Will you be required to get a medical test done before taking out a life insurance policy in South Africa? While insurers make the process of taking life cover less complicated, there are a few things you need to know.
Taking out a cover without a medical examination
Life cover policies are ideal for people who are looking to protect themselves and their loved ones. It is also created to adapt and grow with you as you age. A general rule of thumb when it comes to having a life insurance policy is to have it when you are still young and healthy to protect you even when you develop age-related illnesses that can impact your finances. Most insurers will approve an application once you have gone through the underwriting questions which can affect your payout of your policy during the claims stage.
How will underwriting affect you?
If you have ever wondered why your premiums differ from the next person, it is due to the underwriting process. The underwriting process does not only determine your premiums, but it will also determine if your application for life cover is approved or denied. An underwriter is like a tailor who makes sure that your life insurance policy fits you like a glove. You will be asked questions relating to your health, occupation and lifestyle to assess the level of risk you pose in terms of making a claim. It is vital to answer these questions truthfully as this could affect you during the claims process.
When will you be asked to go for a medical examination?
There are instances when you could be asked to disclose your medical history or undergo a medical examination. In most cases, this is to ensure that you get adequate cover to make sure that your cover is right for you. Should you answer some questions during the underwriting process with an illness that will need to be covered, you could be asked to provide a medical test that confirms this so that your insurer can cover you. Therefore, being honest about any conditions you may have can work in your favour to avoid having to pay for something that could end up being denied during the claims stage due to non-disclosure.
