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Frequently
Asked Questions - Insurability |
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Many
people have reservations about even considering insurance because
they believe themselves to be uninsurable. Our response is that you
never know, and the only way to put your fears to rest is to talk to
us about it - we can give you the real deal. And while you're
thinking about that, here are a few questions that have been posed
to us a number of times.
I am a 48 year old male and
have been suffering from diabetes for the past 5 years. I wonder if
I am insurable.
Yes, you may be insurable. However,
before any decision is taken on your insurability, we would like to
have some information on your current health status including the
control of your diabetes. You will be examined by one of our panel
doctors who will then provide us with a confidential report on the
state of your health. The doctor will also conduct an examination of
your urine so as to ascertain the kidney functions and to note if
there is any spillover of glucose. A blood test may sometimes be
carried out so as to estimate the average level of your blood
glucose over the past 3 months. A report from your personal
physician would be very helpful as it would contain information
regarding the quality of your diabetic control over the past few
years. The sole and final decision on your insurability rests on the
medical underwriters of the Company.
I am a 30 year
old female and have been diagnosed to be diabetic since I was 13
years old. My doctor has told me that I am an insulin dependent type
of diabetic and has prescribed two type of insulin injections twice
a day. I wonder if your insurance company insures people with my
type of diabetic condition.
Yes, we do consider
individuals for life insurance who have insulin dependent diabetes.
For us to consider your application, you will have to sign up a life
application with our company. On receipt of this application our
medical underwriters would then request that you undergo a medical
examination including a blood test to determine the control of your
diabetes. A detailed report from your doctor regarding the status of
your diabetes would also be required. This report would enable our
medical underwriters to determine the control of your diabetes. The
insurable status of your application would depend on the following
reports:
- the clinical & physical finding reported by our medical
examiner;
- the control of your diabetic condition as shown in the report
from the doctor; and
- the blood test values indicating the control of your
diabetes.
I am a 32 year old male, and
recently, I had a comprehensive medical examination carried out by
my doctor. He has given me a clean bill of health. I am interested
in applying for a life insurance policy but I wonder whether my
parents' history of high blood pressure will affect my application.
By the way, I am a non-smoker and watch my diet very carefully.
This is an interesting question, in our assessment of any
life application, we look at various risk factors applicable to the
life insurance applicant. This is called Risk Classification which
is a complex process. Some of these factors are: occupation, sex,
age, personal and family medical details or histories, personal
habits or lifestyle, hazardous sports activities or hobbies. By
classifying the risks which individuals bring with them, insurance
companies can charge fair premiums for those who want to purchase
insurance, and in this manner the greatest amount of coverage can be
made available at the lowest cost to the largest number of people.
Once an insurance company has all the necessary information about an
individual's risk factors, it can make a decision on the exact
amount of premium to charge. You can be assigned a "standard"
premium, which simply means the normal premium, or if you have some
risk factors mentioned, you may be charged a calculated extra amount
of premium. Finally, if the risk factors are too many, the life
application may be "declined" or "postponed".
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