Lost life insurance

Anxious_user

My husband and I have discovered today that our life insurance has been cancelled. Mine last august and his a few months ago. Due to mental health issues I have got in a mess with money and paperwork which is the cause of the problem. Can anyone advise if we should try to get the policies reinstated or are we best seeking to buy new policies? Many thanks.

dunstonh

Normally, reinstatement without health declaration only goes on for a limited period (28-60 days typical). After this, you would need to sign a health declaration that details any changes in health since commencement. This may be a snag for you. Also, you would be required to pay the back payments to bring it back up to date.

A new plan would be underwritten based on your health now.

There is a slim chance that the insurer may agree a more sympathetic outcome and allow reinstatement without health declaration on the grounds that the lapsing of the policy was linked to mental health issues. Insurers are generally sympathetic in that area. However, what works against you on this is that your husband was still able to do this things when you were perhaps not.

I suggest you ask the insurer and make them aware of the issues and see what they come back with.

Was the insurer aware of your mental health issues when you took the policy out or did they occur later?

roonaldo

New policies i'm afraid

Anxious_user

Many thanks for the advice. My hubby unfortunately suffers too. Both sets of problems have developed since taking the policies out- might this have an impact upon premiums, whether with our previous insurer or a new one?

dunstonh

Sadly, yes, they will have an impact on pricing and terms. However do put an explanation to the insurer and you never know. I wouldnt hold out too much hope but stranger things have happened and if you don't ask, you don't get.