Disclosure of illness in term and health insurance policies.

POSTED BY Eswar ON February 28, 2012 10:32 pm ONE COMMENT

Dear Sir,
I would like to thank all you people for giving valuble guidance regarding our financial planning. I have company group health insurance and my personal term insurance from ICICI Iprotect covering 3000000 taken in sept2010. Unfortunately I need to go for kidney transplant in 2011 year end. Now I am thinking of taking one personal health insurace and a term insurance with high coverage.

My queries are,

1.when I disclose about my illness, how the insurance companies will consider for term and health insurance like, will they load more amount or will they reject my application etc..?

2. Do I need to inform any thing to my exisitng term insurance comapny(ICICI)?

3. Will I get critical illness rider on the policy?(some companies cover kidney tranplant in critical illness)

Please guide me about how to take or what is the best thing that I can do for my insurance for both term and health.
Thank you.
Eswar

One reply on this article “Disclosure of illness in term and health insurance policies.”

  1. ashal jauhari says:
    February 28, 2012 at 11:05 pm

    Dear Eswar, as per normal practice – no health policy ‘ll cover for your existing illness i.e. kidney related issues.

    As far as for term plans, if you do inform about your current health condition for your kidney problem, either your prem. ‘ll be loaded up in a big way or the insurer may simply refuse to cover your risk, for your new application.

    For your existing term plan, no reason to worry, as the kidney problem was diagnosed after purchasing the plan.

    Thanks

    Ashal

    Reply

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