Get Protection when you are healthy

By LIA (Life is worth PROTECTING, INVEST in it),

Take up insurance sooner rather than later

Buy insurance when you are young and in good health. Premiums will be lower than when you are older or when a health condition sets in. For health insurance products, some are not available to people over a certain age or with an existing illness.

From my past experience, I know the importance of buying insurance when one is healthy. For my youngest child, I took up the plan which covers the deductible and co-insurance after she was warded into hospital.

She suffered from bronchiolitis. So when she is discharged, I got her the plan to cover all hospitalisation expenses but she was given an exclusion. She is not accepted for any disorder relating to respiratory. This exclusion is a big one, so many illness falls under respiratory disorder.

Now I got to appeal yearly and hopefully her exclusion could be lifted in time. Luckily I got my agent friend to aid me in this. I got friends where their agents are just acquintances and they have much more difficulties when faced with such situations.

Therefore, don't wait to get yourself protected. When one is applying for insurance, you are required to declare your health status, stating any pre-existing condition you may have.

After the insurance company assessed your health risk, it may lead to one of the following outcomes:

a. Premium Loading: an extra amount is generally equivalent to 30-100 per cent of the standard premium.

b. Exclusions: Pre-exisitng condition to be excluded in a health insurance cover.

c. Delays and Rejections: Maybe scheduled for a follow up review in coming months. And the results of the follow up will be months later. Some applications will be rejected too due to certain illness or conditions the company claused out.

Your plan will go much further if you don't have a pre-existing health condition.Insurance companies know that a pre-existing medical condition can be costly. Even if the insurance doesn’t cover pre-existing conditions, the policyholder may be more likely to have additional issues related to the pre-existing condition. Many plans won’t sell insurance to people with specific pre-existing conditions.

So I would advise you to get one now when you are healthy, don't wait!