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Pre-existing Medical Conditions Defined

In general, pre-existing medical conditions refer to a health condition confirmed by a medical practitioner. It is the existence of some symptoms leading to verification of the illness. It is a state that may lead to income protection claims. It takes place before the beginning of the restoration of your insurance policy.

Getting an income protection policy with a pre-existing medical condition is possible. But remember that some conditions may affect your premium rates. Your application may be approved or declined depending on how severe your condition is.

Some examples of pre-existing medical conditions are Cancer, Diabetes type I and type II, Epilepsy, Heart-related conditions, Hepatitis, Mental illness and Sleep Apnea.

If you experience a pre-existing condition, income protection insurance can still work for you. The insurers will be the ones to decide regarding the conditions that they will or won’t cover. Your application can be declined by one insurer, but it can also be approved by another.

What Are the Steps to Follow?

  1. Apply for cover and indicate important details about your pre-existing conditions. An adviser or an insurer can help you with this.
  2. Accept a larger premium or exclusions on your policy. If an insurer approves your application for income protection, expect to pay higher premiums for the added risk that you are revealing to them. Your insurer may take advantage of exclusions in your policy when claims arise from your pre-existing conditions. 
  3.  Search for another policy. Look for another income protection brand if you failed with your first application.
  4. Be familiar with the rules your condition is subject to and ensure your full understanding of what might happen when you make a claim related to your pre-existing condition.

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