Life insurance and new medical conditions

charlie1000_2

I have had life insurance for approximately 7 years. Approximately 4 years ago I was diagnosed with a serious medical condition. Do I need to tell the life insurance company about it and if i do not will this invalidate my insurance?

kingstreet

There is no ongoing disclosure requirement for life cover. Undewriting takes place at point of sale and you have no further duty beyond the start of the policy.

Income protection (PHI) may have an ongoing requirement to keep the insurer informed if your occupation changes.

matthew.lloyd

Hey Charlie1000,

Kingstreet is correct, as long as you didn't have it at the time you took your policy out, you don't have to tell them. depending on what the condition is you may struggle to get new cover though? So have a look into whether you have guaranteed insurability options built into your existing policy (GIOs) which may allow you to increase your cover in line with defined life events i.e. you've got a bigger mortgage, you've had another child, you've had a promotion etc; even though you now have this new condition. Read the small print and then if applicable contact your insurance company- could be very valuable!

Hope this is helpful

Matt

charlie1000_2

Thanks for that. I was hoping that was the case