Existing life insurance policy

Pow11890

Hi All 

My partner & I brought a house in 2022 and we took out a life insurance policy when we completed on our home to ensure we both protected. My partner and I both have pre medical conditions which were declared and up to date with the diagnosis’ given at the time to us by our dr/consultant. 

My partners medical reviews were ongoing at the time of policy application however, the hospital eventually gave the condition a label so our provider was happy to approve a policy on the basis. 

However, since then we’ve had a change in diagnosis as further tests and scans have been conducted to get to the roots better, and the name of medical condition has changed. Do we need to update our provider which they new diagnosis or can we leave it as it is?

I am under impression if we declared as it was at inception we do not need to make contact & up date however I’ve seen conflicting reviews online. 

Any thoughts would be appreciated. Thank you 

Weighty1

A life insurance policy is only underwritten at the point of application.  If the insurer was happy to accept the risk based on the original label the condition was given then you are not at any liberty to update them.  Depending on the terms they offered when you first took the plan out this new label may mean you could get better terms now OR it could mean that your partner is uninsurable, but if you are happy with the existing cover you can simply leave it running.