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Insurance

Asked by Anonymous

Updated 3w ago

Is it possible for a person diagnosed with depression to buy insurance and be excluded for depression related for a lack of a better word, accidents?

Hi guys, i know the topic on insurance and depression has been covered in another thread, but just wanted to find out if anyone knows about the moratorium? Please see http://www.sgplan.sg/articles/category/how-to-buy-insurance-with-mental-illness. Based on this, is it possible for a person diagnosed with depression to buy insurance and be excluded for depression related for a lack of a better word - accidents?

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Sadly the last available moratorium hospital plan just stopped accepting new proposals.

But you can just go through full underwriting and declare your condition.

You'll most likely still be accepted but with exclusions.

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Jee Lee
Jee Lee

23 Jan 2019

Hi, thanks for answering! :) just wondering, will I be accepted with exclusions for sure? If Im still undergoing treatment. The insurance agents i've spoken to only recommended endowment plans. In the event that say i get accepted for a term or whole life insurance, what will the exclusions be?
Hariz Arthur Maloy
Hariz Arthur Maloy

23 Jan 2019

Hi Jee, you could have stayed anonymous, but thanks for sharing. Endowments aren't going to give you the coverage you require. It's not a for sure, you'll have to apply and see, but apply to all companies at the same time, see which one gives you the best deal. Currently in SG, all life plans have a one year exclusion for payout due to suicide. This could extend to a lifetime exclusion for suicide and any accident that was caused by self harm. In fact, on top of any term or whole life plans you're applying for, you should also get a Personal Accident plan as they are usually less strict. And tbh, any advisor recommending you endowment as an alternative is just plain wrong tbh. I'm from an IFA, if you want to try out with almost all the insurers available, let me know, and I'll see if I can help you out.

It is not easy to be included back again. This is because almost all insurance cannot be bought (depression is really the worst since you may just die from it).

I agree with Hariz and up voted him. Do try your best to get included or see what other solutions you can use.

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