Martin Lee @ Sg
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Be Careful of the 90 Days Waiting Period

The other day, I got a request from my friend for a quote for a term insurance plan.

He had read some articles online about why a term plan is more superior to a whole life plan and has proceeded to terminate his existing whole life plan.

I was alarmed when I heard that he was already cancelling the old plan before getting the new coverage.

In this case, the replacement insurance coverage should be put in place before cancellation of the old plan. You never know whether you have issues with insurablility, etc.

Furthermore, I pointed out to him that typically, there would be a 90-day waiting period for some critical illness. So essentially, he would not be covered for these illnesses for at least 90 days.

Incomplete knowledge can be a dangerous thing.

Waiting Period

No benefit will be payable for Heart Attack, Major Cancers or Coronary Artery By-Pass Surgery if the diagnosis of Heart Attack, Major Cancers or Coronary Artery Disease requiring Coronary Artery By-Pass Surgery was made within ninety (90) days from

(a) the issue date of this Supplementary Benefit;
(b) the Benefit Commencement Date of this Supplementary Benefit; or
(c) the date of reinstatement of this Supplementary Benefit,

whichever is the latest.

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