, why now. They could have done the investigation and verification of the client's application for insurance before hand, like they said, they have access to the country's database of health records. Why wait for years till the client died before they conducted such investigation?


Their's only one thing in my mind, they themselves (the insurance company) is a fraud. They never practice to conduct such investigation as early the application period because they know that if they do, they could not earn money. 

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It's all about money. The monthly premium that the parents are paying for years are all gone. They could not get it back. This is what insurance company is all about, when it comes to claiming the benefits, they will find a way not to pay. They will conduct deep investigation of the incident in order for them not to release payment. But during promotion of their products, what you can hear from them is the desire to help people getting secured with their future.


Lots of people might disagree on this, especially those who are earning very well with insurance company. Don't worry, this is just me, this is just my opinion base on my own interpretation.


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