As the financial sector gets more liberalised, the financial institutions get more creative and innovative. All kinds of insurance policies are now made available in the market. Not only do we have a wide selection of choices in the insurers themselves, even the different plans for each type of insurance offered by each insurer can be quite overwhelming!
If you take a look at the different types of policies that are mushrooming, you may just wonder like me why some of these so-called supplemental insurance policies cannot be covered for in the regular policies that already exist in the market. Perhaps our society has changed needs, but surely policies can be enhanced to adopt to the changes in lifestyle?
One example of supplemental policies is a Medicare supplement insurance that helps to cover gaps in a normal medical policy. Knowing there are gaps, how come they are not addressed? Instead, some new policies are made to make up for the gaps. Strange!
But then again if that were the case, then the business may of insurance may not be as lucrative.
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