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....