Insurance is an intangible commodity.
Insurability is a priceless asset, it is non-transferrable & the loss of which, is arguably, irreversible.
So are we trying to tell a fairy tale here? Absolutely not either! It does not take anyone more than an average IQ to tell you that an immortality pill does not exist in this world, at least not for many more decades (I suppose!).
In our years of assisting clients with their insurance application, the scenario that has drawn our greatest empathy lies beneath a 'Declined' underwriting decision. Ironically, this group of applicants (being declined), whose Insurability is somewhat/somehow challenged by medical condition(s), is probably also the group who desires for, and/or needs insurance coverage.
So is there any way to manoeuvre past the underwriting process in order to be granted acceptance?
Since Aug 2007, a British insurer has provided a "catalyst" to one's insurability by introducing what the industry calls the "Moratorium Underwriting" concept here to its Shield plan (a medisave-approved medical insurance).
The concept works by doing away with medical declarations when an applicant is eligible to elect Moratorium Underwriting option - that is, he/she is not employed in certain hazardous occupations nor has been rejected/postponed/excluded for any health and/or life insurance before, and not required to pay additional premium for his/her MediShield Life coverage. Given such an underwriting option, an eligible applicant is guaranteed with the issuance of the policy, but any pre-existing medical condition(s) is/are, but predictably, excluded.
This concept has arguably removed the biggest bugbear in insurance application and acted as a probable catalyst to rekindle one's insurability after a stipulated period of time subject to its terms & conditions. Instead of having to declare medical conditions that threaten the approval of an application, it guarantees issuance & allows an applicant of sub-standard health to be covered for medical treatment that are required not out of and/or not related to any pre-existing condition(s). And just like any great deals, where terms & conditions apply, it will also top up the deal with "an-icing-on-the-cake" feature. And in this case, it is the possibility of having a pre-existing condition included after 5 continuous years of coverage from the date of commencement of cover or the date of the last reinstatement or the date of upgrade, whichever is later, under the Policy, the insured person has not, in relation to a pre-existing condition:
- experienced symptoms;
- sought advice or tests from a Physician, a Specialist or Alternative Medicine Provider (including check-ups for that pre existing condition);
- required and/or received treatment or medication;
Upon fulfillment of the above status, the Pre-existing condition (other than a list of permanently-excluded conditions, e.g. cancer, heart attack) shall be covered.
I hope that after reading this, you are made aware of an option that could help someone in distress when they are in the quest of medical insurance. Don't hesitate to drop myself or Brian an email to find out more if you think this can help someone.
