The insurance puzzle
I haven’t always been aware of the importance of insurance in my life. However, when I was diagnosed with Crohn's disease, the word insurance made sense in my head. Fortunately, I have an employer who offers great group insurance: medication, dental, vision and paramedical care, as well as short and long-term disability insurance. Without my disability insurance, I would probably be in debt today, because I wouldn’t have been able to pay all my bills during my long sick leaves.
Recently, I realised that, at age 35, I might not spend the rest of my life at my current employer. In fact, I don’t know what the future holds for me and if a great opportunity presents itself to me, I don’t want to let it go for a question of insurance. Thus, it was worthwhile to inquire about insurance because I never want to stay loyal to my employer only for a question of insurance. It would be like letting the disease lead my life and I have always refused to do so.
What happens with our insurance when we quit our job for another one? I’m lucky to know some financial planners and they all assured me that group insurance is inclusive, meaning that nobody is excluded from the group and that the risk is taken collectively. In my case, I’m not profitable for the group of those insured to which I belong, but several other members in the group compensate for my lack of profitability. This is the case for all employers, so you shouldn’t be refused from a group insurance plan if you change jobs and have a pre-existing condition.
For individual insurance, however, you may encounter more obstacles. Unless you had a contract before your illness started, it’ll be more difficult for you to get insurance. Disability insurance will normally be denied automatically. For life insurance, different types of policies exist but insurers may charge you a supplement per year for your pre-existing illness. They could also add some exclusions to your contract. No need to tell you to be honest in your forms, because everything ends up being known one day.
I strongly recommend that you consult a financial planner or an insurance advisor who will be able to answer all your questions and check if your coverage meets your needs.
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