Pre-existing Medical Conditions
Pre-existing conditions and how they work in the insurance world is very important. The definition of a medical condition you had before taking out life insurance can differ between insurers. As with many things, the devil is in the detail and a ’pre-existing condition’ may affect your life insurance cover.
In short, if you are currently or have ever been treated by a specialist for a medical condition, it is known as a pre-existing condition.
Declaring pre-existing conditions
Honesty really is the best policy when it comes to life insurance. You have a duty of disclosure and it is better to come clean in the first instance about a pre-existing medical condition, occupation or hobby rather than facing more stress at the time of claim.
For example, let’s say you forgot to disclose the fact that you have a family history of diabetes. After taking the policy for 5 years, you have an accident as a result of a diabetic complication, and die. Since you did not disclose this important family medical history your insurer may decide not to pay out the full sum insured.
So think clearly about the details you will put in your application to avoid any unnecessary ramifications at claim time. Working alongside a Jarickson Adviser will ensure that you disclose all the necessary medical conditions.
Common Misconceptions on Pre-existing conditions
1. “Because I’ve had this [condition], they won’t pay out.”
When applying for protection, you are asked a number of medical questions. This is not so the insurer can ‘get out’ of a claim. It’s so they can take in all the available information and make an informed decision at the beginning of the processwhether they are able to offer cover or not. This is in your best interests, as the decision they make based on all the information is not something they will change at claim time because they have been given the opportunity to say no at the start.
2. “I have to get a medical if I have a pre-existing condition”
Not necessarily. In the majority of cases, your regular doctor will have all of your records on file. With your permission, the insurer will write to the doctor for additional information on the specific condition, which will mostly negate the need for any more medical information.
To be sure, ask an experienced Jarickson Insurance Specialist about your pre existing condition and how it will be seen through the eyes of an insurer.
1800 674 435
Cover is available for most pre-existing conditions; and our advisers are well equipped to answer any questions you may have in relation to your pre-existing condition.