Insurance For Pre-Existing Conditions

A pre-existing medical condition is considered to be (regarding insurance) a medical condition that existed prior to the sufferer applying for and obtaining a form of life insurance. At Special Risk Managers, we specialise in getting cover for our clients regardless of their medical condition. There is a lot of misinformation regarding pre-existing conditions and how they will affect your life insurance, disability insurance, trauma insurance and income protection. We will go through some of the more common questions pertaining to pre-existing medical conditions.

Can I still get Life Insurance if i have a pre-existing medical condition?
Yes, you will be able to get some form of life insurance. However, based on how well the condition is controlled, treated and contained, the pre-existing condition itself might be excluded or deleted from the policy. The insurer looks to see how your existing condition might affect the likelihood of a claim in the future. Often the insurer will assess the condition and decide that an loading must be paid in addition to the base premium as a means of compensating the insurer for the added risk. Our executive level relationships with insurers and underwriters allows us to get the best results for clients who have pre-existing conditions.

Can I have my pre-existing condition covered under my insurance policy?
There are a number of conditions that an insurer will cover you for if you are able to satisfy their guidelines for treating and controlling the condition. The sooner you apply for life insurance after suffering from the condition, the less likely the insurer will be to offer you cover for that particular condition. Insurers look to see that the condition has stabilised and the client is able to manage it. Once this is evident the insurer might be prepared to offer you a loaded policy that will cover your condition.

What type of information will I need to provide to have my pre-existing condition insured?
There are a number of variables that will dictate the length and depth of the investigation that the insurance company will look to conduct when assessing your pre-existing condition. The insurer will most likely write to your doctor (either your general practitioner or specialist) and get information from them surrounding the diagnosis and control of the condition. The insurer will also look to see results from relevant medical tests.

I was diagnosed with a condition over 5 years ago and i haven’t had any symptoms since, do i still need to tell the insurer?
A common misconception with pre-existing conditions is that if you haven’t had any symptoms for an extended period of time, the condition won’t be relevant to the insurer. Unfortunately, this isn’t the case. During the life insurance application process, you have a duty to disclose every condition that might impact your insurance application.

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