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Applying For Income Protection If You Have a Medical History?

Last modified: 24 Feb 2013

Can I Purchase Protection Insurance if I Have Diabetes, Hypertension or Heart problems?

Yes, you can purchase income protection insurance plan if you have a family history or medical history of diabetes, hypertension, cardiac problems or other health issues. Buyers with pre-existing health conditions are eligible to purchase both basic and comprehensive plans from reputed insurers in Australia; however these buyers may be asked to pay higher premiums compared to other buyers with no health problems.

This being said, the type of medical condition you are affected with and the steps you are taking to treat the problem or keep it under control will also determine the cost of the policy. If you are interested in knowing which insurers in Australia offer competitively priced policies for buyers with a medical history then you can compare plans and ask for free quotes from insurers through an insurance comparison website.

Can I Purchase Income Protection Insurance if I am Already Ill or Injured?

If you are already ill or injured then you cannot apply for income insurance plans to protect you against that particular injury or illness; however insurers that allow you to purchase an insurance plan will protect you against all future illnesses and injuries. It should be noted, that most income insurance plans offer a maximum of 75% of the policy holder’s annual gross income if he or she is injured or ill due to which he or she is unable to perform his or her duties at work for a few days, a few weeks or a few months. It should be noted that if you have a history of developing a particular illness or injury, then you may be asked to opt for exclusions if you want to purchase a cheap contract.

Opting for exclusions is only ideal if you have emergency funds kept aside to support you in case you fall ill and the insurer does not help you due to the exclusion, or if you are removing the cause behind the injury or illness before purchasing the contract. For instance, if you are a smoker and develop bronchitis on a monthly basis, then by quitting smoking you are removing the cause behind the illness, which means that you are reducing your chances of falling ill.

What 10 Questions Buyers Should Ask the Insurer ?

All buyers, even those without a medical history should make it a point to ask the insurer 10 important questions since these questions will help them determine if the selected cover is ideal for them or not.

  1. How much compensation benefit can I get every month when I file a claim?
  2. What are the tax benefits of getting an income cover? Will I lose my tax benefits if I opt for a combined cover such as an income cover with a Total Permanent Disability plan?
  3. Which additional and free benefits can I enjoy when I file a claim?
  4. What isn’t covered and what situations am I not protected against?
  5. Will the premiums increase in the future, and how much if I take a cancellable contract?
  6. Do my dependants get a lump sum compensation payment if I pass away?
  7. Can I adjust the terms of the contract after I have purchased a policy?
  8. Will an Agreed Value Contract benefit me, or should I opt for an Indemnity Contract?
  9. Can I purchase additional benefits such as the worldwide cover, death benefit, indexation benefit, guaranteed renewability benefit and the day one accident benefit? If yes, then for how much and what are the terms for each of the benefits?
  10. How much will the pregnancy premium waiver benefit cost me and how many months of premiums will the insurer not charge me if I become pregnant after the waiting period of the policy is over?


What Precautions Should Buyers Take While Buying an Income Protection ?


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