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Medical Diseases & Health Conditions For Life Insurance

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Medical Diseases & Health Conditions For Life Insurance


Life Insurance Medical Screening for Diseases and Health Conditions

Medical screening tests help people pay the lowest premiums possible since these tests determine which buyer has a higher risk of developing health problems and which buyer doesn’t. Buyers who have a higher chance of developing health problems will be asked to pay higher premiums compared to buyers who do not have a high chance of developing health problems.

Some of the health problems that life insurers look out for include heart disease, diabetes, HIV, kidney disease, cancer, liver disease and Alzheimer’s disease. Other illnesses such as Parkinson’s, deafness and blindness may also be on the watch list of life insurers in Australia.

Life Insurance Medical Screening Using Genetic Testing

Although life insurers in Australia cannot force you to take genetic tests for various illnesses, as a buyer it is your duty to declare the results of any genetic tests you may have taken in the past or will take when the policy is active. Disclosing results of tests is mandatory and failure to do so can cause your policy to lapse or your claim to be rejected. It should be noted that genetic tests can reveal three important things that are; if you will definitely develop a disease, your chances of developing a disease and if you are a carrier for a disease.

NIB Genetic Testing Insurance

In the year 2012, NIB sent many customers letters offering cut price genetic test to help them understand if they have any problem. This was an attempt by NIB to help buyers get answers to questions they may have about their health and to help them get better medical help in case they have any genetic problems.

These genetic tests also help insurers understand which policy holder is a high risk customer and which policy holder’s family may file a life insurance claim. It should be noted that NIB does not conduct these test by themselves hence the test results are between the customer and the medical examination company.

The Use of Genetic Test Results in Life Insurance

Life insurers cannot promise to lower the premiums of policies based on genetic tests nor can they coerce you or force you to take these tests. In addition, privacy laws forbid life insurers to share genetic results if they know that the buyer has a genetic condition.

In Australia, insurance companies are not allowed to set premiums based on individual group factors such as genetic tests; however knowing which illness you have or may develop can better prepare insurers to provide compensation payments to buyers.

Applying for Life Insurance with a Pre-existing Condition

Having a pre-existent condition does not mean that you cannot get an insurance policy; however some insurers may set limits on benefits and the compensation amount or cover limit. In addition, some insurers may set an additional waiting period before giving you a policy if you have a pre existing health condition.

Some pre-existing conditions do not affect your policy and each insurer has his own list and rules regarding genetic and pre-existing health conditions.

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