How to Find Affordable Life Insurance with Pre-Existing Medical Conditions
A pre existing condition in life insurance is generally described as a medical condition diagnosed by a medical practitioner or doctor before an insurer accepts and issues a personal insurance policy. While a pre-existing medical condition, like stroke, heart disease, diabetes or cancer, can make your search for cheap life insurance more complicated, it doesn’t necessarily mean you’ll be denied cover.
Pre-existing medical conditions have always been a concern for individuals applying for life insurance, with several myths surrounding the issue. Many Australians assume that cover is not available, or that premiums will be too expensive.
However, when comparing life insurance with pre existing conditions in Australia from different insurers and working with a broker, you can generally find the cover that will best suit your needs and your budget.
- What is a pre existing medical condition for insurance?
- Does life insurance cover pre-existing conditions?
- 5 Myths about life insurance with pre existing health conditions?
- How to get life insurance with pre existing conditions?
- The best life insurance for pre-existing medical conditions?
- Life insurance for seniors with pre existing conditions
- Income protection insurance with a pre-existing condition
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Before a life insurance company will offer you coverage, they typically first need to decide whether you are an acceptable risk. Depending on the insurer and their specific underwriting guidelines you could receive one of 4 responses.
Life insurance with pre-existing conditions in Australia might:
- Provide full coverage at standard rates if the insurer defines your condition as successfully treated.
- Exclude all pre existing conditions from coverage, even when an illness or injury occurred 20 years ago. Generally, the more recent your condition, the more likely an exclusion will be.
- Apply a loading to your policy, to cover the cost of the risk they’re taking on.
- Decline cover, because the insurer views you as too high a risk.
Examples of pre-existing conditions for life insurance
- Sleep Apnea
- Heart Disease
- Weight issues
- Vascular diseases
- High blood pressure
- Crohn’s disease
- Organ transplant
- Kidney disease
- Blood diseases
- Metabolic system disorders
Does life insurance cover pre-existing conditions in Australia?
Yes, you generally can get life insurance coverage for pre-existing medical conditions. However, it depends on your insurer and some particular personal factors, for example, date of diagnoses, your past and current treatment, the level and type of cover you're looking for, as well as your health status, age, BMI and if you're a smoker.
It’s essential that you compare providers, so you know exactly what’s on offer and who provides the cover you want at a premium you can afford.
Busting the top 5 myths about life insurance with pre-existing conditions
I can't get cover with a pre-existing condition
False. It typically depends on your specific health condition and individual circumstances. You would be surprised at the number of people who have a health condition and was able to obtain adequate insurance coverage. Do not assume that just because you have a pre-existing condition that you cannot get cover. Shop around and ask a specialist for guidance.
My pre-existing condition won't be covered
Many clients assume that their pre-existing condition will be excluded from cover. Again, it depends on the insurer, your condition, and the type of benefit you are applying for. For example, diabetes cannot usually be excluded from a policy because it is a condition which affects the entire body.
I must get a medical examination if I have a pre-existing condition
This is not true and depends on the medical condition and your personal situation. For example, if you have high cholesterol, but you’re able to control it with the right medication, and you have your cholesterol levels checked regularly, a medical exam might not be needed because the insurer can obtain your latest test results from your doctor for free.
My pre-existing condition was 5 years ago, I don't need to tell the insurer
Never assume that if a health condition was diagnosed or occurred a long time ago, that you do not have to mention it. You must disclose all relevant health conditions which may affect your application.
I don't need to tell the insurer every medical condition I have ever had
It is your duty to fully disclose any and all pre-existing medical conditions which may affect your application. Failing to do so may result in the insurer denying you benefit payments at claim time.
Find Life Insurance with a Pre-existing Condition
Regardless of your health and pre-existing conditions, you should still try to find the best protection you and your loved ones deserve. Use the list below to help you find a life insurance policy with pre existing condition:
- Choose the right policy type. Your health condition might limit certain kinds of life insurance policies. For example, if you had cancer a few short years ago, chances are you won't easily find critical illness coverage.
- Be patient and shop around. Getting life insurance with a pre existing health condition will likely require more work up front from both you and your broker regarding research and understanding all your available options.
- Compare quotes from different insurers. Not all life insurance companies are as forgiving as others, each one has their own underwriting guidelines and will review your condition differently.
- Fully disclose your condition up front. Be as open and honest as possible with your broker and insurance company. The more details you give about your diagnosis and treatment, the easier it will generally be to find the right cover. The less the life insurance company knows about you, the more they will usually charge to offset the risk of providing you cover.
- Find a life insurance policy with no medical exam. If your health concern is so severe that you can't qualify for a fully underwritten policy, you might find the best life insurance policy for you to be ones from an insurer that does not require a medical exam and typically have fewer medical questions at application time.
- Use an independent broker that compares a variety of policies from different insurers, because they know which carriers will generally offer you the best rates for your health issue.
- If full life insurance cover gets declined, an accidental injury and/or accidental death policy might be a good option.
The best life insurance for pre-existing medical conditions
There is not one best life insurance company for people with pre-existing conditions. The key is in first doing a pre-assessment, which is an informal way to measure how an insurer might review your risk, without it influencing your insurance history. This way you won’t be penalised for your specific circumstances.
Request an application form from the insurer and attach copies of your medical history. Just remember to black-out your name on all the forms and documents.
Such an assessment is usually anonymous and thus won't be binding to an insurer. Even though it provides you with the advantage of assessing the way you might be rated, it does not mean you should leave out relevant information in the hopes of getting a better assessment when you do formally apply.
FAQs about life insurance with pre-existing medical conditions
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