Unhealthy People and Insurance
I am in what I call “Underwriting Hell”.
Underwriting in the context of insurance refers to the process where insurers assess the risk of an individual applying to take up insurance cover by looking at his medical history and health condition. Unhealthy people will naturally complicate the process, leading to a lot of added paperwork, trouble and complexities.
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Aviva MyShield Moratorium Underwriting
Aviva’s MyShield is currently the only Medisave-approved integrated Medishield policy of the 5 offered in the market to offer Moratorium Underwriting alongside the more traditional Full Medical Underwriting option. Full Medical Underwriting requires the applicant to fully disclose material facts of his medial history and conditions. The insurer will then decide whether to exclude declared pre-existing conditions or even decline the application.
The Critical Importance of Full Disclosure
What is similar across insurance policies? This statement:
“PURSUANT TO SECTION 25(5) OF THE INSURANCE ACT (CAP. 142) YOU ARE TO DISCLOSE IN THIS APPLICATION FORM FULLY AND FAITHFULLY ALL FACTS WHICH YOU KNOW OR OUGHT TO KNOW, OTHERWISE THE INSURANCE EFFECTED MAY BE VOID.”
It is as simple as it gets – When one applies for an insurance policy, he is to make known to the insurance company all facts that he knows or ought to know. If not, the insurer is well within its legal rights to treat the policy as though it never existed.