Asked on 27 Nov 2019
What would be the pros and cons? are the plans that banks push this hard usually good?
Hi Jia Jin,
That would be an accident plan. It is quite common for accident plans to be marketed over the phone as they usually require no medical underwriting.
So you'll have to ask yourself if the plan fits in your protection portfolio. Even then I would recommend that you do not transact over the phone, as understanding a plan is not something that's done over a phone call. I had a client who said yes to every telemarketer and ended up with 7 accident plans with excessive overlapping coverage, and he was paying $2K/yr just for accident plans alone.
One (or at most, 2) good accident plans will be usually good enough to serve you well.
Assuming it is not a scam call, then it is likely the bank ties up with some insurance company that is offering a personal accident plan through a tele-sales call.
You can decide if it is of value.
Personally as a consumer and as an agent representing my clients at an insurance company, I will avoid it. Simply, I don't even know who to find if I ever need to claim. For the same or similar cost, there are definitely better options available in the market.
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