If you have a pre-existing medical condition prior to signing up to a Life Insurance policy, you may be wondering whether you qualify for Life Insurance. While your application may be a slightly lengthier process, you can still be insured. Companies will assess your condition and find a policy to suit your needs. If you are over the age of 50 and seeking Life Insurance, companies will most likely not require you to take a medical examination, but only consider your age in the application.
What type of Life Insurance is on offer?
Once all necessary assessments have been made, your policy will depend on the severity and nature of your condition. You can either be covered by a policy without exclusions, which means that you pay increasing prices to cover the increasing risk as your condition worsens. This would cover conditions such as high blood pressure. You can also be covered by a policy with exclusions, where your condition isn’t covered at all, but you would be covered if you passed away from another cause. This would be suited to more serious conditions such as cancer. Your premiums will be calculated according to the nature of your condition.
How to go about finding a policy
It’s always advised to do your homework when it comes to policy shopping. Compare the options available for Life Insurance to find the right one for you. The next step is the application process, where it is advised that you be as honest as possible when the company asks you questions related to your health. While it may be tempting to hide information about a pre-existing medical condition in order to cut costs, if your company finds out about the condition at a later stage, your policy will become invalid and your family will be left without a payout in the event that you pass away.
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