Life Insurance - Pre-Existing Medical Condition

Willco88 on 05/11/2020 - 23:36
Last edited 06/11/2020 - 07:38 by 1 other user

Good evening everyone.

I've never had any kind of life insurance, I just want something to leave my family if I do pass.

I did ask one company for a quote but they said due to a pre-existing condition they would only offer a very low sum of insurance like $20K which is useless.

Does anybody know who would still offer a decent sum like $100,000 + even with existing condition?

Unfortunately I was born with a kidney condition; it is not in anyway terminal or even life threatening.

I'm very healthy otherwise BMI around 22. In my 30s.
Just want something to leave my family to help with funeral costs and life costs.

I don't smoke, I rarely drink

Obviously I'm hoping I live another 50 years but you can never be sure.

Thank you kindly.

Financial

Comments

  • Amaris on 05/11/2020 - 23:42

    Did you try getting life insurance through Super?

    • Willco88 on 05/11/2020 - 23:45

      How so

      • StonedWizard on 05/11/2020 - 23:57
        +1

        Funds offer default cover when you join up. Some Super funds are also more lenient towards certain conditions.

        • Willco88 on 06/11/2020 - 00:02

          I've been with a few different supers over the years so I don't know

          • StonedWizard on 06/11/2020 - 00:04

            @Willco88: You would need to check your Super account or call the fund.

          • clover on 06/11/2020 - 09:31
            +1

            @Willco88: You most likely already have insurance. Log on to your super account and check.

  • AustriaBargain on 06/11/2020 - 01:49
    -1

    If you plan on living until you're 72 then what do you need life insurance for.

    • Willco88 on 06/11/2020 - 01:58

      Would like to live 50 years more can you not add? Anyway many millions of people have life insurance

      • AustriaBargain on 06/11/2020 - 02:03
        -4

        Your BMI is 22. Can you not subtract?

        • Willco88 on 06/11/2020 - 02:06
          +2

          BMI is based on a person's weight..lol

          • AustriaBargain on 06/11/2020 - 02:19
            -1

            @Willco88: Yeah I see that now. You plan to live until your 80s.

            • Willco88 on 06/11/2020 - 02:43

              @AustriaBargain: Well that's what we all hope 👍

              • AustriaBargain on 06/11/2020 - 02:44
                +1

                @Willco88: Please, that may be fine for you but I hope immortality and age reversal is invented tomorrow so I can live forever.

                • Willco88 on 06/11/2020 - 02:50

                  @AustriaBargain: Bahahha

                • pjetson on 06/11/2020 - 08:54
                  +1

                  @AustriaBargain:

                  so I can live forever

                  Unless you also plan to work forever, I don't see how that's economically sustainable :-)

                  • Seraphin7 on 06/11/2020 - 10:38

                    @pjetson: Economic sustainability and life expectancy are two lines that have been moving in opposite directions for a long time.

                  • AustriaBargain on 06/11/2020 - 10:40

                    @pjetson: I'd drink puppy milkshakes to live forever. I think I can handle working.

                    • pjetson on 06/11/2020 - 10:51
                      +1

                      @AustriaBargain: Milkshakes made from puppies, or made with puppy milk? Just so I'm clear, of course…

                      • AustriaBargain on 06/11/2020 - 11:21
                        +2

                        @pjetson: Whatever it takes. I’ve got the rest of eternity to make amends. I suppose that’s how Voldemort came to be.

  • Seraphin7 on 06/11/2020 - 09:22
    +1

    Life insurance is probably the most difficult aspect of financial services for the average punter to deal with, especially when you have "an issue" that you need to work around.

    My sincere advice is speak to a financial adviser who has some specialisation in life insurance. They can put you into products that are more sophisticated and can speak to the underwriters who actually make the decisions on whether or not to insure you. It is likely that you are looking at the very simple products that are basically set up to "just say no" to anyone with any issue whatsoever.

  • 2jzzzz on 06/11/2020 - 09:23

    Just put aside the premiums you would have spent and grow it as a lump sum

    • netjock on 06/11/2020 - 11:35

      +1

    • WreckTangle on 06/11/2020 - 18:24

      Yes, this should make you at least $35,000

      :-(

  • isthatallyougot on 06/11/2020 - 09:58

    Get insurance through your super. You might have to declare your condition but they would still go ahead and cover it.

  • ihgjuk on 06/11/2020 - 11:44

    You almost certainly already have life insurance through your "few different supers". Use the ato/mygov portal to find your accounts and then login to each account and check. You should be able to consolidate your insurance into your main / cheapest account. Check the premium rates, not the admin fees, premium rates will make all the difference in terms of $$s.

    If for whatever reason you don't have insurance in your super, you can apply for cover. If its default cover, there will generally be a 12 month waiting period to get covered for your kidney condition, but you would be covered for other events in this 12 month period.

  • pharkurnell on 06/11/2020 - 12:38

    You should consolidate your Super first.
    https://www.ato.gov.au/forms/searching-for-lost-super/

    • ihgjuk on 06/11/2020 - 13:40

      If you consolidate your super accounts, you may inadvertently switch off your existing life insurance - the exact opposite of what OP is trying to achieve.

      Check what cover you have in them first! Transfer over the cover, then consolidate your super.

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