What happens if I develop a condition after buying my policy?

You may still be protected by your life insurance policy even if you’re diagnosed with an ongoing ailment later in life, however a change in health status may affect your premium. For example, if you’re a senior and are diagnosed with dementia, you should contact your insurance company to let them know about the diagnosis, since this might result in additional premiums or conditions attached to the policy.

How else should I compare my life insurance policies?

When you’re comparing life insurance policies with Savvy, it’s important to weigh up the following factors to make sure you get coverage that’s right for you. This includes: Inclusions and exclusions Premiums Coverage limits (usually between $100,000 and $2 million) Benefits Waiting periods Stepped or level premiums

Do I need to tell my insurer if my condition changes?

You should notify your insurance company if there is any change to your health status, which includes being diagnosed with a new condition, or advancement or change in a pre-existing condition.

How long does it take to complete a medical examination?

If you don't require any special tests like an x-ray or an electrocardiogram, your check-up should just take a quarter of an hour. Also included is the time spent asking questions verbally. If the insurance company requires an electrocardiogram, add 20 minutes to this time. However, timing will be different depending on the person and the nature of the condition.

What happens if my pre-existing condition can’t be covered?

Your life insurance company may be willing to offer you a policy with modified conditions if you are unable to get coverage under a conventional policy owing to your pre-existing condition. This means that while you may not be covered for claims relating to your current condition, you’ll receive the other normal benefits of a life insurance policy. A surcharge might be one of the conditions outlined in the policy's fine print.

Does child life insurance include coverage for pre-existing conditions?

Some companies provide guaranteed coverage for children with pre-existing diseases including certain forms of diabetes and asthma. It may be worthwhile to shop around for kids’ life insurance if your youngster has a chronic condition to be sure they’ll be covered and that you aren't paying more than necessary.

Can I get life insurance if I have a critical illness?

Coverage for critical and terminal illnesses is often included in basic life insurance plans. If you’re diagnosed with a terminal disease and given fewer than 24 months to live, you’ll get a lump sum payment.