facebookIs it possible for someone who got diagnosed with depression at a young age, but later recovered, to get insurance such as CI/ECI and PA insurance? - Seedly

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Anonymous

21 Aug 2020

Insurance

Is it possible for someone who got diagnosed with depression at a young age, but later recovered, to get insurance such as CI/ECI and PA insurance?

Saw a shrink, ate medicine at 15-17 years old. Was later told that there is no need to go back and no need for any more meds. Currently in late 20s.

Discussion (4)

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You will need to declare the information during your application. It will be best if you have a letter from your consulting doctor detailing your treatment plan and eventual discharge. If this is not available, the insurer will need to write to get this report and it may delay by 2-3 months. There's likely substandard terms offered for ci / eci and extra premium or exclusions may be imposed. This will be dependent on the report and the insurer's guidelines.

As Hariz mentioned, you may want to go for preliminary underwriting first to get an outcome but you need to have your report on hand before you can do so.

For pa, some insurers may do a simplified underwriting process and ask a couple of health questions. If its a yes to any of those it'll be a straight decline. I know manulife won't offer pa coverage to those who have been treated for depression.

Hariz Arthur Maloy

20 Aug 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon, yes it's possible.

The usual underwriting outcome in my experience has been exclusions for Total and Permanent Disability and possibly loading to Death and CI.

You'll need to provide a psychiatrist's memo that details your recovery and discharge from your diasgnosed depression.

Also, different insurers may give loading at different amounts and in one unique case I've dealt with, none at all for one insurer but others gave 50% loading. So make sure you conduct a preliminary underwriting inquiry with multiple insurers before a formal application.

Duane Cheng

20 Aug 2020

Financial Consultant at Prudential Assurance Company Singapore

Hi there,

To have a higher chance of acceptance, you will need an official letter of discharge from...

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