Do you have an unresolved medical condition right now?
Be careful, insurers can decline or postpone your application in such an instance.
Most agents will not tell you that.
This post is on the AVIVA Moratorium underwriting and how it helps you..
** Please note that as of Jan2019,
Aviva moratorium is no longer available for new purchase**
But if you are an existing policyholder of AVIVA myshield with moratorium underwriting please continue reading on....
The Aviva moratorium underwriting is unique because it is very easy to get accepted.
There won't be an exclusion letter or a postponement letter in the application process.
But there is SERIOUS confusion about how it works (even with agents).
Some think that it covers pre-existing condition (actually pre-existing conditions are usually excluded instead). Read on...
There are 2 main criteria before application (list is simplified).
Firstly, you (or person you intend to apply for) do not have the following list of pre-existing conditions that are permanently excluded under the policy.
These conditions are quite severe in nature. ANSWER has to be NO.
If answer is YES, the AVIVA moratorium underwriting cannot be offered to you and you would have to do full medical underwriting.
It will also be hard for your plan to get accepted.
Secondly, you (or person you intend to apply for) were not deferred or declined an insurance before. ANSWER has to be NO.
If answer is YES, the AVIVA moratorium underwriting cannot be offered to you and you would have to do full medical underwriting.
If you are applying for your child, read this
These questions are typical in a medical insurance application with any insurer.
1) Has the child ever had, or have been told or been treated for:
a. any respiratory disease, prolonged cough, bronchitis, asthma, heart problems, epilepsy or disorder affecting the nervous system?
b. any heart disorder, blood disorder, diabetes, endocrine disorder, liver disease or any gastrointestinal disorder, kidney problems, nephritis or abnormality of the genitourinary system?
c. condition affecting the sight, hearing or speech, physical or developmental defects, abnormal or premature birth or any cancer, growth, tumor?
2) In the past 5 years, has the child had any (other than for immunisation or vaccination) of the following tests done?
a. Blood test, Biopsy, Chest X-ray, CT Scan, ECGs, Cholesterol, Liver Function Tests, PAP smear, Ultrasound, Urine or other tests not mentioned. If yes, please specify the type of test done, date, reason and results of the respective test.
b. In the past 5 years, has the child had any (other than for immunisation or vaccination) illness, operation, medical advice, investigations or hospital treatment not mentioned above?
What are the implications
If there are health conditions or extra assessments to be done on your child, it will not be straightforward to get medical insurance (IP plan) coverage.
Price of the plan is not everything.
In severe situations, the insurer may defer or decline an offer to you.
Does this apply to your child?
A) Very pre-term child applying an IP with full underwriting
B) Polycythemia Neonatorum for child applying an IP with full underwriting
C) Very high or low BMI applying an IP with full underwriting
D) Heart murmur
Most agents are not clear about the implications.
Contact Josh Tan now to get the exact template for proper insurance planning
Want more details on how moratorium underwriting works?
I've created this flow chart to help you
Question: Why some conditions may become covered after 5 years but some conditions will still remain excluded.
Example: Child with a history of a broken arm
A simple conclusion would be for any medical bills relating to that broken arm (pre-existing condition) in the next 5 years will be excluded. Any new condition is ok. If there are NO symptoms/treatment/checkup etc on that broken arm in the next 5 years after signing up the policy, the condition would be deemed to pass the moratorium period and the condition becomes covered. IE treatment on that broken arm suddenly again after 5 years will be claimable.
Example: Child with asthma condition
A simple conclusion for any medical bills relating to asthma (pre-existing condition) in the next 5 years will be excluded. Any new condition is ok.
Since there are symptoms/treatment/checkup etc after signing up the policy, the condition would have failed the moratorium period and remain excluded.
IE treatment on asthma before and after 5 years of taking up the policy will remain NOT claimable. It is NOT true that the asthma becomes covered after the 5th year.
Contact Josh Tan below to get the exact template for proper insurance planning
Last updated on January 8th, 2019 at 06:03 pm