I have a pre-existing condition - does that mean I won’t be able to get insurance?
This is a question that’s asked a lot by Kiwis, and it’s an important one to consider. Many people often dismiss the idea of even trying to get insurance if they know they have a condition that’s likely to not be covered. But they don’t take into account the fact that the insurance provider might just surprise them.
Depending on the condition, some insurers may still cover you - it just may be a partial cover, or you may have to pay a bit more. Even if your existing condition is not covered, that’s often just one part of your health and overall life and it’s important to ensure the rest of your health is covered.
What is a pre-existing condition?
A pre-existing condition is a medical condition you are aware of and may have had treatment for before you took out your insurance.
Common pre-existing conditions include cancer, diabetes, depression, sleep apnoea and asthma.
It’s not always black and white
Unfortunately, there isn’t a simple yes or no answer to the question of whether your pre-existing conditions will be covered. It varies from insurer to insurer, and it also depends on the severity of your condition.
Because insurance is designed to protect you from future illnesses rather than ones you’re currently dealing with, pre-existing conditions can be tricky to navigate.
It’s always best to seek advice from someone like a financial advisor - they know all of the ins and outs of each insurance provider and will be able to look into which one might be able to offer you some kind of cover.
Full disclosure is best
Many people with pre-existing conditions choose to take out cover without disclosing their pre-existing conditions, but this can land you in hot water should you need to make a claim.
Non-disclosure is taken very seriously and can even go as far as leaving you uninsurable in future if you don’t tell your provider about any and all of your current health conditions.
If you’re not sure whether to disclose something or not, include it anyway, or ask your financial adviser.
You just might get cover
As we mentioned, having pre-existing conditions doesn’t necessarily mean you won’t be able to be covered at all, there may just be some limitations or conditions you need to satisfy.
Some providers may offer you cover for your condition after a period of time if it hasn’t worsened, and some may offer you cover but only for certain treatments or medications.
Seek advice
The best thing to do when it comes to pre-existing conditions is to seek advice from the professionals. Not only can a financial adviser give you advice when it comes to choosing the right insurance provider, they can also advocate for you and work with the insurer to see what can be done about covering your pre-existing conditions.
If you want to have a chat about getting cover or you’re not sure if you need to disclose your pre-existing condition, get in touch with us. We work for you, not the insurance companies, and we want to help you and your family live a better financial life.
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