Whole Life Insurance
Early Critical Illness (ECI)
Asked 2w ago
I am looking to purchase whole life insurance. Apart from credit ratings, I am very concerned about the claims process for each company (the ease/difficulty in making a claim if the need arises, be it for Early CI or CI, or TPD/Death). How do I know which insurer can make things difficult/strict for me when I satisfy the claims criteria? Based on your experience, were there cases of rejected claims? Looking at companies like AVIVA, Tokio Marine, GE, AIA, Prudential.
At this point, Ministry of Health has a service indicator for claims pertaining to Integrated Shield Plans. You may take a look here: https://www.moh.gov.sg/cost-financing/healthcare-schemes-subsidies/medishield-life/comparison-of-integrated-shield-plans
From there, this will give you a brief idea on the turnaround time to process your claim. Unfortuantely, such statistics is not available for whole life insurance policy.
For this purpose, it may be helpful to work with a trustworthy agent who acts as the expeditor for your claim-related matters.
Meanwhile, it is important to realise that the Life Insurance Association does not mandate the definition for claims for the conditions outside its framework. You may find more information about it here: Life Insurance Association Singapore (LIA) Critical Illness Framework 2020
With this in mind, it will be important to work with an insurer that provides broader definition for claim. This addresses your concern altogether.
Above all, all the insurers will issue a payout so long as the definition for claim is fulfiled. The main difference will be the service rendered, as well as the actual definition for claim.
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