Is it possible to take out insurance, if you already have a pre-existing health condition?
If you’ve been diagnosed with a health condition, or have symptoms that might indicate an issue that needs investigation, you might be wondering whether you’ve missed your chance to take out insurance.
The good news is, while there might be a few extra steps in the process and things be aware of, in many cases you may still be able to get cover.
Here’s what you need to know.
How do insurers decide what counts as a pre-existing condition?
A pre-existing condition is something that you already have when you take out your insurance.
But this isn’t restricted to something a doctor has diagnosed you with – if you have signs or symptoms of an illness when you apply for an insurance policy, the illness is likely to be considered a pre-existing condition. If you’ve already been treated for something and it has been resolved, that is also likely to be considered as a pre-existing condition.
Sometimes, a pre-existing condition can also be something you have been diagnosed with, even if you did not know about it.
Some common pre-existing conditions are things like cancers, arthritis, diabetes, mental health conditions and high blood pressure.
How does it affect insurance?
Pre-existing conditions may need to be addressed when you’re applying for most types of personal insurance cover, whether that’s health, income protection, trauma, or life insurance.
But depending on the type of insurance you take out, the way they are dealt with can vary.
Sometimes there is a standdown period after you take out the cover in which you can’t claim for a specific condition.
Other times, your insurer might add a loading to your premium, meaning you pay more for your cover. You might have a limit on the amount that you can claim for that condition, or a restriction on the type of cover you can take.
In other cases, the insurer might exclude the condition, so you cannot make any claim for that – but you’re covered for everything else.
In some cases, the application might be declined.
Applying with a condition
If you’re getting ready to apply for insurance and have a health condition, there are a few things to keep in mind.
There’s no such thing as over-disclosing: It’s better to provide too much information rather than too little. If there’s anything that might be relevant, you need to tell your insurer. Even things that happened a long time ago or that no longer seem important to you are likely to be necessary to disclose. We can help you to work through this.
Honesty is important: Some people might think that no one would notice a little white lie on an insurance application. But it’s easy to get caught out – often when a claim happens, an insurance company might ask for medical records that could bring everything to light. If they find you haven’t been honest, there can be serious repercussions which can also make it harder to get cover in future. In some cases, a life insurance benefit might not be paid out if you have not been completely honest in your application, for example.
Watch out when switching
If you already have insurance and have developed your health condition since taking that cover, you may need to apply extra care when considering switching to a new insurer. It will be important that you do not lose cover for any conditions as part of that process. We can help you navigate this.
As insurance advisers, we can help
We’re here to help you find insurance that’s a good fit for your circumstances and individual situation.
Whatever sort of cover you need, we can help you to determine how insurers will approach your health conditions, and an appropriate way to give you the protection you need.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.