There are individuals that suffer from a condition called epilepsy. For these individuals, they worry about being able to qualify for life insurance. Also, they have the extra stress of having this condition. They get concerned that it is going to affect their family in the future. Plus, they worry that their family is not protected financially. Should something happen to them.
Why is Epilepsy a Threat to Insurance Providers?
To understand why epilepsy may be a threat to life insurance providers it means understanding a little about the condition. This is a condition that comes in under neurological disorders. There are variations of it. Some individuals can lose consciousness. Others can suffer various types of convulsions or seizures. The seizures can range from mild to severe. It is not a rare disease, and it’s estimated that one in every 100 Canadians suffers from epilepsy. It is a disease that can be present at any age and it can be life-changing.
Those that provide life insurance are going to look at whatever risks they may be facing. With an insurance applicant. Individuals that buy life insurance pay premiums over a period. This is money collected by the life insurance company. They can use this money to invest to create profit margins for them. They are assuming that the money they are putting up for the value of the policy gets covered.
If an individual creates a risk where this is not possible then it is putting the insurance company at risk. There is a chance that they will have to pay out the value of the policy. Before they have been able to break even or even make money on it. Insurance companies will do everything in their power to mitigate their risk. They do this through intensive screening of their insurance applicants.
When it comes to epilepsy and the risk, it creates it can vary. Some forms of epilepsy can come from brain conditions such as tumours or trauma. A seizure from an epileptic episode can put the individual in greater danger. They could be in an area where they take a seizure and fall where the fall could be life-threatening. These are all factors that the insurance company has to keep in mind.
Is Epilepsy Considered a Pre-Existing Condition?
Life insurance providers get concerned about any pre-existing condition. Epilepsy falls into this classification. An individual that is diagnosed with epilepsy has a pre-existing condition. There is no cure for epilepsy. There are individuals that have been under treatment. Ones that have not suffered any symptoms for many years. Insurance companies are beginning to recognize this. Meaning that epilepsy may get considered as one of the diseases that are now controllable. Much like diabetes or like some forms of cancer are. As such they are not looking at to the same degree that they may have been years ago. Every insurance company is different. They have their mandate about how they categorize pre-existing conditions.
Will People With Epilepsy Pay More for Insurance?
Individuals that have epilepsy should be able to purchase insurance. The concerns will be about what the limitations are on their choices. Some insurance companies will limit the type of insurance packages that are available. To individuals that have epilepsy. Others may offer options, but the premiums may be at a much higher price. There are more opportunities now for affordable insurance. Due to advances in the control of epilepsy
Once the insurance company gets notified that an individual has epilepsy they are going to focus on this. They are going to use different metrics. To determine what degree the epilepsy is having on the individual’s life. They are going to look at all the factors to see how this is going to affect them in regards to risks. They will most likely have a selection of insurance policies. Ones that may limit the amount of coverage. This in itself will help to reduce the risks.
Many individuals that have epilepsy are seeking out insurance companies. Ones that offer no medical required. This may give them better options for choosing different packages. However, it doesn’t mean that there are no medical questions asked. But, there are insurance companies that are also offering this type of insurance. In most cases, this gets limited in the amount of coverage and choices. There also may be further restrictions. Such as no coverage is available for the first two years that the policy gets taken out.
Can People with Epilepsy Get Denied Insurance?
Insurance companies have the right to deny applicants insurance. Most will only do so if they feel that the risks are too great for them. If an individual has severe epilepsy, they could get denied insurance. The insurance company is going to look at all the facts presented to them first. It also doesn’t mean that the individual being denied cannot look somewhere else. There may be other insurance companies that do not see the risks in the same way.
Do People with Epilepsy Have to Declare Their Condition?
Whether an individual with epilepsy has to declare their condition is all going to depend. Most often there is an application that has to be filled out when one is applying for life insurance. There are many questions on these questionnaires. Most likely there may be one that asks if there are any pre-existing conditions. They may even have a list of specific preconditions that they are most concerned about. Some insurance companies may have epilepsy on this list. In this case, the insurance shopper has to declare that they have this condition. Some are dealing with a company where there are no medical questions asked. Then chances are they will not have to declare this. However, they need to look carefully at what the stipulations are. For the particular insurance, they are applying for.
An individual that has epilepsy should do some insurance shopping. They should not assume that they do not qualify. Nor should they assume that if they get denied that every company is going to deny them.