Life and health insurance plays a vital role in keeping your finances safe when the unexpected happens. What many people don’t realise is that not every situation will be covered under their policy.
The gaps in your coverage are known as exclusions, and they’re shaped by your individual circumstances, things like your health history or the work you do. Getting familiar with your exclusions means you can make a more informed choice about the cover that’s right for you. In some cases, exclusions can be lifted over time, though this really does come down to your specific situation.
What are insurance exclusions, exactly?
Put simply, an exclusion is something your insurer won’t pay out for. These are spelled out in your policy documents and cover particular conditions or scenarios that fall outside your protection. With personal insurance, whether that’s health or life cover, you’ll often see exclusions around medical conditions that existed before you were insured, or activities and occupations considered higher risk.
Understanding the full picture of what you’re covered for (and what you’re not) is something we take seriously. We go through every exclusion with our clients so nothing comes as a surprise. From the insurer’s side, exclusions help them manage risks where the likelihood of a claim is already known to be higher.
Why it pays to review your policy regularly
Your life doesn’t stay the same, and your insurance shouldn’t either. Sitting down with an adviser each year to review your cover helps make sure your policy still suits your situation and flags any gaps that might have crept in around exclusions. If something in your life has changed for the better, like a notable improvement in your health, it may even be worth requesting a review of certain exclusions to see if they can be removed.
We’d love to help
We have a team of Insurance Advisers who have a depth of knowledge when it comes to personal cover. They will take the time to get to know your situation properly so they can spot any areas where your coverage might fall short and will be right there with you when it comes to dealing with your insurer. Don’t hesitate to reach out, we will be happy to help.
