Life is full of twists and turns, and our health can sometimes add a few bumps along the way. If you’re living with a pre-existing condition, you might wonder if life insurance is still within reach. The good news? It absolutely is. Having a medical condition doesn’t mean you can’t protect your loved ones; it just means you might need a little guidance to find the right fit. In this post, we’ll walk you through what to expect so you can secure life insurance that works for you, no matter your health journey.
What Is a Pre-existing Condition?
A pre-existing condition refers to any health issue you may have experienced before applying for life insurance. This could mean a condition for which you’ve received treatment, medication, or medical advice. Some common examples include, but are not limited to, chronic diseases such as diabetes or heart disease, asthma, or even cancer history.
What actually constitutes a pre-existing condition differs from one insurance provider to another. The severity of the condition, how well it’s managed, and other personal health factors all play a role in determining coverage and premiums.
Can You Get Life Insurance with a Pre-existing Condition?
Yes, you can! While having a pre-existing condition might require a few extra steps in the application process, it doesn’t mean you’ll be denied coverage. Here’s what you need to know:
Medical Information Requirements
Insurers usually ask for more detailed health information from applicants with pre-existing conditions. This can include a medical report from your doctor, a nurse call, a screening, or a physical exam. The purpose of this process is to get a clear picture of your current health and the specific condition. Insurance companies typically cover the cost of any required medical exam and try to schedule it at a time that’s convenient for you.Impact on Premiums
With a pre-existing condition, there’s a higher likelihood that you may have to pay a slightly increased premium. This is because insurers assess the risk level associated with covering an individual with a health condition, often known as underwriting. However, that doesn’t mean your premium will be sky-high. For instance, a well-managed condition with minimal symptoms might not increase your premium as much as a more severe, chronic condition would.Possible Coverage Limitations
In some cases, insurers may limit your coverage based on the severity of your condition. For instance, they might exclude a specific condition from your policy, meaning that if you pass away due to that condition, the insurer will not pay out the claim. However, other causes of death would still be covered.
Factors Affecting Premiums for Those with Pre-existing Conditions
Several factors can impact the cost of life insurance, especially if you have a pre-existing condition. Here’s a breakdown of what insurers look at:
Age: Younger applicants with a pre-existing condition often have lower premiums, as insurers view them as lower risk because they are more likely to overcome those conditions than people who are older.
Lifestyle: Factors like smoking, alcohol use, and other lifestyle habits can significantly affect your premium. Even if you’re healthy otherwise, being a smoker, for example, can increase your cost of insurance.
Type of Policy: The coverage period, sum assured, and type of policy chosen will influence the premium amount. Opting for critical illness coverage or additional riders may also raise the cost.
Condition Management: If you’ve shown a history of good health management and follow medical advice closely, your premiums could be lower. A well-controlled condition is often seen as less risky.
Tips for Getting the Best Coverage with a Pre-existing Condition
While getting life insurance with a pre-existing condition might require extra steps, there are strategies to help make the process smoother and more affordable:
Be Honest and Transparent
Honesty is crucial in the life insurance application process. Misrepresentation or omissions regarding your health may become the cause of cancelled policies or denials of claims. Therefore, it is important that you give as much honest and accurate information regarding your health history so that when your family needs it most, your policy is in proper standing.Policy Riders to Consider
Add riders like critical illness coverage or accidental death benefits to your coverage. These add-ons may increase the cost of your premium, but they could also add significant value that could be worth much for you.Seek Alternative Forms of Coverage
If you’re struggling to find an affordable policy, some insurers, like Aviva, offer specialised products that don’t require medical exams or extensive health questionnaires. These policies might provide a solution for those who need coverage without extensive health checks.
Aviva’s Approach to Supporting Policyholders
Aviva goes beyond traditional coverage, offering innovative options like the Cancer and Cardio Rider. This rider provides crucial protection against serious illnesses, ensuring financial support in challenging times. Additionally, Aviva's Signature 3D Term Plan features a Preventive Wellness Package, promoting proactive health management. From AI diet guidance to smart devices, Aviva empowers you to maintain wellness and minimise risks. This combination of protection and prevention showcases how Aviva is redefining life insurance, putting your well-being first.
Why Life Insurance is Still Worth It
For individuals with pre-existing conditions, life insurance provides a crucial assurance. It can help cover final expenses, outstanding debts, or medical bills, alleviating financial burdens for loved ones. Knowing that your family will be well cared for when you are gone can allow you to focus more on living well.
Even if the premium may be expensive, life insurance must be included in your long-term financial planning. By buying a life cover, you are playing an important role in securing your family and fulfilling your responsibilities.
*Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
