I’ve heard of people who have been excluded from coverage and hence were not able to claim when illness struck them. How do I ensure that the same does not happen to me?

[Extracted from Life Insurance Association of Singapore’s website]

There are several scenarios in which policyholders have been unable to claim for events which they thought they were covered for.  Two common ones relate to exclusions in policies, and disclosure procedures.

  • Exclusions
    All health insurance products will carry some exclusions setting out the circumstances under which benefits will not be paid. The most common exclusion in health insurance products is the “pre-existing condition” exclusion.  This exclusion means that any illness or disability that you have or have had when you sign up for the product will not be covered.
    Exclusions vary from product to product, so you must read the policy contract carefully to find out exactly what you are or are not covered for.
  • Disclosure
    An insurance contract is based on trust.  When you apply for health insurance, you must provide all information asked of you.  This could include your age, occupation and any history of illnesses, medical conditions or disabilities. The insurance company will then assess the given information to decide whether or not to accept your application. If you do not provide important information in your application, the policy you take up may not actually cover you, and hence the unhappiness which will likely arise when you try to claim for coverage.

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