When you apply for private health insurance, the insurer will review the risk of your application, known as ‘underwriting’, in one of two ways, 'Moratorium Underwriting' or 'Full Underwriting'.
Most insurers in Singapore accept only "Full Underwriting". You will be required to complete a full medical questionnaire covering every illness, condition and doctor’s diagnosis prior to the application.
This questionnaire then forms the basis of the insurer’s underwriting decision. Typically, pre-existing conditions will be excluded with little or no chance of them being covered, even after a number of treatment-free years.
What is moratorium underwriting?
Moratorium underwriting offers the chance of having pre-existing conditions covered after a period of time.
The insurer does not require a medical questionnaire to be filled out, but basically puts a blanket ban on cover for any medical conditions for which advice, treatment or medication has been sought before the start of the plan.
If no medical treatment or consultations have been required for the illness, or any related ones, for predefined number of years by the insurer, cover will be extended to these pre-existing conditions, subjecting to other conditions set by the insurers.
Typical Moratorium definition
If You have chosen the Moratorium Underwriting Option, during the period of several years’ continuous insurance 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; or
- sought advice or tests from a Physician, a Specialist or Alternative Medicine Provider (including checkups for that Pre-Existing Condition); or
- required treatment or medication; or
- received treatment or medication
There are other terms and conditions applied. Please contact respective insurer or consult our financial adviser for professional advice.
Products Available in Singapore
Only two insurers are currently offer products with moratorium underwriting:
- Aviva MyShield & MyShield Plus
- InterGlobal UltraCare
Sourcing for an insurance quotation can be tedious and time consuming; the claim process can become pro-longed and complicated. We provide one stop services for you to handle these and offer the most competitive quotation.
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Last Updated on Tuesday, 21 June 2011 12:38
