Clarification needed for IP

[Beastosterone]

Hi all, I've just turned 27 this year and signed a contract yesterday with Aviva, myShield Plan 2 Option C. I got a slipped disc june 16 but was only confirmed after gotten my MRI report on Nov 16. Hope you guys can give me some insights on the questions below.

1) My consultant told me no underwriting is required, instead just put as moratorium. Within 5yrs, any problem except for slipped disc I can claim which is better than undergo a full underwritting which will exempt existing condition forever. Any issue with this in the future?

2) She told me that Aviva plan might be more expensive at an earlier age but will be on par or even cheaper than other insurer at a later age. Since IP comparison table listed on MOH website was outdated, I plucked in the numbers from Aviva and NTUC web and compared and found that the result doesn't seem to tally with what she said. Need clarification on this.

3) How soon can I change to other insurer or can I terminate my contract since it was only submitted yesterday only?

4) If I switch to other insurer, will the moratorium period restart back to year 0 or will it continue from year 1?

5) Should I buy an IP with full rider coverage for my mom who is healthy and is in her mid 50s or Medishield life is enough?

 

[mksing]

Hi all, I've just turned 27 this year and signed a contract yesterday with Aviva, myShield Plan 2 Option C. I got a slipped disc june 16 but was only confirmed after gotten my MRI report on Nov 16. Hope you guys can give me some insights on the questions below.

1) My consultant told me no underwriting is required, instead just put as moratorium. Within 5yrs, any problem except for slipped disc I can claim which is better than undergo a full underwritting which will exempt existing condition forever. Any issue with this in the future?
I don't know and have much details about moratorium underwriting, so can't help you here.

2) She told me that Aviva plan might be more expensive at an earlier age but will be on par or even cheaper than other insurer at a later age. Since IP comparison table listed on MOH website was outdated, I plucked in the numbers from Aviva and NTUC web and compared and found that the result doesn't seem to tally with what she said. Need clarification on this.
NOT TRUE, Currently Aviva is second most expensive one, it has always been expensive one. I don't think it will be cheaper in future because they are the one with smallest market coverage (no. of ppl insured with them). Although I do carry Aviva ISP, since the difference is small amount I am lazy to change.

3) How soon can I change to other insurer or can I terminate my contract since it was only submitted yesterday only?
I always recommend that you don't change your ISP insurer; if you are not comfortable with Aviva then choose another one NOW itself.

4) If I switch to other insurer, will the moratorium period restart back to year 0 or will it continue from year 1?
Other insurers don't offer moratorium underwriting.

5) Should I buy an IP with full rider coverage for my mom who is healthy and is in her mid 50s or Medishield life is enough?

This one depends on your personal financial situation. Its always better to buy for elderly.

PS: I am not an insurance agent.

 

[Beastosterone]

This one depends on your personal financial situation. Its always better to buy for elderly.

PS: I am not an insurance agent.

Thanks for your input. I also don't see much cost difference at early age that's why i take up and change if there's better plan. Currently I've no debt or other financial matter to worry. I am just looking at a longer perspective and that will cover my current medical condition.

 

[FP_IFA]

1) Its fine to apply for Aviva Moratorium first. No issue here.

2) Aviva is one of the more expensive shield plan out there now because of an adjustment of premium a few months back. Now you need to know also that insurers adjust their premium now and then so being cheap or expensive now is a usually a temporarily thing. Changing shield because of premium is also a dangerous thing to do.

3) You can stop the application anytime you want.

4) Only Aviva has the moratorium option at the moment.

5) Yes you should if you want your mum to stay in a better ward or to avoid long waiting time. But understand that shield plan premium goes up according to age so check your finances first before committing.

My Suggestion:
Go ahead with your moratorium application. On inception you can try to apply for another insurer and see if you get a more favorable term. If you don't get one thats fine since you can stick with Aviva. If you do get one then you can consider if you want to switch.

 

[zuppeur]

My Suggestion:
Go ahead with your moratorium application. On inception you can try to apply for another insurer and see if you get a more favorable term. If you don't get one thats fine since you can stick with Aviva. If you do get one then you can consider if you want to switch.

I think ts you have to be cautious
If other insurer company ask you for medical checkup for yr pre existing medical condition and you go. I believe coverage for yr slip disc will cease.
You can still try provided other insurer accept you under standard term