Many people assume if they have had health issues, that they’re ineligible for insurance.  There are many different forms of insurance.  You’d be surprised what people can be insured for.  In general however, the less healthy you are, the more costly the coverage may be and there may be limits of how much coverage you can get.

In general, if health conditions have been treated for a while and are controlled as per a physician prescriptions and treatment plans, coverage can be obtained.  Substandard health may result in higher costs as the likelihood of claim is greater.

The different types of coverages protect against different events:  ie life insurance covers death, Critical Illness protects against major health (such as cancer, heart attack, stroke, etc) and Disability Insurance pays a monthly income if you can’t work (either because of sickness or accident).  As such the qualifying criteria or underwriting will differ.  Someone could qualify for Life Insurance but not qualify for Critical Illness or Disability.

If there’s been a change in health within the previous two years, the ability to get coverage and costs will be greater and amount of coverage may also be less.  There may also be exclusions (ie. The policy won’t pay out in certain conditions which are documented) for certain types of insurance and situations, depending on one’s health.

As time passes on, coverages and underwriting decisions can also be reviewed which may lower the cost.  You’d be surprised what can be covered.  It’s always best to consult a licensed professional who can explore different options and explain the options.

Posted in Critical Illness Insurance, Disability Insurance