Myocardial Infarction - more commonly known as a heart attack - is when there is a sudden blockage of a coronary artery by a blood clot. There are a myriad of factors which lead to cardiovascular disease, which accounts for 30% of New Zealand deaths annually. These factors include high blood pressure, raised cholesterol, smoking, being overweight and/or physically inactive and family history.
If you had heart related health issues (such as high blood pressure or raised cholesterol) prior to taking out your cover, the insurance company will have taken this into account, and may have added a loading or exclusion to your premium*. For some people, this hit to the pocket is just the push they need to make some really beneficial lifestyle changes -eating healthily, quitting smoking and taking up exercise.
*(A' loading' is an increase in the standard premium you pay - if your initial premium is $100/mth and you have a 100% loading you pay $200/mth). An 'exclusion' is where specified conditions are not covered by your policy.)
The good news is that if your health improves (even if your condition is just controlled by medication) and this improvement is sustained over time, you may be able to apply to have a review of your loading or exclusion to see if it can be reduced or removed. Insurance companies do not have a proactive approach to reviewing terms on insurance policies, so at BRAVEday we ask these questions of our clients as part of our annual review process.
A common misconception is that your insurer can add an even higher premium to the policy if they find you have other health issues - this is not the case (providing you disclosed everything in your initial application).
Does your adviser review your cover regularly and know about changes in your health?