// Preserving Wealth Across Generations
Understanding Insurance for Those with Pre-existing Conditions
How does it differ from the rest?
20th July, 2026
Often, the assumption is that only those in peak health can secure insurance. While there’s some truth to this, it doesn’t mean that those with pre-existing conditions are without options. Let’s delve into the possibilities.
1. Preliminary Underwriting: A Possible Gateway to Insurance
When someone has a medical condition, a smart move would be to seek preliminary underwriting. This involves working with a financial adviser to send requests, along with the most recent medical report, to various insurance companies.
These companies then weigh the potential risks of insuring the individual.
Potential outcomes include:
- Standard: “Congratulations! We can insure you, even with your pre-existing condition.”
- Premium Loading**: “You’re insurable with your condition, but there will be an additional cost.
- Exclusion: “We’ll insure you, but we won’t cover claims related to your pre-existing condition.”
- Postponement: “Please reapply later with updated medical details.”
- Decline: “Unfortunately, we can’t insure you at this time.”
2. Tailored Insurance Products: Designed with You in Mind
- Type 2 diabetes
- Pre-diabetes
- Elevated blood pressure or cholesterol levels
- High BMI
- Those in remission from cancer
Moreover, some niche insurance products focus on specific diseases, like cancer or stroke. A highlight of these products is their straightforward application process -few questions and no medical examination!
3. Utilising Embedded Options in Your Current Insurance
- Increasing the coverage amount during significant life events
- Acquiring a new policy during pivotal life moments
- Converting the plan to a whole life policy
- Renewing the plan
Here’s a Practical Scenario:
Tom, when starting his career, wisely invested in a term life insurance policy with a critical illness benefit. Fast forward a few years, and life has blessed him with a family. As he reviews his insurance in light of his new circumstances, he finds that while his need for critical illness coverage has grown, his health has taken a slight hit with a diabetes diagnosis. However, Tom has the option to leverage the increase in coverage benefit present in his existing policy.
In essence, having a pre-existing condition does not close all doors to insurance. Knowledge consultation and persistence are often the keys to finding the right coverage for you. Reach out to your adviser if you need any help!