It’s a fact – as we get older, there is greater risk that the body beautiful stops playing ball quite as well as when we were young. From an insurance perspective, this can mean that certain conditions can become hard to insure, expensive to insure, or even uninsurable.
It’s never too young to get health insurance, but of course, it doesn’t make sense to pay the premiums that come with age and greater risk before you can afford to.
Enter what we like to call Early Bird Health insurance. Basically it provides guaranteed medical insurability. You can apply for it based on your current health status and keep it on hold by paying a minimum premium until you decide you need it /or can afford it. As an example of cost, one of the leading insurers offers this option starting from $13 per month (subject to criteria).
You must take on the full Major Medical Cover before the age of 40 and there is a six month stand down period for any conditions that have occurred since you put the original policy in place. For example, if you had an ACL injury, you would be covered six months after the full medical is in place, as would any other conditions that may have cropped up since you first took out your cover.
Not a bad idea we think; it certainly provides for certainty of cover and can mitigate the risk of exclusions and higher premiums.
If you’d like to find out more about Major Medical Guaranteed Insurability and whether it is a good option for you, we welcome you to get in contact with one of our advisers – click here.