Thursday, December 02, 2010

Declaring medical condition

This consumer is not sure if his medical condition needs to be declared and if it affects the underwriting of his application.  What is the correct approach? What should he do, if the terms imposed are too harsh?

Ask Mr. Tan
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1 comment:

Spur said...

If you have already got some health issues, better to just leave your current insurance as it is. Especially H&S insurance.

You need to declare all health issues and status, coz you can bet your last dollar that insurers will check whatever is on your hospital and clinic records, and consult their medical board to verify whether there is a significant chance that you already have the problem before you took up the insurance. Particularly if you're claiming on large term life payouts, or on expensive upgraded hospital wards.

The other thing is that when you declare some health issues if applying or upgrading, the insurance company will immediately raise a red flag on you. So even if you reject their insurance offer becoz of extra loading, your health issues already captured in the system. Other insurance companies can & will consult each other of your past records. If you have existing insurance with the company, they will record such details against your name. It's like having a criminal record that follows you.

December 02, 2010 5:45 PM

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