WrLife still ok?

[Fat is a type of crazy]

1 hour ago, madone said:

 

Wow. I'm not a big believer in what I read anywhere, but the fact that someone apparently representing the company has taken the time to call everyone leaving a 1-star report a liar really turns me off.   

I know. I raised that in a previous thread that was deleted. What professional company responds like that. Odd. The first email received by Bubblegum 19 hours a go was strange too. Seems like a very small operation. 

[scubascuba3]

46 minutes ago, Henk Langeweg said:

So the policy of WrLife for each member is the one when that member stepped in? Doesn't fit with the practise of sending me a policy every year when I pay for a new year extension.

It's ok because if wrlife say the original t&c didn't apply when he claims he can get on the earliest flight to nevis and take them to court, although he may be too ill

[jerrymahoney]

1 hour ago, JBChiangRai said:

@jerrymahoney are you in any way connected with WrLife other than you bought their health insurance?

No -- just someone who has had an exposure to re-insurance and captive markets that doesn't ever get discussed on here.

 

My main reason for commenting is that, going back 2+ years, there were queries of anyone who has had claims paid by WrLife. While I would have preferred saying nothing, I decided to do otherwise.

[NanLaew]

Well, while the paint was drying, I had nothing better to do than wade through all those Trustpilot reviews.

 

I will be switching to WrLife soon.

[jerrymahoney]

On 10/22/2024 at 2:13 PM, scubascuba3 said:

Why would it be Nevis? maybe a good place for a work/hol combo

#6 worldwide non-US captive domicile

[Henk Langeweg]

Had some email exchange with my broker and this is the bottomline according to them.

 

"To clarify, the changes related to coverage for specific and degenerative diseases will be implemented upon your policy renewal."

 

For WrLife renewal means also extension of a existing policy.

 

So new members are affected but also EXISTING members.

[NanLaew]

WrLife are listing 33 degenerative diseases up front.

 

How many of these will other insurance companies cite as a reason to deny a claim?

[jerrymahoney]

It depends upon how much outpatient insurance you have, if any.

[JBChiangRai]

1 hour ago, NanLaew said:

WrLife are listing 33 degenerative diseases up front.

 

How many of these will other insurance companies cite as a reason to deny a claim?

Is old age one of them?

[jerrymahoney]

On 10/23/2024 at 8:06 AM, JBChiangRai said:

Stop deflecting and answer the question, Who is the underwriter of your policy?

Old Age? As above that is S-O-O-O funny. But as long as we're in comdey mode, how about this (with apologies to The Treasure of the Sierra Madre, 1948):

 

Underwriter? We ain't got no underwriter! We don't need no underwriter. I don't have to show you any stinkin' underwriter!

[NanLaew]

3 hours ago, JBChiangRai said:

5 hours ago, NanLaew said:

WrLife are listing 33 degenerative diseases up front.

 

How many of these will other insurance companies cite as a reason to deny a claim?

Is old age one of them?

 

Does the fact that most insurance companies won't take on anyone +70 answer your question?

 

Can't have a claim denied if they won't sign you up from the get-go.

[brewsterbudgen]

6 hours ago, JBChiangRai said:

Is old age one of them?

No.

[jerrymahoney]

On 10/22/2024 at 1:55 PM, JBChiangRai said:

On 10/22/2024 at 1:45 PM, jerrymahoney said:

This is the current policy document:

 

https://www.wrlife.net/documents/WRLIFE POLICY ENGLISH.pdf

 

And it's clear who the insurer is "Insurer: insurance company or captive or compartment of captive or protected cell of captive"

 

https://www.vermontcaptive.com/captive/

[JBChiangRai]

2 hours ago, jerrymahoney said:

 

https://www.vermontcaptive.com/captive/

Oh silly me, that’s alright then.

 

And there was me thinking the other reason someone might do it was to keep all the premiums and get rich.

[jerrymahoney]

9 minutes ago, JBChiangRai said:

Oh silly me, that’s alright then.

 

And there was me thinking the other reason someone might do it was to keep all the premiums and get rich.

Only time will tell, huh?

 

... or as the the long beleaguered Chicago Cubs fans used to say: Wait 'Til Next Year

[Etaoin Shrdlu]

Captive insurance companies are typically set up to pool the risks of a large corporate's own subsidiaries.  It is the element of exclusively insuring the risks of the parent company that makes an insurer a captive.

 

Captive insurance companies are almost exclusively used as reinsurers, not direct insurers, due to licensing and regulatory issues.

 

I would not consider WRLife as a captive insurer within the industry's use of the term.

 

 

 

 

 

[jerrymahoney]

20 hours ago, Etaoin Shrdlu said:

I would not consider WRLife as a captive insurer within the industry's use of the term.

Much thanks for being spokesperson for the industry.

[JBChiangRai]

1 hour ago, jerrymahoney said:

Much thanks for being spokesperson for the industry.

And much thanks for being spokesperson for WrLife 

[jerrymahoney]

Since I have no direct experience in the industry, I try to only post directly from entities that are -- not winging it like the above.


A major int'l broker says that a protected cell captive is particularly suited to:

Acting as a fronting structure to access the reinsurance markets.

[bkk6060]

My buddy in Pattaya has WR and got that policy update.  It says nothing about existing customers exempt.  In fact, he uses a broker for the policy and the broker told him to get cleared or not cleared for the listed diseases.  I assume in many countries it would be illegal to change it for existing customers.  Anyway, in looking at the list it would take possibly 1000ś of dollars to get all the tests required to get yourself cleared.  It did say if one does not get clearance, they will not be covered in the future.  Seems a big shame.

[jerrymahoney]

The 'cover' as expressed in the recent WrL policy document for degenerative illnesses will be almost exclusively outpatient cover or what in US is considered long term care or LTC.

If you only have inpatient cover, it is practically then moot point and inpatient care only when medically necessary.

And note from this CIGNA Global (Thailand) policy if you have 150 million baht inpatient cover you will only have 2.5 million outpatient cover.

[bkk6060]

55 minutes ago, jerrymahoney said:

The 'cover' as expressed in the recent WrL policy document for degenerative illnesses will be almost exclusively outpatient cover or what in US is considered long term care or LTC.

If you only have inpatient cover, it is practically then moot point and inpatient care only when medically necessary.

And note from this CIGNA Global (Thailand) policy if you have 150 million baht inpatient cover you will only have 2.5 million outpatient cover.

Generally about WR you are probably correct. The big one however, looks like Cardiovasuclar coverage.

It appears they are requesting in this situation; that you need have documentation of a healthy heart if you want future coverage for a heart attack.  So,EST, heart scan, calcium test, blood test, etc. some expensive tests.  If you don´t have clearance and you have a massive heart attack and have to spend time in the hospital, it appears that won´t be covered. 

[jerrymahoney]

6 minutes ago, bkk6060 said:

Generally about WR you are probably correct. The big one however, looks like Cardiovasuclar coverage.

I think you are misreading the document: Cardiovascular is not on the list of degenerative diseases.

 

Specific diseases: Hypertension & Cardiovascular Disease, --  Always 6 months waiting period in any case

[JBChiangRai]

It seems you can be damned if you do and damned if you don’t.

 

Some companies will ask you if you’ve ever had such and such a test, and if you have, they won’t cover you for the disease even though the test was negative.

[scubascuba3]

3 hours ago, bkk6060 said:

Generally about WR you are probably correct. The big one however, looks like Cardiovasuclar coverage.

It appears they are requesting in this situation; that you need have documentation of a healthy heart if you want future coverage for a heart attack.  So,EST, heart scan, calcium test, blood test, etc. some expensive tests.  If you don´t have clearance and you have a massive heart attack and have to spend time in the hospital, it appears that won´t be covered. 

Makes sense if wrlife deny expensive claims, where are the customers going to sue? can't see anyone going to Nevis

[jerrymahoney]

21 hours ago, scubascuba3 said:

Makes sense if wrlife deny expensive claims, where are the customers going to sue? can't see anyone going to Nevis

Nevis is a nice place to visit. So it would have made better sense to register the company in Burkina Faso:

 

DO NOT TRAVEL to Burkina Faso due to terrorism, crime, and kidnapping.

 

https://travel.state.gov/content/travel/en/traveladvisories/traveladvisories/burkina-faso-travel-advisory.html

 

 

[jerrymahoney]

It's been close to 3 years that I signed on with WrLife and a few months after that I reported here a big claim was paid. For that I have become the prime target of --

 

Oh Yeah -- so who's the underwriter?

 

What is your country jurisdiction?

 

where are you going to  sue WHEN your claim is denied?

 

Their business plan is unsustainable

 

What is their A.M.Best rating

 

So you bought a pig in a poke ??

[bubblegum]

It was confirmed to me both by AA Insurance and WRLive that existing policies are NOT affected anyway by this , also no change in in policy by renewal.

[Henk Langeweg]

16 minutes ago, bubblegum said:

It was confirmed to me both by AA Insurance and WRLive that existing policies are NOT affected anyway by this , also no change in in policy by renewal.

I got the info from AA that it is!

[bubblegum]

1 hour ago, Henk Langeweg said:

I got the info from AA that it is!

When? They called me today saying it was a misunderstanding between WRLive and AA.