jinngin
Member
Hi
I would like to share some information regarding maternity insurance.
Some background about myself. I was an insurance agent more than 10 years ago, not an agent now but still working in this industry as a PA to adviser currently. I am not against insurance / any company or product. Insurance is good and I believe everyone should have insurance. I still encourage to buy insurance but just want to share my knowledge here.
Regarding the maternity insurance available in the market, baby is usually covered with congenital illnesses so I will use one of the illness as example. Agents will always say that the baby is covered from birth and life & critical illness insurance coverage can be transfer the child without further underwriting under Guaranteed Issuance Benefit. In some way this is true provided if the baby is NOT diagnosed with illnesses eg heart disease.
I queried the agent if baby is diagnosed with hole in heart and will he/she be covered under critical illness, means I get paid $5000 (congenital illness) + 100K from critical illness, the agent told me yes. So I requested agent to check with the company claims department and I want a black & white confirmation from the claims personnel that the child is cover under both benefit.
Eg Mum sign up for 100K Life, critical illness & total permanent disability packaged with the maternity benefit (cover baby before birth)
Below is extracted from the benefit illustration. Highlighted in italics
Congenital Illnesses Benefit – pays $5,000 if the child is diagnosed with any one of the covered Congenital Illnesses.
List of Congenital Illnesses
1. Down's Syndrome 2. Spina Bifida 3. Tetralogy of Fallot 4. Transposition of the Great Vessels 5. Atrial Septal Defect 6. Absence of two limbs 7. Anal Atresia 8. Infantile Hydrocephalus 9. Cleft Palate / Cleft Lip 10. Cerebral Palsy 11. Ventricular Septal Defect 12. Club Foot 13. Congenital Dislocation of Hip 14. Congenital Blindness 15. Congenital Deafness 16. Congenital Diaphragmatic Hernia 17. Retinopathy of Prematurity
“Ventricular Septal Defect” is a hole in the partition (septum) between the left and right ventricle (lower chambers) of the heart permitting the abnormal circulation from the left side of the heart to the right side. The diagnosis must be confirmed by a cardiologist and supported by an echocardiogram and invasive surgery must have been performed to correct the condition.
So if baby is diagnosed with the above heart condition before the age of 2, the child will be covered under congenital illness and get a payout of $5000, but baby will not be covered for heart disease in the life insurance critical illness benefit of 100K anymore. Reason why? Read the critical illness exclusion copied from the benefit illustration below.
Exclusions: - Any benefit for any critical illness that is due directly or indirectly to a Pre-existing Condition. A Pre-existing Condition is the existence of any signs or symptoms for which treatment, medication, consultation, advice or diagnosis has been sought or received by the life assured or would have caused an ordinary prudent person to seek treatment, diagnosis or cure, prior to the cover start date of this benefit or of the date of reinstatement (if any). - recommended coronary artery by-pass surgery or diagnosis of heart attack or major cancers or recommended angioplasty and other invasive treatment for coronary artery within 90 days from the cover start date - critical illness before age 6 caused by a congenital or inherited disorder
Hope the insurance company will see this and improve on the t&c , I thought the baby should be covered under critical illness 100K because if baby is diagnosed with the disease, baby can't get covered under medical insurance too due to pre-existing condition. So where do we get the money to pay for heart surgery if baby is not covered under critical illness 100k and medical insurance??
Again I am not stopping you to buy the maternity insurance, the maternity has it's benefit and coverage that one should consider to buy.
I would like to share some information regarding maternity insurance.
Some background about myself. I was an insurance agent more than 10 years ago, not an agent now but still working in this industry as a PA to adviser currently. I am not against insurance / any company or product. Insurance is good and I believe everyone should have insurance. I still encourage to buy insurance but just want to share my knowledge here.
Regarding the maternity insurance available in the market, baby is usually covered with congenital illnesses so I will use one of the illness as example. Agents will always say that the baby is covered from birth and life & critical illness insurance coverage can be transfer the child without further underwriting under Guaranteed Issuance Benefit. In some way this is true provided if the baby is NOT diagnosed with illnesses eg heart disease.
I queried the agent if baby is diagnosed with hole in heart and will he/she be covered under critical illness, means I get paid $5000 (congenital illness) + 100K from critical illness, the agent told me yes. So I requested agent to check with the company claims department and I want a black & white confirmation from the claims personnel that the child is cover under both benefit.
Eg Mum sign up for 100K Life, critical illness & total permanent disability packaged with the maternity benefit (cover baby before birth)
Below is extracted from the benefit illustration. Highlighted in italics
Congenital Illnesses Benefit – pays $5,000 if the child is diagnosed with any one of the covered Congenital Illnesses.
List of Congenital Illnesses
1. Down's Syndrome 2. Spina Bifida 3. Tetralogy of Fallot 4. Transposition of the Great Vessels 5. Atrial Septal Defect 6. Absence of two limbs 7. Anal Atresia 8. Infantile Hydrocephalus 9. Cleft Palate / Cleft Lip 10. Cerebral Palsy 11. Ventricular Septal Defect 12. Club Foot 13. Congenital Dislocation of Hip 14. Congenital Blindness 15. Congenital Deafness 16. Congenital Diaphragmatic Hernia 17. Retinopathy of Prematurity
“Ventricular Septal Defect” is a hole in the partition (septum) between the left and right ventricle (lower chambers) of the heart permitting the abnormal circulation from the left side of the heart to the right side. The diagnosis must be confirmed by a cardiologist and supported by an echocardiogram and invasive surgery must have been performed to correct the condition.
So if baby is diagnosed with the above heart condition before the age of 2, the child will be covered under congenital illness and get a payout of $5000, but baby will not be covered for heart disease in the life insurance critical illness benefit of 100K anymore. Reason why? Read the critical illness exclusion copied from the benefit illustration below.
Exclusions: - Any benefit for any critical illness that is due directly or indirectly to a Pre-existing Condition. A Pre-existing Condition is the existence of any signs or symptoms for which treatment, medication, consultation, advice or diagnosis has been sought or received by the life assured or would have caused an ordinary prudent person to seek treatment, diagnosis or cure, prior to the cover start date of this benefit or of the date of reinstatement (if any). - recommended coronary artery by-pass surgery or diagnosis of heart attack or major cancers or recommended angioplasty and other invasive treatment for coronary artery within 90 days from the cover start date - critical illness before age 6 caused by a congenital or inherited disorder
Hope the insurance company will see this and improve on the t&c , I thought the baby should be covered under critical illness 100K because if baby is diagnosed with the disease, baby can't get covered under medical insurance too due to pre-existing condition. So where do we get the money to pay for heart surgery if baby is not covered under critical illness 100k and medical insurance??
Again I am not stopping you to buy the maternity insurance, the maternity has it's benefit and coverage that one should consider to buy.