subject: What should you disclose to your life insurance company? [print this page] What should you disclose to your life insurance company?
Your life insurance quote will be based on a number of factors, one of the most important being the state of your health. It could therefore be tempting to lie about certain conditions, illnesses or aspects of your medical history that you are worried may push up the price of your premiums. But with a full physical exam and regular follow-ups being a core part of the insurance process, your insurer is almost certain to expose your dishonesty sooner or later - and this could cost your dearly.
Reading your insurance policy carefully should reveal precisely what you do and don't need to disclose to your provider, but in the case of life insurance it's likely that anything that could conceivably put you at risk of making claims should be noted - especially critical illnesses, some of which may even invalidate you from taking out certain policies.
Life insurance is protection for your family's financial future, so lying about your medical history to save on your premiums could have a negative impact on amounts paid out, if you are found to have withheld relevant information when you applied. There have been cases of insurers refusing to pay out in cases of non-disclosure, making honesty the best policy to receive help looking after your loved ones when you're no longer around.
As long as you have disclosed everything to your insurer, you should have nothing to worry about in the event that your life insurance reaches the claim stage. Like any other agreement, insurance policy documents are a contract between two parties - yourself and your insurer - which both sides must meet.
If you are worried about the state of your health affecting how much you'll pay for your life insurance premiums, you can take action to reduce these as much as possible - which could mean quitting smoking or drinking, or undergoing treatment for medical conditions. Otherwise, you may have to accept that your insurance premiums will cost more than those a policyholder in a comparatively fit state of health.
There are often many ways to reduce your premiums while remaining honest however, including browsing the internet for limited deals, paying by direct debit or comparing insurance policies to find the best prices. You may also find that some insurers require less disclosure than others, which could allow you to save even more without breaking the terms of the agreement.
The author of this article is a part of a digital blogging team who work with brands like Confused.com. The content contained in this article is for information purposes only and should not be used to make any financial decisions.
welcome to Insurances.net (https://www.insurances.net)
