Best Life Insurance In Australia With Pre-Existing Conditions

Best Life Insurance In Australia With Pre-Existing Conditions

We’re all told about life insurance in Australia and how important it is. “Protect yourself and your family! What will your family do if you’re no longer there to support them?” the TV adverts constantly tell us. Well, that’s all well and good to protect yourself if you’re healthy and fit, but what about if you’ve got a pre-existing medical condition? Can you still get the best value life insurance in Australia for your needs with your medical condition? Well, you’re in luck. Billy Explores has done a lot of research into affordable life insurance and how you can compare life insurance in Australia from our panel of providers to get the best value life insurance for you, even if you have a pre-existing medical condition.

What is Life Insurance?

Before we answer the question of if you can take out life insurance with a pre-existing condition, we need to understand what life insurance actually is.

Another name for life insurance is ‘death cover’ (very morbid we know!). You can purchase a life insurance policy which will pay an agreed lump-sum should you pass away. It is meant to replace any income you would have earned so if you’re gone, your family is still able to meet financial obligations.

The amount of life insurance you purchase will depend on your individual circumstances. If you already own your home, you may need less than someone who still has a mortgage. Likewise if your family has considerable debts or loans, you may want your life insurance to cover those cost in full. Life insurance can give your family the chance to grieve without worrying about how they’re going to pay the bills. Find out more here and here.

What Affects Life Insurance Premiums?

A number of factors affect life insurance premiums. These include health, age, gender, smoking, alcohol consumption, lifestyle habits and what stage of life you are at. The level of cover you need will be affected by these variants. Find out how much life insurance you should have here. A long with that is if you have any pre-existing medical conditions.

What Is a Pre-existing Medical Condition?

A pre-existing medical condition refers to a known illness, injury or health condition that existed before some applies for health insurance or life insurance.

According to the Centers for Medicare and Medicaid Services (CMS), as many as half of all US adults under the age of 65 have some form of a pre-existing medical condition. These chronic conditions range from asthma, to diabetes, to heart disease. Can you buy life insurance after such a diagnosis?

How Many Pre-Existing Medical Conditions Are There?

It really depends on the insurer what they count as a Pre-existing Condition, but below is a list of common ailments and conditions that according to Money magazine were used to deny people life insurance coverage:

  • AIDS/HIV
  • Alcohol or drug abuse with recent treatment
  • Alzheimer’s/dementia
  • Anorexia
  • Arthritis
  • Bulimia
  • Cancer
  • Cerebral palsy
  • Congestive heart failure
  • Coronary artery/heart disease, bypass surgery
  • Crohn’s disease
  • Diabetes
  • Epilepsy
  • Hemophilia
  • Hepatitis
  • Kidney disease, renal failure
  • Lupus
  • Mental disorders (including Anxiety, Bipolar Disorder, Depression, Obsessive Compulsive Disorder, Schizophrenia)
  • Multiple sclerosis
  • Muscular dystrophy
  • Obesity
  • Organ transplant
  • Paraplegia
  • Paralysis
  • Parkinson’s disease
  • Pending surgery or hospitalization
  • Pneumocystic pneumonia
  • Pregnancy or expectant parent (includes men)
  • Sleep apnea
  • Stroke
  • Transsexualism

Can I Still Get Life Insurance With A Pre-Existing Medical Condition?

Yes, you may be able to still get life insurance. If you have a pre-existing medical condition there are two ways you might be able to handle it.

  • Pay a higher premium.
  • Accept an ‘exclusion’, where the insurer won’t pay out if your pre-existing condition is the cause of death.

Make sure your potential insurer is aware of your condition. Of course, another idea is to make sure you compare your life insurance regularly through Billy Explores.

Tips For Buying Life Insurance With a Pre-existing Medical Condition

 Be aware of when you apply. You will more than likely be turned down from your life insurance policy if you apply shortly after a cancer diagnosis or a heart attack, but you can always reapply, especially if your medical records demonstrate that your treatment has been effective.

Try to improve your health and take advantage of any improvements in your premium. If you are accepted but are being charged a high rate, you can ask for a new medical exam (and a lower premium) once your condition is under control.

Focus on the things you can control. The first step to finding affordable life insurance in Australia with a pre-existing condition is to take care of yourself. If you can exercise, do it. Even a few steps a day helps and you can build it up, Make sure you eat healthy, and try to keep your weight down. Leave the alcohol and don’t forget to take any medications, if you have them.  If you lead a healthy lifestyle outside of your condition, your premiums might reflect that.

Find the right site to help you compare life insurance. It’s important that you look for an independent provider like Billy Explores, who can help you immediately identify from our panel of providers, which insurer will be more likely to accept your medical condition. Why not look compare life insurance through Billy Explores for the best value life insurance in Australia from our panel of providers?