Response to "More Insurance Info Needed" (Business Times, 12 April 2005)
I refer to the letter "More insurance info needed" (BT, April 7).
2 Information is available in the public domain for consumers to evaluate insurance products. For example, the Ministry of Health's website publishes data which can help consumers estimate the incidence rates of major types of critical illness by age or the range of bill sizes for common causes of hospitalisation.
3 The Central Providend Fund website also provides detailed information on the benefits available under MediShield.
4 Consumers could apply these estimates to the product feature summaries or benefits schedules that insurance companies are obliged to provide. This will help them determine the likely payout for different products, including MediShield-related products, under different circumstances.
5 Consumers could also consider the services of financial advisers or insurance intermediaries who would be able to carry out the relevant analysis and recommend suitable products accordingly.