Am I covered if I have a pre-existing condition?

One of the biggest factors that stop people from applying for life insurance or critical illness coverage is fear that a pre-existing condition may exclude them from coverage. Nothing could be further from the truth.

Mild pre-existing medical conditions

Many Canadians have some kind of pre-existing condition, such as diabetes, asthma or other manageable conditions that don’t have a debilitating impact on their daily lives. Insurance is certainly available for anyone with this kind of condition.

If you have a pre-existing condition, you will likely be given what is called a “rated” policy. This policy may carry a higher premium and will generally require medical tests before you will be approved for coverage, such as a blood or urine test, to ensure that you do not have any other conditions.

Serious pre-existing medical conditions

What most people don’t know is that insurance coverage is also available for survivors of more serious conditions such as heart disease, stroke or cancer. Generally, these policies can only be purchased a certain number of years after the date that the patient was pronounced as recovered from the condition and are mostly sold as a rated policy.

Family history

While a consistent family history of certain diseases may affect your policy premiums, the presence of a family history does not mean that you cannot be covered under our life or critical illness insurance.

How can I tell if I’m eligible?

All of our insurance policies are quoted and rated on a case-by-case basis. Contact your local Financial Advisor to get a quote. Quotes are free, even if we have to perform medical tests. You should check with your doctor’s office to make sure that they will not charge you for filling out insurance company documents.

Do I want life or critical illness insurance with higher premiums?

Consider the cost if you were to be out of work for any period of time, or what your beneficiaries would be left with if anything were to happen to you. If both costs are significant, you may still want to consider a critical illness or life insurance policy.