In recent years some insurers have introduced products which cater specifically for risky health and occupation categories.
Pre-existing health issue example:
You had a heart attack a few years back, didn’t have any insurance at the time but now realise how beneficial it would have been. Once upon a time, a heart attack would have excluded you from virtually any form of trauma insurance. The good news is that now, while you may still be denied heart cover, you can obtain trauma cover for things like:
- Multiple sclerosis
- Major burns
- Major organ transplant
- & many more
Risky Occupation example:
It can sometimes be quite difficult to obtain cover if you are, say, an underground miner or a farmer. Now, some insurers have introduced ?special risk? income protection products for people who work in these high-risk, hazardous areas.
The bottom line is don’t always count yourself out. It’s likely that what’s happened in the past is not what’s happening now in the world of life insurance. This is one more reason why you should talk to a licensed Financial Planner about developments in life insurance that may work in your favour.