Disclosing Pre-existing Conditions
Q:
I was treated for cancer 15 years ago, but since then have been cancer free. Do I still have to disclose this when I buy disability insurance?
Answer:
Whether or not you have to disclose a pre-existing condition (in this case, your treatment for cancer) to a potential disability insurer depends on the types of questions that are asked on the insurance application. Some applications will ask whether or not you have ever been diagnosed with or treated for a particular illness. Other applications will ask whether or not you have been diagnosed with or treated for a particular illness within a certain number of years (e.g., 10). As a general rule, however, you only need to give the insurer the information it has asked for on the application. Keep in mind that although disclosing your diagnosis and treatment for cancer on an insurance application may result in denial of coverage, a waiting period for pre-existing condition coverage, or higher premiums, it is better to get this information out up front. If your insurance company finds out that you failed to disclose this information, it could result in your being denied benefits when you put in for a claim or, worse yet, your policy being canceled altogether.
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