You can develop a long-term illness or mental disorder.

You can start smoking.

When you apply for or change existing life insurance policies, it’s incredibly important to tell your insurer with your insurance everything if you have had these kinds of changes. These are what are called ‘material facts’.

When you take out life insurance, your insurer relies on information you provide to calculate your premiums and the terms of your cover.

You have a duty to disclose material facts that would influence the decision of the insurer when setting the terms of cover for your policy.

For example, If you understate your age, your insurer is entitled to reduce its liability to reflect the lower premiums you paid at claim time.

If you fail to disclose other material facts, your insurer can alter the terms of your cover or cancel your policy entirely. Your premiums may not be refunded if your cover or policy is cancelled due to non-disclosure.

In summary - you need to be careful when applying for, or altering your life insurance and ensure you disclose any major health changes, as soon as you are aware of them.

If you are not sure if this is an issue for your cover, please give us a call.