When applying for insurance, the principal of utmost good faith applies. The Latin equivalent of 'utmost good faith' is uberrima fides. The principal of utmost good faith or Uberrima fides means you have to declare all material information – those you know and ought to know. If in doubt, just declare it. You cannot go wrong “over declaring” it but you can go very wrong if you do not declare it. … [Read more...]
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What happens if I am unable to pay for the hospital bill?
The following is the procedure on what happens if you are unable to pay for the hospital bill: Restructured Hospital Arrears. Hospital will send the patient a reminder Another remainder via telephone and mail Send debt collection agency (licensed ah-long) At any point in time, if the patient express problem paying the hospital bill, other options will be explore such as "restructure" … [Read more...]
What is Private Integrated Shield Plan and Medishield?
All Singaporeans automatically are opted into the Basic Medishield when their CPF account is first opened. This is typically when they start their first job. For those who want a better coverage, they would look at those “enhanced” shield plans called the private-integrated shield plans. Why are they called integrated shield plan? When a person buys a private shield plan, the Basic Medishield … [Read more...]
Can an obese apply for insurance?
I have seen increasingly number of clients who are obese. ALL of them came to me for help because they were rejected when applying for insurance through other advisers. Frankly speaking, for these groups of individuals, they have been ill advised by their advisers because special consideration is required for these groups of individuals applying for insurance. What exactly constitutes obesity? The … [Read more...]
What is the role of the adviser during claims
During insurance claims, the duty of the adviser is: To check that the policy which the claim is made against cover the intended risk; To advice the policyholder the documents to prepare for claim submission; To submit the documents to the insurer. The policyholder can also do it as all insurers have a customer service center to accept walk-in enquiry; If the claim is rejected, the … [Read more...]
What are the considerations when buying a private medisave-approved integrated shield plan?
When applying for a medisave-approved integrated shield plan, you should consider whether the product: Covers congenital conditions and if so under what terms and conditions; and Whether it covers pre-existing conditions and if so under what terms and conditions. If you already have an existing pre-existing conditions and you have never been considered as under a sub-standard case in any … [Read more...]
Can you tell me which insurer has the worse reputation?
I am not able to tell you this in the public as the insurers will be quick to issue lawyers’ letters to me. Nevertheless, in Singapore history many insurers have earned themselves a very poor reputation for mis-representations and treating their policyholders unfairly by focusing too much on profitability. The older policyholders will know which of these insurers are but the younger customers will … [Read more...]
What is meant by preliminary underwriting for pre-existing condition?
If you have a pre-existing condition or if you have a family history suffering from certain conditions, you may want to consider preliminary underwriting. Preliminary underwriting is a process which a financial adviser assists you to find out from which insurers are likely to offer you the best terms and conditions in view of your pre-existing condition. It is best to approach a financial … [Read more...]
What is insurance?
For some of you, you have a great responsibility in taking care of your family. Your dependents rely on you to provide for them. You are worried about the financial implications to your family if anything happens to you. The good news is that most of such financial risks can be mitigated. Risks can be mitigated through: Risk avoidance (if the sky is dark and might rain, eating indoor … [Read more...]
Why is disability Income insurance important?
I have written a magazine article for this on the importance of disability income, it can be downloaded from this link: Get Paid for Being Disabled. … [Read more...]
