ONDIEK: Can I get a life cover with pre-existing conditions?

Life insurance serves as a vital financial safety net for individuals and their loved ones, providing peace of mind in times of uncertainty. But what happens if you have a pre-existing medical condition?

Insurance companies recognise that medical illnesses are a reality for many individuals, therefore they provide a variety of coverage to fit diverse health scenarios.

It is crucial to remember, however, that coverage availability and premium costs may vary based on the severity and kind of pre-existing condition.

Below are factors affecting premiums for individuals with pre-existing conditions.

Type and severity of the condition: These have a considerable influence on the insurance company's risk assessment.

Compared to severe or uncontrolled illnesses, well-managed or relatively moderate ailments may result in lower rates.

For example, a person with uncontrolled type 2 diabetes, requiring frequent hospitalisations and experiencing complications like kidney problems and neuropathy, would likely be considered high risk, therefore, resulting in a higher insurance premium.

Medical history and treatment: Insurance companies frequently examine an applicant's medical history and treatment plan.

Consistent and proactive care of the disease, as well as frequent medical check-ups, can indicate a commitment to your health, which might contribute to lower premium rates.

Age at diagnosis: It is important to know how old you were when you were diagnosed with the pre-existing ailment.

If you were diagnosed at an earlier age and the disease has remained stable, it may have less of an influence on your rates than if you were diagnosed later in life.

Underlying health: Aside from the pre-existing disease, your general health is important. Maintaining a healthy lifestyle, appropriate eating habits and frequent exercise might positively affect the insurer's opinion of your risk level.

Treatment and medications: Some conditions require ongoing medication, while others might necessitate surgical interventions. Insurance companies assess how well these treatments are managing the condition.

Prognosis and future outlook: The insurer might consider the prognosis of your pre-existing condition. If medical advancements suggest a positive long-term outlook, it could have a positive effect on your premiums.

Family History: Your family's medical history could also impact your premiums. If the pre-existing condition runs in your family, for example, an Asthma condition that is inherited within the family medical history the insurer might evaluate your risk differently.

Occupation and Lifestyle: Your occupation and lifestyle choices are taken into account. High-risk jobs and activities might lead to higher premiums.

Policy type and coverage amount: The type of life insurance policy you choose (term, whole life, universal life, etc.) and the coverage amount also influence premiums. Some policies might be more accommodating for individuals with pre-existing conditions.

To obtain affordable medical cover, you might need to consider the following;

Shop Around: Different insurance companies have varying underwriting criteria. Shopping around allows you to compare quotes and find the best coverage at the most reasonable price.

Be honest: Always provide accurate and complete information about your medical history. Withholding information could result in denied claims later on.

Consider guaranteed issue policies: These policies do not require medical underwriting and are designed for individuals who might have difficulty obtaining traditional coverage due to health conditions.

Work with a broker: An experienced insurance agent can guide you through the process, helping you find the right policy and assisting in negotiations with insurers.

Improve your health: While you can't change your medical history, you can adopt a healthier lifestyle moving forward.

Making positive changes to your diet, exercise routine, and overall wellness can improve your insurability.

Remember that each insurance provider is unique, so do your homework, evaluate your options, and make an informed selection based on your own situation.

Samuel is a Senior Analyst at Zamara Group [email protected]