Someone more serious to blog about today ….
This has been in my draft folder since July 2015 *gasp* …… and an issue which I have many serious thoughts on. So long weekend is the perfect opportunity to get this out of ‘draft h*ll* so as to speak 🙂
This topic/issue first came about due to my personal frustration from dealing with a client who has had multiple underwriting issues with a shield plan upgrade. In the end, he/she wasn’t able to successfully upgrade the plan due to a hoist of medical issues (suddenly developed) – and as a result, insurer rejected the upgrade application.
There is definitely an issue of complacency there as he/she have not bothered to review his/her insurance coverage all these years (original with limits hospital plan was purchased back in 1994), and had also assume that group insurance coverage should be sufficient to cover any day surgery/hospitalization (which is far from true). Definitely an element of complacency, and to add ignorance and laziness there as well. It didn’t help also that the original adviser/agent who incepted the plans left and they have been ‘orphaned’ ever since.
In fact the insured’s spouse can even tell me that they have heard a lot about the recent Medishield / Medishield Life changes, plus the developments with integrated shield plans and came to their conclusion that integrated shield add ons are expensive, and a duplicate of medishield life, so no need to review/do anything. Until my client (who referred them to me) made a claim on his plan, then they found out what they have assumed might not be so. Well ……
And given that they were so ignorant in their thinking, and so complacent in their thinking, ended up one half is unable to upgrade his/her plan due to a rash of medical conditions suddenly developed. A good 9 months later, as of today, said person is still undergoing various medical appointments/follow-ups as the doctors were unable to pinpoint the root cause of his/her original medical condition.
It is in times like this that make me realise that we planners HAVE a role to play to ensure our existing clients are up to date with their financial plans, and being a good adviser comes from ourselves first. There will also be cases where some may not be so reciprocal to our approach/re-approach …. and of course some who comfortably think the minimum they have is sufficient (until shit hits the fan).
Update: Did some googling and found this great write-up that takes about procrastination, complacency and indecisiveness – https://prosperityprofessor.wordpress.com/2010/03/07/subconscious-mind-%E2%80%93-is-complacency-procrastination-or-indecisiveness-ruling-your-life/