Insurance companies are not as trustworthy as before. They take our money easily but fail to reimburse when it comes to claims giving excuses such as non-failure to comply to some obscure terms or information or on a technicality. Chartis, MAA, IHM (now dead), and what other insurance companies? And yet, when Obama bailed out AIA, they have the gall to pay large hefty bonuses to themselves giving excuses that it was in their contract!
I have seen the failure of payment by these money leeching insurance company who find ways and means not to fulfill their obligation. It was so easy for them to say if you sign up for this policy or that policy they will reimburse you when something happens to you just so they can close the deal. But when it comes to actual claim, they will say you didn't disclose this/that, or the illness you mentioned occur on a different date stated or some other technicality. Simply put, they will wriggle themselves out from fulfilling their obligation.