Life is full of uncertainties, and having a pre-existing condition can make things feel even more unpredictable. You might already know that health issues like diabetes, high blood pressure, or heart disease can complicate things when it comes to getting health insurance and life insurance. And yet, you need that coverage to protect your loved ones. So, what can you do?

Understanding Pre-existing Conditions

When you apply for life insurance, the insurance company wants to know all about your health. They’ll ask about any pre-existing conditions, and you’ll need to be honest about your medical history.

Understanding what medical conditions affect life insurance conditions is crucial. These term insurance conditions might seem overwhelming, but knowing them helps you be better prepared.

Finding the Right Policy

Even with a pre-existing condition, you’re not without options. The key is knowing what to look for and being smart about your choices.

1. Look for More Lenient Insurers: Not all insurance companies treat pre-existing conditions the same way. Some might be more willing to work with you than others. It’s worth researching around and finding an insurer that understands your situation and can clearly narrate the conditions of a life insurance policy that works for you.
2. Consider a Policy with a Medical Exam: Yes, it might seem counterintuitive, but opting for a policy that requires a medical exam can sometimes work in your favour. The insurer gets a complete picture of your health, and if your condition is well-managed, you might get better rates than you would with a no-exam policy. Understanding how much cover for life insurance you need is also important at this stage.
3. Be Prepared to Pay More: This isn’t what anyone wants to hear, but the truth is, that having a pre-existing condition might mean higher premiums. It’s not ideal, but understanding this upfront helps you plan and budget accordingly. Knowing what does a life insurance policy cover can also help you weigh the costs against the benefits.
4. Explore Guaranteed Issue Life Insurance: If your condition makes it tough to get traditional life insurance, you might want to look at guaranteed issue policies. These don’t require a medical exam, but they tend to come with higher premiums and lower coverage amounts. Still, they can be a viable option if other doors are closing.

Tips for Improving Your Chances

If you’re serious about getting life insurance despite a pre-existing condition, there are steps you can take to improve your chances.

●      Manage Your Condition: Keep up with your treatment plan, take your medications as prescribed, and follow your doctor’s advice. When your condition is well-controlled, it shows insurers that you’re taking your health seriously, which can work in your favour.

●      Live a Healthy Lifestyle: Eating well, exercising, and avoiding harmful habits like smoking can make a big difference. Insurers look at your overall health, not just your pre-existing condition, so doing what you can to stay healthy is always a good idea.

●      Be Honest: It’s tempting to downplay or omit details about your health, but honesty is the best policy. If an insurer finds out you weren’t upfront about a pre-existing condition, it could lead to denied claims or even policy cancellation.

The Role of an Insurance Agent[1]

Don’t underestimate the value of a good insurance agent, especially when you’re dealing with a pre-existing condition. They know the market, understand the nuances of different policies, and can guide you to the options that make the most sense for you. They can also explain what whole life insurance covers and narrate the conditions of a life insurance policy in a way that’s easy to understand.

It’s crucial to understand a few key points about medical insurance:

Initial Waiting Period: Once you start your medical insurance cover, you cannot make any claims within the first 90 days.

Coverage for Specific Conditions: Most insurance companies in Sri Lanka will begin covering certain identified conditions only after 12 months of continuous coverage.

Honesty is Essential: Being honest with your insurance company is vital to ensure your claims are processed smoothly.

Given these points, starting your policy early is incredibly important. By doing so, you can navigate these waiting periods and secure the coverage you need when you need it most.

Securing life insurance with a pre-existing condition might seem challenging, but it’s absolutely achievable. By exploring your options, taking control of your health, and partnering with the right experts, you can find a policy that safeguards your loved ones and gives you peace of mind. Life may be full of uncertainties, but with the right life insurance in place, you can face the future with confidence, knowing that you’ve taken a powerful step to protect what matters most.

References:

1. AIA (2022) Retrieved from: https://www.aia.com/en/health-wellness/healthy-living/healthy-finances/Medical-insurance-guide