Life Assurance health changes

LeaveThePastBehind

Is it a requirement to notify the life assurance/insurance company of a new or change in health/medical condition? For example a stroke.
Thanks in advance for your comments.......

dunstonh

no its not. applications are a snapshot of your health at that time. Not later changes that occur after the policy is in force.

LeaveThePastBehind

Thanks for your response.

juliazaman

Life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary.

magpiecottage

juliazaman wrote: »

If the life insured dies during the term, the death benefit will be paid to the beneficiary.

Unless it is assigned to somebody else it should actually paid to a surviving policyholder or their estate unless the benefits have been formally assigned to somebody else (such as a lender) or it is in trust.

If it is in trust then it should be paid in accordance with instructions of the surviving trustees. This will normally mean it goes to the beneficiaries of the trust.

smason_2

To be fair, although these answers are broadly correct it always makes sense to contact the provider and notify them of any significant changes to your health. Better safe than sorry!

dunstonh

smason wrote: »

To be fair, although these answers are broadly correct it always makes sense to contact the provider and notify them of any significant changes to your health. Better safe than sorry!

You dont need to do this and it is a waste of time to do so. It does not affect the policy at all.

RickyC_IFSWP

For life assurance, there's no need to notify the insurer of any changes in health AFTER the policy has gone live. They assessed your health when you took out the policy and that's what the premiums were based on.