Insurance
What Happens if Critical Illness Definitions Are Changed Again?
By Singapore's Budget Babe  •  September 2, 2020
With the recent change in critical illness definitions by the Life Insurance Association Singapore, can we expect more changes in the future? How will that impact us as a policyholders, whose contracts are tied to the definitions prevailing during our time upon policy inception? That was the biggest question on my mind recently after watching the hoo-ha unfold over social media, as consumers started complaining about insurance agents who tried to hard-sell them critical illness policies and make a decision before 26 August 2020. Seeing the (seemingly) contradictory statements put out by MAS vs. the previous LIA statements did not help to make it any clearer, so I reached out to MAS to clarify...who then referred me to LIA. After speaking to LIA, I've managed to get a satisfactory conclusion on the recent spate of changes, as well as the recourse that consumers have against bad egg agents....
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By Singapore's Budget Babe
Budget Babe is an ordinary lady striving to achieve financial freedom in Singapore before the age of 45. She is always looking for cost-effective ways to live a fulfilling life in amidst Singapore's rising costs, and writes in order to empower fellow Singaporeans on taking charge of their own lives and finances. The final goal is to eventually break free from the competitive rat race. Will I meet you there? ...
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