HELP-need advice about life insurance policy

kazzy

Hi,
About 10 years ago took out life insurance for myself and hubby for the mortgage ,which was £45000 at the time.Fine. We then moved house and took out a mortgage for £85000.Fine. Went to my IFA to increase my life insurance cover and pointed out my hubby had a heart attack since taking out original cover.Anyway,the IFA got back to us and said no problem-we have life insurance for £85,000 and that the insurance company did not require a medical.This was about 5 years ago.I've now begun to panic in case my hubby (God forbid) dies of a heart attack and the insurance won't pay out.
What shall I do?Has the IFA given me dodgy advice? If something did happen to hubby and they didn't pay out for the full£85k,would they pay out for the original £45K(ie before heart attack).Should I ring the IFA or the insurance company.If I ring the Insurance co. will they refund increased premiums paid since the increase in mortage?????????
HELP i don't know what's best to do??????
Does someone want to pay off my mortgage hahaha ???????????????
LOL
cheers
Kazzy

dunstonh

Ask the IFA for a copy of the application form as you wish to check something.

If the same provider was used as before, he may have just been excercising a guaranteed insurability clause.

kazzy

thanks for that.Yes it was the same insurer as before.What should I be checking on the application form and should i ask him if he was using guaranteed insurability clause(i don't really know what that is!).If that is the case should I be OK?
cheers

dunstonh

The application would show the medical questions and answers. This will verify if disclosure of the medical history was given.

Quite a few providers include a guaranteed insurability clause for x amount of extra life cover. It means that the insurance company will allow an increase in life cover even if the life assured is not normally medically insurable (heart attack being a common reason). It can be quite a valuable benefit on life policies as often its only when a life changing medical condition occurs to yourself or partner that you realise that perhaps you do need a bit more life cover. However, at that point it can be too late.... Except when there is guaranteed insurability added into the policy.

Some providers have no guaranteed insurability. Others have certain conditions that need to occur for the guaranteed insurability to be available. House move is a common condition that allows guaranteed insurability to be available.