Level Term Life Insurance

Alaskanko

Hi all,

This is my first post on MSE. I am also not very literate in the life insurance world.

I have taken out a level term life insurance around 2 years ago. It was taken for circa 30 years. Back then I have declared all the health information to the best of my knowledge (no health issues, slightly overweight on the BMI scale but of good health).

Since taking out the policy I have put on a lot of weight which has increased my blood pressure into the stage 1 hypertension (lots of stress, etc.).
Does anyone know whether I should notify the insurance company about such change of circumstances? Does moving into the 'obese' bracket invalidate my policy if I do not notify the insurer? I have not yet seen the doctor too.

Anyone has any valid advice please? (except the obvious like improve lifestyle and reduce weight)

Thanks.

Nearlyold

Provided you answered all the medical & lifestyle questions fully and honestly when you originally applied for the policy (which you say you did) any subsequent changes in your health will not affect your policy in anyway and do not need to disclosed to the insurer.

Old_Lifer

It is as Nearlyold says. Changes in health after you took-out the policy are ignored.



It is only if you wish to increase the level of cover that your current state of health would be taken into account. Even then, some policies have options which allow cover to be increased without further evidence of health.

Aretnap

As above life insurance is a fairly simple product. You answer some questions about your health, and the insurer offers you a price based on their assessment of the risk that you'll die in the next 30 years. That includes the risk that your health will deteriorate gradually over those 30 years, as well as the risk that you will be suddenly struck down by a heart attack or a bolt of lightening. So there'd no requirement to inform them of changes to your health over the 30 years, and even if you did inform them it would have no effect on the policy.

It couldn't really work any other way. If your insurer could simply cancel you policy (or hike your premium to unaffordable levels, which amounts to the same thing) the moment you got cancer or otherwise looked as if you were about to pop your clogs, what would be point of having the policy? Essentially it would only cover the most sudden deaths - and the large majority of premature deaths are not particularly sudden. So provided you answered the questions accurately at the time you took the policy out, any new health issues you develop are none of your insurer's business, unless you want to modify the policy somehow or take out a new one.

Alaskanko

Hi all,

Many thanks for your reply.