SPONSORED | To manage risk, life insurers may need to exclude cover or charge higher premiums based on an applicant’s risk profile, says BrightRockZA.
Life cover is also one of the best things you can do to protect your loved ones, but total transparency is essentialLife insurance cover exists to pay out money to your beneficiaries in the event of your death. Taking the cover is one of the most important things you can do to ensure they are well taken care of financially.
An exclusion means that where a body part, illness, hobby, territory or occupation is excluded from cover, no claim will be paid for an illness or injury involving the excluded condition, activity or body part. Honesty is the best policy, especially as some exclusions can be reconsidered — and even reversed — at a later stage.
For example, someone who is pre-diabetic and obese may be denied cover for diabetes-related illness or death. However, if that person embarks on a healthy lifestyle overhaul and loses a significant amount of weight so their pre-diabetic diagnosis is reversed, then it is possible their health can be re-examined, and their exclusion reconsidered at a later stage.
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