Pre-Existing Condition
A pre-existing condition is an illness, injury, medical condition or symptom that existed before your insurance cover started. It may be considered by an insurer when assessing your application for insurance.
A pre-existing condition is any illness, injury, medical condition or symptom that existed before your insurance policy was put in place. It doesn't always have to be a diagnosed condition - it can also include symptoms you've experienced, medical advice you've sought or treatment you've received before applying for insurance.
Pre-existing conditions are an important part of the underwriting process. When you apply for insurance, the insurer uses the information you provide to assess your level of risk and determine the terms on which they're prepared to offer cover.
Depending on the insurer and the type of insurance you're applying for, a pre-existing condition may have no impact on your application, or it could result in a loading (higher premium), an exclusion for a specific condition, or, in some cases, a different underwriting outcome. Every insurer assesses applications individually and has its own underwriting guidelines.
Having a pre-existing condition doesn't automatically mean you won't be able to obtain insurance. Many people with existing medical conditions are still able to secure valuable cover. The key is to provide complete and accurate information during the application process so the insurer can make an informed decision.
Why It Matters
Pre-existing conditions are one of the key factors insurers consider when assessing an insurance application. Being open about your medical history helps ensure your policy is set up correctly and reduces the risk of issues if you need to make a claim in the future.
Common Misunderstandings
"A pre-existing condition means I can't get insurance."
Not necessarily. Many people with pre-existing conditions are still able to obtain cover, although different terms may apply.
"Only diagnosed conditions count."
No. Previous symptoms, investigations or medical advice may also be relevant during underwriting.
"Every insurer treats pre-existing conditions the same way."
No. Each insurer has its own underwriting philosophy and may assess the same condition differently.
"It's better not to mention an old medical condition."
No. Providing complete and accurate information is essential. Failing to disclose relevant information could affect your policy or a future claim.
FAQs about Pre-Existing Condition
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Generally, it's any illness, injury, medical condition or symptom that existed before your insurance cover started.
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Yes. You should answer all application questions honestly and completely so the insurer can properly assess your application.
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Not necessarily. Many people still obtain insurance, although the insurer may apply different terms depending on the circumstances.
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No. Underwriting decisions vary between insurers, which is why professional advice can be valuable.
Having a pre-existing condition doesn't automatically prevent you from getting insurance. If you're unsure how your medical history may affect your application or you'd like help understanding your options, talk to a New Vision Financial Services adviser. We'll guide you through the underwriting process and help you find cover that's right for your circumstances.