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POSTED BY ON January 11, 2013 11:13 am COMMENTS (13)
Dear Friends,
Recently I have applied for a HDFC click2Protect term insurance and my aplication got postponed for six months because of having ‘elevated suger level in my blood’.
It was shoking for me as I am a healthy man (32 year) and don’t take alchohal and don’t smoke also. I never had any health related issue before (touch wood).
Now I am thinking to go for another insurance company (mostly AVIVA) for my term plan but I am having some questions in my mind:
If I go for another insurance company for my term plan and if they also postponsed my application for same reason, then it will be difficult to get next insurance because of two time application postponed.
What should I do???
– Should I discuss this first with AVIVA customer care and get their suggestion on this?
OR
– Should I directly go for buying term plan without discussing
OR
– Should I wait for six month and apply again in HDFC?
OR
– Should I divide my cover into 2 different insurance company and go without medical test?
I am confused, please share your opinion on this?
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I have done it, Thanks Ashal.
Dear Nitin, you are telling that – even though Aviva asked for cancelled or postponed policy & you did not declared the same?
In my personal opinion, you should declare.
Thanks
Ashal
Dear Free Financial Calculators,
Thanks a lot for your suggestions, I have informed AVIVA about the same.
postponed of HDFC policy even though they asked in one section about any policy declined/postponed/cancelled/withdrawn.
I had already told you if asked for you must disclose all information. Sorry this is commonsense. If you don’t do it the premium is a waste of money.
Dear Ashal,
Thanks for your reply.
Can you please share your thought also regarding last asked question?
Thanks you
Dear Free Financial Calculators,
One more thing, I purchased AVIVA online policy just now, but havn’t declose about postponed of HDFC policy even though they asked in one section about any policy declined/postponed/cancelled/withdrawn.
Is it okay to not disclose it because it was just at proposal stage and was only week old.
Please let me know should I informed them or stay silent about it?
Please reply.
Dear Nitin, please go for a sugar test on your own. Based upon the findings, please apply with AVIVA. Disclose your HDFC issue to Aviva. in case prem. is loaded up, please accept the same & pay & get the policy running.
What I understood from your wordings, the HDFC policy is not in consideration as your prem. has been returned.
thanks
Ashal
Many thanks for your guidance.
As long as you are truthful in your form filling there is no need to split your insurance cover.
it is done to drop one policy later on. For example suppose you have two policies
one for your family expenses if you die and one for your childrens college and marriage if you die.
After you children finish college and get married the second policy can be discontinued and some premium saved.
However if there are medical complications there will be loading from two insurers and one has to see if a single loaded premium for amt X is higher or lesser than two loaded premiums each for amt X/2.
Also there may be some trouble getting the amt in case of death from two insurers for your family
So my advice is for your to get a single policy esp. if you are a diabetic.
Dear Free Financial Calculators,
Thank you for your valueable suggestion.
One more thing, what is your suggestion for dividing term cover between 2 different insurer Or it will be good to go with only one insurer with full cover?
Which one is better and why?
“policy postponed and returned my preimum amount.”
If policy was postponed why did they return the premium!!
Anyway:
I understand your tests were taken by HDFC
first cancel the application from HDFC this is important.
consult a doctor, get the test done AGAIN, then consult the doctor and determine the exact nature of your health, normal, pre-diabetes or diabetes.
Then apply to AVIVA. There is no need to talk about this HDFC policy at all.
But you need to be truthful about your diabetes condition IF you have it,
Some application forms may ask if insurers have rejected your application earlier. The answer is no (since it was only postponed!) please ensure there is no communication from HDFC that they have rejected your application. (if there is something to this effect then it has to be disclosed ONLY IF asked)
Dear Free Financial Calculators,
Thank you for your reply.
Actually my medical test has been done by HDFC few week ago and in the report they found elevated level in blood suger.
Then they informed me about policy postponed and returned my preimum amount.
So what you suggest, should I go for AVIVA and disclose this policy postpone only if they ask?
first see a doctor and get a fasting + PP blood test done to see if you have elevated blood sugar. In fact get a master health checkup while you are at it.
I don’t see why you application should be postponed for six months. If anything the premium should be appropriately loaded and the policy issued.
Postponing six months will make you a year older increasing your premium.
I suggest you first cancel your application with HDFC.
Dont discuss your history with AVIVA or any one else. If you blood tests shows you are a pre-diabetic or diabetic make sure you disclose this information in the application.
They will anyway do blood tests themselves and issues the policy with loading (increasing the premium) IF necessary.
The 6 months delay is ridiculous and will not happen with all insurers.
Never hide any information. Premium will be higher but that is a price you have to pay