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If you have a pre-existing medical condition prior to signing up to a Life Insurance policy, you may be wondering whether you qualify for Life Insurance. While your application may be a slightly lengthier process, you can still be insured. Companies will assess your condition and find a policy to suit your needs. If you are over the age of 50 and seeking Life Insurance, companies will most likely not require you to take a medical examination, but only consider your age in the application.
Like so many things in life, our health is not certain. There could come a time when you fall ill or injure yourself, and when that day comes, you want to make sure that your life insurance doesn't let you down.
But a lot of the responsibility in making sure your policy pays out lies with you! You need to be honest and open with your life insurance provider and tell them about everything. Okay maybe not that time you fell off your roller skates and scraped your knees as a kid. Unless it led to a broken arm that still gives you trouble to this day.
Pre-Existing Medical Condition Types and Examples
Chronic conditions: Hypertension, asthma, high cholesterol.
Serious illness: Cancer, stroke, heart disease.
Serious injuries: Back and neck injuries.
Serious genetic disorders: Cystic fibrosis, sickle cell anaemia.
Mental health conditions: Depression, bipolar disorder, schizophrenia.
You should definitely disclose every pre-existing medical condition. You might think that keeping a little secret from your life insurer will lead to successful claims, but in fact, the opposite is true.
If the life insurance provider finds out that you were hiding a pre-existing health condition and knew about it, it could void a claim. That means your loved ones don't get paid out after you pass away, or you can't claim for disability, income protection, or dread disease, although you paid all those premiums for all those years.
Even if the hidden condition doesn't seem to you to have anything to do with a means of death, illness, or injury, it could. Take something like depression, for example. Depression affects more than our mental health-it could take a toll on our physical bodies, too. If you hide your depression diagnosis and suffer a heart attack, the life insurer could argue that the depression is grounds not to pay out, as the stress of untreated depression could potentially lead to heart problems.
And remember, if you are being treated for, say, a chronic condition, the insurer will find out. That's because, when you claim, they investigate first to make sure your claim has substance. They'll check your medical history and speak to your doctors. If you didn't tell them about something, they will find out and could refuse to pay your claim, or pay out a reduced amount.
So the bottom line is don't hide your pre-existing conditions from your life insurer.
What is medical underwriting?
This is the process where a life insurer gathers info about your medical history and current health. They use the results of this to decide what, if any cover, they are willing to offer you and at what premium.
Most life insurers will perform some form of medical underwriting when you're looking to get cover, even if it's only an HIV test. Some will insist on more comprehensive tests, like cholesterol, blood pressure, thyroid checks, and more.
These tests can be a little scary, because you might find out about an underlying condition that you never knew you had. But knowledge is power, so take the tests and be ready to deal with whatever may come your way.
This depends on the insurer and the pre-existing condition we're talking about. It really varies from person to person, case by case.
If you find that your life insurance provider won't cover you for a certain condition when you quote, it's a good idea to get multiple quotes from different insurers. You never know if another company will feel differently about your condition.
However, once you have life insurance, be careful when you want to switch. What you may be covered for under one policy might not carry over to another. Think of things like waiting periods, too, that may be activated when you change providers.
Make sure that you get all the same cover and benefits before making the switch, as you don't want to spend your hard-earned money on a monthly debit order, only for the policy to not pay out when you need it to.
If you're ready to find a better deal, Hippo.co.za is here to help! You can compare 12 life insurance providers side by side and stack 'em up against each other to see which one suits your lifestyle and needs best.