This blog post will not go into how much to qualify or how to go about the purchase. This will just be my humble opinion of the 2 product...
This blog post is trigger by Questions like should I invest in ETF and fight inflation with my savings. To begin with, our objective must...
This post is trigger by a Question on at what age should a "will" be written. The "will" part have been covered in th...
I was thinking about writing this blog for 2 days but I am really busy. As a financial blogger, I feel I should do my part in helping t...
This post is triggered from SRS being a better fund for "Guarantee Return" Endowment Plan GE270 rather then cash on hand. I w...
One must know the big picture of the loan and do a projection to know how long and how much to pay. https://www.hdb.gov.sg/fi10/fi10321p...
This post is triggered from Ms Leianne Tan post on " Married couple in S’pore agree to divorce to buy another HDB flat to rent out...
My views on Keppel Corp and I am bearish bias. Even though Keppel secures contract to perform second FLNG vessel conversion for Golar o...
I have just started my blogging for the sake of sharing more ideas with more people who are interested in my thoughts. I always find...
The 1% Rule Let's Go Straight to the point. If your Capital is $30 000 and you are applying the 1% rule. This means the amount of ...
Wednesday, 1 July 2015
A Policy Holder Concern about Exlcusion.
After reading the facebook post by Raymond Ng below...
">15 years ago, when I bought AIA insurance with critical illness coverage, AIA asked me to go to their appointed medical clinic to check up. Upon clean bill, AIA accept my application.
Now, insurance pass the responsibility to consumers. If known illness not declare, it may end up not able to claim the insurance.
Why not insurance take up the responsibility to have their doctor conduct check up first before accept the insurance application? If there is exclusion per medical check up, stated it in the agreement up front.
In that way, both insurance company and consumer will have peace of mind."
I approached my professional friend Christopher Tan and had a discussion.
It is true:
Under the life or general insurance policy, there is usually a non-dispute clause. This clause states that the insurance company cannot dispute a claim on grounds of non-disclosure after a lapse of one or two years from the issue of the policy, "except in the case of fraud". Some claim officers argue that non-disclosure is fraudulent. They are mistaken. If challenged in court, they are likely to fail.
What you need to do before purchase of any policy is to declare as true as possible your current health status and the above non-dispute clause will be valid.
Alternatively, you can now approach your insurance planner to check whether you have any exclusion status and/or whether the non-dispute clause is in your current policy.
You can also do a comparison of the policies you need at
Last but not least,
You can check out my old post on
In What Situation our claim might not be valid?
Insurance Yourself Safely Everyone!