I think the other thing (apart from this) that I struggled with so much when looking into life insurances was the secrecy level. What other products allow you to not tell the consumer if it’s worth applying to purchase?
Why Is Insurance So Secretive?
The Goal Posts Are Secret
This one REALLY irritated me. As a consumer wanting to purchase a product, I had no idea what the guidelines for acceptance were. My weight is apparently borderline for a number of insurance companies.
One private insurance company told me that below x weight, I wouldn’t have to get a premium loading. Cool. So I put off applying until I’d lose the few kilos to put me under the number I was told. Only when I finally applied and had a medical, I ended up with a loading for the weight anyway. WTAF?
I flipped strategies and swapped to looking at insurance within a superannuation account. That one rejected me because my bursitis was “too recent” and my weight “slightly too high”. I called them and was asked… what ISN’T too recent? What weight do you think I need to be at to be accepted. Here’s the kicker. They weren’t allowed to tell me. Now, I was apparently very borderline rejected so the staff member did break the rules and tell me the weight part. But come on. This is bullshit. Why can’t a consumer know what the goalposts are? Why didn’t they reject me out of hand instead of wasting their money and my time doing a medical?
I have no idea why they are all so secretive. I assume it’s because they all consider it commercial in confidence information, as it relates to how they manage risk and profit for their business. But if that’s the case, why do financial planners know these things and why are they allowed to know and not the end consumer? I don’t like using “middlemen” for anything, so I don’t see why I’m not allowed to be fully informed as a consumer.
Give Me My Bodily Information
As it turns out, one company that (apparently borderline) rejected me from their insurance (for reasons such as “bursitis is too recent” because apparently I’m likely to claim income protection for mild bursitis? I don’t bloody know) also had some info on me that I would have liked to have known. Basically, one of my iron levels (not the last one that dropped) had gone a few points below the recommended range. I only found this out as I called the insurer back after they’d rejected me to ask some questions. You’d think it would be nice if I bloody knew my body had a problem (however minor!). That enraged me a tad.
While I am still glad I’ve gone through the masses of adulting to get this stuff set up, it irritates me how insurances “work” and frankly gives me little hope of how they’d treat me if I ever needed to make a claim.
Do you find secret goal posts annoying? What other consumer product is allow SUCH a level of secrecy? Do you think consumer rights should come before commercial in confidence information?