Can you get access to life cover when you have an existing medical condition, and will this affect the premium you end up paying? These are some of the common questions that people ask when planning on taking out cover for themselves or a loved one. Here is what you need to know.
Will you be covered for an existing condition?
Life insurers do offer cover for people who have existing medical conditions, but it is crucial that you are honest during the underwriting process where your health is assessed. Most insurers will check if your condition falls under any of the conditions that they offer cover for.
If you have a medical condition such as recently being diagnosed with a terminal illness, finding cover will be impossible due to the high risk this poses. The only time you will be covered for a terminal illness is if you have already taken out the cover and have been diagnosed afterwards.
Avoid being guilty of non-disclosure
Although life insurance claims are not often rejected, the majority of those that are rejected are as a result of policyholders not disclosing their personal information in full – especially with regards to health and lifestyle factors.
Having a heart condition, obesity, high cholesterol or diabetes doesn’t necessarily mean you will be denied life cover though. In fact, many insurers will cover people with certain pre-existing conditions, but they need you to disclose these conditions beforehand so that they can conduct a fair risk analysis.
Be ready with the necessary information before applying
Before you speak to someone about taking out life cover, make sure you have all the important information regarding your condition to hand. Any dates of diagnosis, treatment or hospitalisation would be useful, as well as medical names and relevant terms for your condition and the dosages of any relevant medication. This will save you time when speaking to insurance companies.
What if you have a serious medical condition?
For many conditions, all that will be necessary is for you to disclose it during the initial quoting process. If your condition is serious, you may have to undergo additional medical testing, but this is completely dependent on the insurer and their policies. These tests could include something like blood tests or an ECG, for example.
Will my condition affect my premium?
Depending on the condition, you may find that your policy premium may be slightly higher than another person of similar age, weight and lifestyle who does not have a medical condition. In other instances, your condition may be of no concern whatsoever to the insurer, who will happily provide you with comprehensive life cover at the same rate.
While it can be tough to gather all this information and speak to insurers, investing some extra time in finding the perfect match for you now can give you peace of mind for years to come and save you time and money down the line.