The Insurance Regulatory & Development Authority (Irda) is all set to release the much-awaited IPO guidelines for life insurance companies. Irda is likely to ask life insurance companies to follow all the Sebi disclosure norms for a share offer, along with some additional norms been finalised by it on profitability.
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Question by severnaya: How to get life insurance/income protection insurance with a possible chronic illness?
I have consulted my GP with as yet undiagnosed symptoms which may be Multiple Sclerosis (just my opinion). A life insurer has deferred my application for six months while the symptoms are checked out. The symptoms aren’t painful and receding. How can I handle this situation to both get treatment and insurance coverage without committing fraud or falling foul of a preexisting condition clause?
I should add that I am resident in the UK with its National Health Service.
Best answer:
Answer by mbrcatz
Well, you’re not going to get life or disability insurance, until your issue is resolved, or diagnosed.
You can’t lie on the application about the condition (which would be fraud, plus you’d be “busted”), and if it IS MS, they’re allowed to uprate accordingly.
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About the company: Torchmark Corporation is an insurance and financial services holding company. The Company's subsidiaries offer life and health insurance, and annuities. Life products include traditional and interest sensitive whole life insurance as …
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