Tuesday, November 29, 2016

Life Protection – Health Status Q & A

How does my health status affect the premiums I pay for Life Assurance?

The premiums you pay for your life assurance policy is partly decided by your current health status.
Knowing your medical history helps the company work out how much you should pay for your cover.
It also lets them give a fairer price to all customers. It is important that you do not leave out any essential information, such as a pre-existing condition, that might have an impact on this.
It is also important to be honest as non-disclosure can render a policy void and the insurance company are not obliged to pay out on the policy.
Your health information is personal and sensitive and all details are confidential to the Life Company.  They are only shared them with the people who manage your plan.

Should I still apply for Life Assurance if I have an existing medical condition?

Yes. You might be refused cover depending on your condition but  your medical history and personal details will always be reviewed before any decision is made.
You may be offered life assurance at an increased price or with a medical exclusion.
This means that you may get cover on the understanding that you cannot make any claim for your existing condition.

Why are Life Companies concerned with my medical condition when my doctor may not be?

If you have a medical problem that does not need immediate attention, your doctor may not take any action.
They will only act if and when your condition gets more serious or if there are any complications. In that case, they will start treatment or carry out tests.
However, when your health is being assessed for Life Cover there is only a narrow window of time to consider your condition and predict now it may change in the future.

Do I need to take a medical examination or get a report from my GP and if so, will I have to pay for it?

Medicals reports, examinations and tests help the Underwriters make an informed decision about whether or not you can be offered cover.
If you need to take a medical examination, or get a report from your GP, this is usually arranged by the Insurance Company who also pay for any medical reports, examinations or other tests which may be asked for.

If you would like further information please contact Michael on 086 8440541 or email info@mkfinancial.ie .

Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland.

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