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Sainsburys life insurance & diabetes

7 years ago I took out a policy for my wife and I to cover the mortgage on a decreasing term. It had critical illness cover etc.

Last year I was diagnosed with Type 2 diabetes and am insulin dependant. I declared it to the DVLA, car insurance and everything I could think of but forgot to with my life insurance!

Is it something you have to declare? can they now remove my policy? I know alot of insurers will fail to cover for strokes and some other things because diabetes increases the risk but if the policy was in place beforehand and its a 25 year policy where do i stand?

Dont really want to ring them up and ask just incase. Would rather understand through here first
MFW - <£90k
All other debts cleared thanks to the knowledge gained from this wonderful website and its users!

Comments

  • dunstonh
    dunstonh Posts: 118,011 Forumite
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    Life assurance applications are a snapshot of that point. What happens in the future does not matter on existing policies. Only when it comes to new ones or exercising policy options (not likely to be many options on a basic supermarket plan)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Aretnap
    Aretnap Posts: 5,384 Forumite
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    There wouldn't be a lot of point in having a life insurance policy which the insurer could cancel when you became ill. It would effectively mean that sudden deaths aside, the policy would never have to pay out - the insurer would just cancel the policy of anyone who didn't look like they were too long for this world.

    The insurer agrees to take on the risk that you'll die (or suffer a critical illness) within the next 25 years. That includes the risk that your health will deteriorate over time, as well as the risk that you'll suddenly be struck down in a car accident. So long as you're honest about your health at the time take the policy out, and you keep paying the premiums, you can keep the policy regardless of what happens to your health afterwards. As above, it will only become an issue if you want to take out a new policy, or change the terms of the existing one.
  • kingstreet
    kingstreet Posts: 38,986 Forumite
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    You only have to disclose a change in health on a life policy for the period between the application being submitted and the policy being placed in force.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Bufger
    Bufger Posts: 1,857 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Thanks all I appreciate the info.
    MFW - <£90k
    All other debts cleared thanks to the knowledge gained from this wonderful website and its users!
  • sarah1972
    sarah1972 Posts: 19,214 Senior Ambassador
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    gl26 wrote: »
    Hi Guys,


    An insurance company called Bon Accord Life are giving away a brand new ipad air 2 on their facebook page for liking/sharing page. Real competition as previous winners have been announced.

    Facebook - Bon Accord Life.

    Good luck :)


    Yet more spam from gl26

    4th time they have posted this
    I’m a Senior Forum Ambassador and I support the Forum Team on Competitions Time, Shopping & Freebies boards, Employment, Jobseeking & Training boards If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • rs65
    rs65 Posts: 5,682 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    sarah1972 wrote: »
    Yet more spam from gl26

    4th time they have posted this

    And quoted by you. Might want to edit your quote.
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