Insurance Agent turned Claimant but Forever a Loving Wife
We were honoured to have both Cathie Chew and her husband Sim Tharn Chun at Biometric’s Lunch Talk early this month, sharing her journey as an insurance agent turned claimant while caring for her husband throughout the years. For sickness and in health, hers is indeed a love story.
Mr. Sim was one of the victims who was affected by the raw fish saga episode that happened in Singapore in 2015. He was taken seriously ill due to a brain infection (bacterial meningitis) after consuming raw fish porridge at a local stall. Unfortunately, it left him with permanent hearing loss, affecting both his mobility and balance. Six months later, he was made redundant from his high-paying job.
All too often we don’t think of the worst-case scenario that can occur to us. What more from having a mere meal at our favourite hawker stall? The thought is almost absurd, but the reality is quite the opposite. This is exactly why Biometric requested Cathie to retell her story, albeit it had taken place 8 years ago. The key takeaway – if it can happen to Mr. Sim, it can happen to any one of us. And to be financially secure in the event one can’t work because of a disability, illness or accident is a real need and necessity. Because if you think about it, the ability to work and earn a living is one of the greatest assets we can acquire.
We had the opportunity to talk to Cathie about her both personal and financial challenges, and her thoughts on income protection insurance.
Biometric: Please tell us a bit more about yourself before the incident.
Cathie: I was a veteran insurance agent with Prudential Singapore since the age of 21. I am outgoing and love to meet and talk to people from all walks of life. I used to play tennis once a week as a hobby.
Biometric: Walk us through that day when your life changed.
Cathie: My hubby was admitted to KTPH on 19 Nov 2015. That Sunday 15 Nov 2015, he had super thin slices of raw fish dipped in piping hot porridge in Tiong Bahru Market. The bacteria created havoc in his body and resulted in brain infection- Bacterial Meningitis.
Biometric: What was your mental state of mind as a caregiver – and how did you cope with it?
Cathie: As a caregiver, I went through various phases. It was a roller coaster ride of anger, loss and finally embracing the role. My coping mechanism was prayers and loads of support from family and friends (spiritual community). One way I coped was through reflections and writing. That was how I became a self-published author in Jan 2017.
Biometric: How did you cope financially?
Cathie: We kindly rejected financial support because we were blessed to be able to claim insurance funds that could help us for the next 3-5 years. We survived the ordeal financially because of:
• Insurance payouts and it also helped since I was his insurance agent.
• Financial prudence and spending below our means.
• Debt-free living.
Biometric: In hindsight, do you think it’s a necessity to have an assurance that your income is protected in an event such as this? That renders yourself or loved ones incapable of working for a period (or permanently).
Cathie: In my hubby’s case, the first TPDB claim payout was in Dec 2016. That was nearly 9 months after the approval of a critical illness claim. The claim was also very stressful as the definition is very stringent and the claim was rejected 3 times before it finally came through. If there is a scheme that covers temporary disability in place, I would be more relaxed to take the time to claim the TPDB benefit.
Biometric: As an insurance advisor, your key message on protecting your income/savings to ensure financial stability?
Cathie: My insurance article. “Health Crisis Can Strike Anytime, Insurance Policies are “Nonnegotiable” was published in Feb 2018 At one point, the said article garnered more than 3000 shares. Most of the shares were by insurance practitioners. In summary:
• Medical insurance is non-negotiable.
• Get whole life plans with critical illness coverage.
• For Those with school-going children, it would be helpful to get protection coverage for premiums paid
• Dependants’ Protection Scheme from the Central Provident Fund
• Do not forget personal accident coverage
Life insurance policies and the added coverage you have for your family when rightly purchased, will give peace of mind to the claimants and dependents. Prompt payment of insurance claims will always go a long way to assist distressed families to maintain a decent standard of living while coping with the loss of health.
Biometric: As a final note, will you consider an income protection insurance policy?
Cathie: I will if it ticks all the following:
✓ If the price is affordable
✓ If the coverage is decent
✓ If the application process is seamless
✓ If the claim is prompt
We thank Cathie Chew for her insightful perspective and for imparting her experience as both an insurance agent and then a claimant. We wish her and her hubby Mr. Sim all the best in their endeavours and hope her story will act as both an inspiration and awareness for all of us.
As the saying goes, “People don’t plan to fail, they usually fail to plan.” Income protection insurance is one way of planning to safeguard your income in the event you’re unable to work due to a disability or illness.
