Do I need to notify my life insurance provider if I'm going in for an operation?

EndometriosisSufferer

Hello. I am having major surgery on the NHS sometime early next year. My surgical consultant has told me that there is a slight chance of death during the operation. There is no option of me not having this done, it is vital surgery to deal with my deep-infiltrating endometriosis. Do I need to talk to my life insurer? Should I let them know that I am going into a surgery with a slight risk of death? I don't want my premium to skyrocket when I am a fit and mostly healthy (apart from this!) adult in my 30's, but I don't want my loved ones to be left with nothing if the worst happens and I should have notified them and didn't. Please help!

DullGreyGuy

No

It is presumably a Term Life Insurance in which case your premiums are fixed for the duration of the policy no matter what conditions you develop. Even if its reviewable premiums the variations are not based on changes in your personal circumstances but changes in general mortality rates or investment returns etc. 

Aretnap

Life insurance is a long term policy based on a snapshot of your health at the time you take it out. You answer questions about your health, the insurer makes a judgement about the rush that you'll die in the next 30 years (or however long) and bases your premium on that. They factor in the risk that your health will gradually deteriorate over that 30 years, as well as the risk that you'll suddenly be struck down by a heart attack or a bolt if lightening. So all that matters is that you answered the questions to the best of your knowledge at the start of the policy. There is no need to tell them about changes to your health after you take the policy out, unless you want to change the policy duration, sum insured etc. And if you did tell them, they couldn't do anything with the information anyway, as your premium is fixed at the start.

It couldn't actually work any other way. If they could cancel your policy the moment it looked like you might pop your clogs (or hike your premium through the roof, which amounts to the same thing), what would be the point of you having it? Essentially it would only cover very sudden deaths - and most premature deaths are not especially sudden.

Good luck with the surgery.