hi, just wish to ask you guys if you have experience requesting a claim from insurance companies.
my father in law passed away last month due to some unknown virus that attacked his lungs in SGH... anyway, he has some insurance policies from various companies like AIA, Prudential and if i'm not wrong; Great Eastern.
so the agent from Prudential just wanted a certified true copy death cert and my wife's birth certs to prove relation to make that claim.
the agent from Great Eastern also just required similar stuffs including my father in law's birth cert.
however, the agent from AIA wanted a Letter of Administration as my father in law did not make a will. we went to ask around and the lawyers are charging between $3,500 to $4,000 for the Court documents and also it will take at least 6 months to process... am i being paranoid or do i feel that AIA wants to drag this as long as possible? the other insurance companies do not require this Letter of Administration, why does AIA demands it?
if you have experience in claiming from insurance companies, please do share.
It is could be possibly due to the death amount of sum insured with AIA that's resulting in the difference in approach, as in the death amount insured with AIA could be greater than $150,000, whereas the amount insured with Pru or GE could be lesser than $150,000.
Example of a statement:
( from Pru )
http://www.prudential.com.sg/corp/prudential_en_sg/myprudential/makeaclaim/
Death Claim - Section 61 of the Insurance Act
This Act allows an insurance company to pay an advance payment up to a maximum of $150,000 of the proceeds after claims admission to the proper claimant named as follows:
Proper Claimant means:
The balance proceeds will only be paid after the company receives the Estate Duty Clearance* and Grant of Probate/ Letter of Administration.
http://www.lifeisgreat.com.sg/en/jsp/cs/faq_deathclaim.jsp
( or from GE )
4. Can the claimant get full or advance payment after making a claim?
Section 61 of the Insurance Act allows an insurer to effect a maximum advance payment of up to S$150,000.00 to "proper claimant(s)" under Section 61 of the Insurance Act, without the production of the Grant of Probate or Letters of Administration. Amount in excess of S$150,000.00 would be payable upon receipt of the Grant of Probate or Letters of Administration.
A "proper claimant" is either the executor named in the Will of the deceased, or the spouse, child, parent, sibling, nephew or niece of the deceased.
check the policy's T&C
hi, the amount only adds to $57,000... is it alot?
It is the total amount that is claiming from all the insurance company added together. The best way is to call AIA directly and ask for the reason why LA is needed. There is no reason for any insurance co or AIA to hold back any valid claim. They will pay as soon as all requirements are met.