Insuring tangible assets such as your car, motorcycle, or real estate is a key decision in sound financial planning. However, beyond protecting your assets, it's also possible to insure your life itself, ensuring the well-being of those you love most even after you're gone.
It's no surprise that life insurance policies are designed to provide financial support for the family in the event of the death or disability of the insured. However, when purchasing a life insurance policy, there is one key factor that can influence coverage and cost: pre-existing conditions.
These medical conditions can present a challenge when seeking life insurance, as some companies may apply restrictions, increase premiums, or even deny coverage.
What is considered a pre-existing condition?
A pre-existing condition is any medical condition the policyholder had before purchasing life insurance. Not all conditions affect coverage; however, those considered serious, which pose a high health risk and require ongoing medical care, are often determining factors.
Some pre-existing conditions that may limit coverage include cancer, liver cirrhosis, chronic obstructive pulmonary disease (COPD), lupus, multiple sclerosis, among others.
It is important to declare its existence
When purchasing life insurance, it is mandatory to inform the insurer of any pre-existing conditions. This factor is key to assessing the risk level and establishing the terms of the policy.
Such is the importance of this declaration that, as the Constitutional Court has pointed out, Colombian law imposes certain types of sanctions for reticence or inaccuracy in the provision of information. Accordingly, Article 1058 of the Commercial Code, regarding reticence, obliges the policyholder to inform the insurer of all circumstances that, if known, would either make the relationship more onerous or, simply, prevent the insurer from entering into the contract. Failure to comply with this duty to provide information entails negative consequences for the insured: the relative nullity of the insurance contract, or receiving only a portion of the policy.
Preexistence is not always exclusive
Although some insurers may decline applications, many offer policies designed for people with pre-existing medical conditions. Options vary depending on the type of illness and the risk it poses.
Depending on the case, the insurer may decide to offer coverage without additional restrictions, apply specific exclusions such as not covering death from the declared illness, include an additional premium to compensate for the risk, or even request additional medical examinations.
In BMI's case, Horizon is an ideal option for those seeking guaranteed protection, without complications or medical tests. With fixed premiums and a set payout over a specific number of years, this policy ensures financial peace of mind with guaranteed accumulation values, covering policyholders against death from any cause.
One of the main advantages of this new product is its affordability, as it does not require proof of insurability, making it the perfect option for people whose health prevents them from accessing traditional policies. This flexible coverage ranges from 80 million to 2 billion pesos.
Since the market offers multiple alternatives, it is advisable to consider these tips before making a decision:
– Compare between several insurers: Each company has different policies regarding pre-existing conditions.
– Please read the policy conditions carefully: Check what is covered and what is not, as well as any applicable exclusions.
– Consult with an insurance advisor: An expert can help you find the most appropriate option based on your risk profile.
– Avoid omitting information from the health questionnaire: Transparency is key to avoiding future problems.
Having a pre-existing condition doesn't mean you can't access life insurance. There are options on the market that allow you to ensure your family's well-being and guarantee your financial peace of mind. The key is to be well-informed, transparent, and choose the right policy.
The coverage that really accepts you. Discover Horizon: https://www.bmicos.com/colombia/seguros/poliza-vida-entera-individual-en-pesos-horizon/
