Doctors deal with insurance regularly in their daily lives, such as when patients need to make claims. Compared to the general public, doctors certainly have a deeper understanding of insurance. Naturally, doctors should know better than the average person how to purchase insurance to protect themselves.
I have sold a lot of insurance, including to doctors. Don’t doubt me; although doctors can treat illnesses, I cannot. But each has their specialty. When it comes to insurance, I definitely know more than doctors. I have also helped doctors make the right choices in insurance.
This story began with a chance lunch where I met Dr. Wong. We started having lunch together regularly. During one lunch, he shared with me that his father’s health had deteriorated, and he was considering reapplying for insurance. He hoped I could provide some assistance.
Anyone who has bought insurance knows that when purchasing any policy, they must submit the latest medical examination report to the insurance company. Dr. Wong, like many others buying a second policy, planned to cancel his previous policy and only keep the new one. Some people continue with both policies, but in this case, Dr. Wong decided to stop the old policy. For such situations, I always recommend starting the cancellation process only after the new policy takes effect.
During the application process, Dr. Wong faced many difficulties and challenges. First, he asked me whether he needed to provide his father’s blood test report. Although I knew this might complicate the application, I insisted on providing it to avoid any issues with future claims.
Some might say a blood test report is trivial and not a serious health issue. To expedite the signing, some might tell you, “It’s okay, just sign it.” They might even say, “Even if you don’t trust me, the insurance company is huge and won’t disappear. Rest assured and sign.” However, this behavior is considered intentional withholding of information, a form of Non-Disclosure. Based on information asymmetry, even if you sign the contract, your claims may be denied later.
What is information asymmetry? It refers to a situation where one party in a transaction has more or better information than the other. In economic activities, different parties have varying levels of information. Those with more comprehensive information are often in a more advantageous position, while those with less information are at a disadvantage.
Therefore, insisting on providing the blood test report is crucial. Following my advice, Dr. Wong successfully reapplied for insurance for his father. He then chose to cancel the old policy only after the new one took effect, ensuring continuous coverage for his father. In the end, Dr. Wong highly appreciated my professional advice and service.
This experience not only deepened my friendship with Dr. Wong but also reinforced my professional belief: to provide every client with the most professional and sincere service, helping them secure the protection they deserve at critical moments. Non-Disclosure not only leads to claim rejections but can also cause clients to lose the protection they need most at crucial times. Therefore, we must ensure all information is transparent and accurate to protect our clients’ rights.