| You'd like to organize life insurance but | | | | |
| wonder if you would be classified as | | | | . health of your body and organs. If your |
| uninsurable. What can you do? | | | | body is coping moderately well despite an |
| | | | existing condition then a life insurance |
| When a life insurance company assesses an | | | | company will likely take that into account. |
| individual for life insurance they are | | | | |
| primarily interested in the life expectancy | | | | So what can you do? |
| of the applicant. You may be classified as | | | | |
| uninsurable if a company rates you as having | | | | One way around this is if you are employed by |
| a high probability of an early death. What | | | | a company that offers life insurance to all |
| the exact criteria for assessing an | | | | employees. Because the risk to the insurance |
| uninsurable applicant are vary from one | | | | company is spread over many workers, |
| company to the next. | | | | sometimes hundreds or thousands, then it is |
| | | | usually possible for workers with specific |
| However, if you have a pre-existing medical | | | | medical problems to receive cover. |
| condition that often results in premature | | | | |
| death then you are likely to be considered | | | | An applicant that is considered uninsurable |
| uninsurable. Whether you are or not depends | | | | by one company may be an acceptable risk to |
| on a number of factors: | | | | another company but may have to pay a higher |
| | | | premium for their life insurance cover. |
| . the nature and severity of your medical | | | | |
| condition | | | | Just because you are considered uninsurable |
| | | | at present doesn't mean that you will always |
| . your age. For example, if you contract | | | | be. If you can demonstrate that your health |
| Hepatitis C at a young age then you are | | | | has been stable or improved or that you have |
| considered more of a risk than someone who is | | | | to taken steps to improve your health then |
| older. | | | | you will likely have grounds for seeking a |
| | | | reassessment by a life insurance company. |
| . your lifestyle - in particular how healthy | | | | For example, you could recover from a medical |
| your lifestyle is | | | | problem that currently rules out your |
| | | | eligibility for life insurance policy. |
| . time since diagnosis - if it is only a | | | | |
| relatively recent diagnosis then you are a | | | | There are also particular types of policies - |
| higher risk because the impact of the medical | | | | sometimes called 'Modified Life Insurance' or |
| condition is likely to be unknown. For | | | | 'Guarantee Issue Life Insurance' - where no |
| example, someone that is recently diagnosed | | | | health related questions are asked but they |
| with Multiple Sclerosis would be considered a | | | | have a probationary period. If you die |
| higher risk than someone who was diagnosed | | | | within the first 2-3 years they only pay out |
| with the same condition ten years prior. | | | | premiums that have already been paid plus |
| This is due to the degenerative nature of the | | | | interest. If you pass the probationary |
| condition and because it affects suffers | | | | period then they pay the regular stipulated |
| differently. | | | | death benefit. |