Medical

September 26, 2016

What is a loading?

A loading is an added premium that is placed on your life insurance policy if you are seen to present a very high risk of claiming benefits in the future. Loadings are typically placed on life insurance policies if you have a pre-existing health condition or have a family history of serious illness that is significant enough to warrant an extra premium but not considered so risky that you need to be denied cover altogether.

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September 26, 2016

What is an exclusion?

If any particular health, medical, or lifestyle condition is determined to be so severe that it cannot be covered even by placing an extra loading on it, then the insurance companies may choose to exclude such conditions from being covered. These are known as exclusions.

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September 26, 2016

I’ve had cancer/diabetes/back/neck/heart/family health issues, can I still get cover?

If your condition is considered to be pre-existing, your health fund will impose a 12 month waiting period before you can claim for benefits relating to that condition. If you need to be admitted to hospital for a condition that you think may be pre-existing, check with your health fund in advance to ensure you’ll be covered for your medical treatment. It’s important to realise that even if you need to sit through this waiting period, you can still seek treatment through Medicare, if you think it’s medically urgent.

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September 26, 2016

If my health deteriorates in the future, can the insurer cancel my policies?

No, once you have cover, the insurer cannot stop the cover and must also allow the renewal of the cover each year.

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