Asked by Anonymous
Asked on 11 Oct 2018
I would appreciate it if you could let me know which insurance companies in Singapore would provide coverage for him now. Thanks a bunch!
If a person is still undergoing treatment for depression, I'm sorry to say that it is highly likely your friend will be rejected by most if not all insurers at the moment. Cases of depression are too risky for insurers to underwrite, and hence will not be given much chance at all. This may include those still undergoing consultations, and taking medication etc.
From experience, only if a person has officially recovered from the condition will the insurer been more keen to underwrite, and before a certain number of years after recovery, the insured will most likely have exclusion on all treatments or surgery related to any mental conditions for the time being. An appeal to remove exclusion can only be done after a number of years, and is subject to additional underwriting as well.
Not all hope is lost of course, as your friend can still try to apply for moratorium underwriting for health insurance. This is only offered by Aviva at the moment, but is an option to consider.
This advice is from experience, and may not fully represent the underwriting requirements of each insurer. If unsure, always check with a financial adviser from the insurers you would like to apply to.
He should see if he can port his company's insurance. There'll be loading, but the corporate agreements usually have a cap as to how much loading they can impose. So then it just becomes a cost vs coverage comparison
Unfortunately, it will be very likely that there may be an exclusion or health loading on the premium in the event of a diagnosis of depression. Is it really confirmed that this is the diagnosis? Best to get it checked and confirmed. Do note that even if it is diagnosed as depression and your friend is medically discharged by the consulting doctor, non standard terms may still be offered for the insurance application.
Most insurers will likely reject. Are you sure his diagnosis by the doctor is depression and not just anxiety? It's going to highly affect all types of Insurance.