Decreasing Term Assurance - Query

Naughty_Sausage · 27 March 2008 at 8:20PM

Hi All - Just thought I would raise my question before the last episode of 'Ashes to Ashes'. Anyway, back to the query.

We are re mortgaging at end May as deal runs out. We have also had the mortgage put back up to 25 years, so I need to review my decreasing term assurance.

The thing is, on 1 July my hubby will have been clear of all nicotine products for 12 months :j . So, if we get assurance to start at the end May, we have to say that he is still a smoker (cos insurance companies state that people should have been clear of all nicotine products for 12 months).

So, my query is can we get the assurance (stating he is a smoker) and then on 1 July contact the insurance company stating that he is now officially a non smoker and request that they review their premiums?

I expect (hope) that this should make a difference o the premium paid.

Any thoughts?

Thanks all

NS x

poppy_f1 · 27 March 2008 at 8:56PM

some companies will review the premiums some wont

your other option is to leave the insurance as it is until july then review the policy, slightly riskier as you would have a shortfall for that time but its an option

Lipstick_2 · 27 March 2008 at 9:30PM

You should wait until July as the insurance company will probably ask you to make another application if you apply now.

Premiums will probably be 50% cheaper for him in July