Save money when health conditions are excluded from protection policies
Wed, 27 Jan 2010
LifeSearch, protection specialists, are advising consumers on how to save money when health conditions are excluded from their insurance policy.

It is not unusual for consumers to have one or more illnesses excluded from their protection policy and this occurs in around 15 per cent of critical illness and income protection applications. A condition that has been excluded cannot be claimed on which, in effect, reduces the comprehensiveness of the policy and therefore there should also be a reduction in the premium.

Not every insurer does this and clients with exclusions added to their policy may find themselves paying the same premiums as someone without any exclusions. However, there are some insurers who have taken a stand and have agreed to offer reduced premiums.

Consumers should be aware that if they take out a policy and a significant exclusion such as cancer is added, there are insurers who will cut their premium so they shouldn't pay over the odds for a policy that has reduced comprehensiveness.
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