We get these questions a lot. Here are our best answers...
Which IFA are you working for?
I’m from Financial Alliance Pte Ltd, the largest independent financial advisory firm in Singapore.
How do I know I can trust you?
It sure is a valid concern, and I would be too if I’m in your shoes. One reason why I’m doing this is that I've felt the same helplessness in the past when my wife’s insurance application was declined due to a pre-existing medical condition, and only after we managed to get the best terms for her, we felt a sense of relief. And I’m thankful that I’m currently in the position to help others as well.
Will this take up too much of my time?
This is in fact the most common concern because it felt like a lot of work to do. Well, the fact is, it is a lot of work to do, however most of the work is done by me and my team. In fact, I’d go on to say that in most situations, we cover about 92% of all the work to be done. As this is getting the best insurance terms for yourself and relieving your stress about potentially putting a burden on your family, don’t you think that spending just 8% of the time is worth it?
Will this work for me?
Our high success rate increases your chances of improving your current insurance terms. This is why our first consultation is very important for us to have a better understanding of your current condition, and to see if how I can help. If it happens that I could not help at this point of time, I will set up a timeline to revisit your condition again as in some cases, time can sometimes increase your chances of getting better coverage.
I’ve tried before but it doesn't work. How can you help?
I understand your frustration and helplessness. However, medical underwriting is an ongoing evolving process and it can change from time to time and could be very much different for different insurers. We have a high success rate, so we are confident in helping you to improve your current terms and coverage.
Does this mean that the new policy will definitely be higher in premium?
Generally, this is not the case. There are many others who have achieved this without increasing their premium. There is a small percentage of applications that attract higher premiums, this is why it is important for us to work closely together so we can help weigh your options together.
I have a pre-existing condition that I can rectify first before applying. Should I do that?
In most cases, I’d recommend applying for it first to have a peace of mind, even if it comes with an exclusion in the first place. This is because for some medical conditions, we can appeal to waive off the additional terms as time goes by. I’ve handled some cases in the past where someone wanted to exercise to reduce his cholesterol first, but while waiting for that to happen, he encountered a new medical condition. Double whammy.
I have had a critical illness previously, and I heard that all my future applications will be declined. Is this true?
This is definitely not true. While the probability of an exclusion is high, it is possible to cover for other illnesses not related to the critical illness that you had before. After all, we are all exposed to all kinds of illnesses, and if it really were to happen to us, this time round we want to make sure we are covered. Then again, this differs depending on the illnesses. My recommendation is to book a time slot with me, and we can come up with a customised plan on how to handle this.
What companies do you represent?
We represent most life insurance companies in Singapore, such as AIA, NTUC Income, HSBC, SingLife, etc and about 95% of the general insurance companies such as Liberty Insurance, MSIG, Allianz, etc. With so many backups on hand, this is how we can have a very high success rate.
Are you in for the long haul?
Yes! I started doing this ever since my wife recovered from a critical illness, and I’ve been doing this for more than 10 years since, helping countless people in their journey in protecting their finances and not leave a burden to their family members.
What will you need from me?
For insurance companies to give you their best insurance terms, we will need to provide them with the necessary medical reports and findings so that they understand exactly how this may or may not affect future claims. We may sometimes think that the lesser they know, the better it is. However, this is often not the case. With little knowledge, it is like an open risk and some insurers may not even be able to underwrite the risk. We may require medical reports such as lab test results, discharge summaries, doctor's memo, etc. If you do not have them, do not worry, I will guide you through when we need them.