Personal Finance
The Critical Importance of Full Disclosure
By Sethisfy  •  August 9, 2011
What is similar across insurance policies? This statement: “PURSUANT TO SECTION 25(5) OF THE INSURANCE ACT (CAP. 142) YOU ARE TO DISCLOSE IN THIS APPLICATION FORM FULLY AND FAITHFULLY ALL FACTS WHICH YOU KNOW OR OUGHT TO KNOW, OTHERWISE THE INSURANCE EFFECTED MAY BE VOID.” It is as simple as it gets – When one applies for an insurance policy, he is to make known to the insurance company all facts that he knows or ought to know. If not, the insurer is well within its legal rights to treat the policy as though it never existed. This is why I let my clients know the importance of disclosing every single fact they can think of that can be relevant to insurance application, and to back everything up with medical reports and evidence if possible. There is no point in getting a policy if one can be denied ......
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By Sethisfy
As an adult, I’ve been through many ups and downs in my career path and personal finance journey, not unlike many Singaporeans. From my years as a tied insurance agent turned independent financial adviser, I realised that there are very few sources of proper, unbiased financial advice for working adults to access. Worse, self-styled “financial consultants” are selling products like savings plans and ILPs to the detriment of the clients whose interests they were supposed to serve.
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