insurance policy

Can your health insurance be cancelled because of your age or claims made?

One of the reasons why some people decide not to take out medical insurance is because they have read somewhere or been told that after reaching a certain age, their policy will be cancelled, and they will have to pay for medical expenses on their own. That makes a policy not very attractive because as we age is usually when we need insurance that can give us the peace of mind of receiving quality medical care no matter our age.

If health insurance policies expired when we got older, it wouldn’t make sense to buy one, and it would be much better to save that money to use later. Fortunately, the reality is that health policies are NOT cancelled after a certain age.

Another myth is that if you have a lot of claims the company may decide to terminate the coverage. That is also not true, because companies are required by law to continue with the payment of claims as much as the client needs, and up to the limit contracted in the policy.
In fact, most of the general conditions of insurance companies have a clause that says, basically the following:

Guaranteed Annual Renewals

At the end of the term of the insurance stipulated in this contract, the Policy will be understood as renewed for a new period of equal duration, on the understanding that the payment of the corresponding premium must be made for the period that begins on the date of its expiration or within the Grace Period.

No individual Insured shall be penalized individually with the cancellation or modification of this Policy, based solely on an unfavorable history of claims.”

There are some valid reasons as to why companies can cancel a policy, for example:

On the other hand, the policies that can be canceled after a certain age are those of travel insurance with medical coverage (known as Travel Medical Insurance), which are often confused with health insurance policies. If you want to know more about the difference between the two, you can contact us and we will gladly inform you.

Now that you know that a medical insurance policy will accompany you for life, you can request a quote and explore the different options we have for you.

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