Medical IQ:
What Happens if You Have a Pre-Existing Medical Condition?
If you have a pre-existing condition such as diabetes, cancer or even alcoholism, you might be wondering if it’s worth your time to apply for a disability insurance policy. The answer is YES!
When you submit your application, your Disability Insurance Specialist will help you understand your options. Typically, we can secure coverage for you in one of two ways:
1. Through a standard disability insurance policy: Your disability insurance policy would most likely exclude coverage for disability arising from the pre-existing condition. With this type of policy, usual underwriting practices apply. Underwriters will review your medical history and you may be asked to undergo an exam or blood work. Many benefit terms are available. Even though your preexisting condition is excluded, you’ll have great peace of mind knowing that you have income protection for all other causes of disability.
2. Through an “Impaired Risk” disability insurance policy: Impaired risk disability policies cost slightly more, but for those with pre-existing conditions, the upside is immense. These policies do not require an exam, blood work or an inspection report, and they don’t exclude your pre-existing condition. The optimal “own occupation” disability definition is even available. The one limitation is that these policies are only available in two and five year benefit periods, with graded monthly benefits. However, always remember that some coverage is better than none. Five years of income will provide the cushion you need to plan and train for another occupation, or to downsize if necessary, without financial ruin.
What types of conditions are considered?
Conditions that we’ve found coverage for in the past include the following. If you have any question, it’s worth your time to submit an application and explore the possibilities available to you. We will do everything in our power to help you secure quality income protection so that you can preserve your lifestyle and your dreams for the future.
- Alcoholism
- Angioplasty
- Anxiety
- Antidepressant users
- Arthritis
- Bipolar disorders
- Cancer
- Cerebral palsy
- Chronic fatigue syndrome
- Heart by-pass
- Diabetes
- Drug abuse
- Epilepsy
- Fibromyalgia
- Hepatitis
- Lupus
- Kidney Transplant
- Obesity
- Rheumatoid arthritis
- Sleep apnea
- Ulcerative colitis