How do insurance agents normally tell their prospects or clients whether a policy has deductible benefits?

A deductible is an out-of-pocket expense by the policy holder.
Is there a difference between "there is no deductibles", " there is no deductible benefit". how do you usually inform the policy holder?

(Let's not talk about co-insurance for the purpose of this discussion)

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Discussion (5)

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Pang Zhe Liang

04 Jun 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

I believe that you are referring to the healthcare insurance policies in Singapore, e.g. MediShield Life, or Private Integrated Shield Plan. Let's take the latter for example.

Basic Plan

Typically, I will go through the product summary with the client and explain the table of benefits for the basic plan first. Accordingly, there will be a section where it states further on the pro-ration, deductible, and co-insurance. In essence, these are some of the costs that the client is expected to incur for the eligible expenses with the basic plan.

More Details (Part 3):

Integrated Shield Plan Singapore: A Starter's Guide

Rider

Next, we will move on and explain the rider for integrated shield plan. Generally, the purpose of the rider will be to cover the incurred cost of deductible, and co-insurance incurred under the basic plan. Despite that, it is subject to the relevant plan's terms and conditions. Thereafter, we will move on to the various examples.

More Details:

Integrated Shield Plan Rider Singapore: A Starter’s Guide

In summary, I will conduct the discussion and explanation with the aid of the policy summary. Through this process, client is able to see the points clearly and is aware on the coverage to this end.