What you need to know about pre-existing medical conditions

Do you have a medical condition, and don’t know how it might affect your future insurance options? If you take out life, health or travel insurance today, will your pre-existing medical conditions be covered?

It may come as a surprise to some, but past and current medical conditions aren’t always ‘uncoverable’, nor do they necessarily result in higher premiums. As always, we can help: read on to find out more…

Your circumstances are all that matters

At the time of purchase, your insurance provider assesses your unique circumstances and – depending on your risk factors – decides whether special conditions should be attached to your policy, such as specific exclusions or higher premiums.

This process is called underwriting, and it can be partial or full. Usually, online-only covers are partly underwritten and fewer questions are asked. While this may sound quick and convenient, keep in mind that your online policy is only partially tailored to your needs. Plus, by being asked only a few questions, you might easily forget to include relevant health conditions in your application.

On the other hand, ‘Fully underwritten’ policies involve a more comprehensive assessment and, as insurance advisers, that’s exactly the approach we take. Our job is to ask you as many questions as necessary and help you fine-tune your policy, taking into account any health conditions you may have (or have had in the past). Which brings us to the main point…

Are pre-existing condition(s) always excluded?

The short answer is no, and it’s important to stress this. People tend to believe that having a pre-existing condition may rule out the possibility of getting insurance, or make it unaffordable.

But remember, not all medical conditions will affect your application. And even if they do, a complete exclusion is not necessarily the case. Based on your circumstances, the insurance provider may add a ‘stand-down’ period for your condition, cover it by increasing your premiums, or exclude it (either permanently or for a limited time).

Whatever the outcome might be, it’s always important to fully disclose any health conditions you may have or have had in the past. They may seem irrelevant or too far removed but, by not telling the insurer about them, you’re putting yourself at risk of having a claim denied in the future.

Talk to us – we can help

Contrary to popular belief, the existence of a pre-existing condition is not grounds for an insurance application to be rejected. Being upfront and honest about it is the key to tailoring your insurance to suit your situation and needs.

As your adviser, we can help you secure a high-quality, comprehensive insurance package, and offer you a sound understanding of what you’re covered for. And remember, we’re committed to assisting you from quote to claim, so feel free to use our knowledge and expertise whenever you need to push a claim across the line.

An Adviser Disclosure Statement is available free and upon request.

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