Asked on 30 Oct 2018
I recently went to reservist and one financial planner did mention that there's this feature from Aviva that you can request that the insurer to also cover these illnesses as long as you recovered from it for more than 5 years.
When I bought my IP 6 years ago, I did mention about my old illness (ligament reconstruction) before buying it. I asked my agent and he said that it "should be" covered since you have no issues yet.
My question is this moratorium a good reason to switch my IP?
This is important. Ask your agent to check your application form back then if your surgery had been declared, and get a written prove or image prove. DO NOT take his or her word as 'should be'. There is no should be. You might have verbally mentioned, but if the agent did not write it on the declaration form, it is taken that u have not declared your condition. In unfortunate event that u make a claim for the same/similar medical reason, the insurer has the right to decline your claim (if they are able to check your medical history that u had such surgery done before).
But if you have declared (clearly written) in the declaration form back then, and there is no exclusion attached to your policy, your policy is good to cover any claims for the same reason.
Since you are already 6years with the first company, you do not need to switch (at least not for the current reason u asking). If the above had been checked and unfortunate event that your said condition was not written down. Then make a medical declaration with the company and see if they will accept without exclusion. But typically they will ask for your medical report backthen (not sure if u still keep them).
If all else fail, then u might want to consider moratorium with aviva, or other insurers (with full declaration).
Another situation is if u are not already on the private tier plan. You can consider switching to another insurer with a private tier coverage.
Ping me if u like to learn more.
When you purchase a medical plan, you are required to fill up a medical questionaire and declare any pre-existing conditions that u have. Moratorium underwriting (of Aviva) does not require u to make any medical declaration.
However, For five continuous years from the coverage start date, he must not have, 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