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Life insurance and your medical history
In order to supply you with adequate cover insurers will request your medical history which will be assessed by underwriters. This provides an underwriter with information that helps them determine how much cover will be suitable to cover you and your loved ones should you be struck by an illness or death. It is vital that you provide accurate information about your health and pre-existing conditions. Lying about your information will only see you getting the shorter end of the stick that can make your policy void.
17.8 million Australians take some form of medication from age 14+
New research by Roy Morgan shows that 88.7% of Australians take medication of some kind. 92.6% of women are more prone to take medication of some kind compared to 84.8% men. However, a majority of the medication that Australians consume is to take care of general illnesses. The research found that 77.3% of medication taken was general medications. The second biggest form of medication were medications to heal allergies, Antihistamine, cold & flu’s by 42.9%, and the third largest medication group was in the form of Vitamins and supplements.
The medication you take will play a part in the type of life insurance cover you get. Your gender also plays a vital role when it comes to being assessed by how much premiums you will pay. The type of medication that was taken increases as people aged, but more serious forms of medication varied by gender. 19.6% of men are more likely to take heart & circulation medication compared to 18.6% of women.
Being transparent will work in your favour
When applying for a life insurance policy your insurer could ask you questions pertaining your medical history and your health. You could be further asked about your family’s medical history, and you might be requested to undergo a test. Any type of medication that you take that affects your health in any way should be mentioned. This will ensure that you receive adequate cover without compromising you or your loved ones.
The more severe your illness or condition is the more likely it is that you will be given stronger medication to combat the illness. Your insurer needs to be informed in order to adapt your policy accordingly. It is most likely that you will pay more in premiums, but by comparing policies will help you find a better deal.
There are some insurers that specifically design life cover policies to cover people that suffer from serious illnesses that might not be covered by other insurers. By speaking to an accredited life insurer, you will be able to find a policy that fits the bill to keep you and your loved ones protected.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
