I am really confused about whether this needs to be disclosed on existing policies or not? Some time ago on this forum I read that health circumstances at the time, e.g. say five years ago, apply to policies taken out at that time and changes in one's health at a later date did not need to be conveyed to the insurer. Yesterday I read that any changes to health need to be disclosed.Can anybody clarify this situation for me please.
Regards
John
I think all forms of insurance can be confusing when medical conditions are involved. In my opinion, it is very risky to assume there are blanket rules which apply to all companies because it is the terms and conditions of each individual company that will apply in the event of making a claim. Unfortunately, this means the only safe solution is to thoroughly check the T's'nC's prior to signing up. Is it realistic that any insurance would not require you to notify them of any change in your health that could result in an increased risk of a claim. Either premiums for everyone would be exorbitant, or insurance companies would be going to the wall. On the basis that most companies will ask some searching questions to avoid, where possible, settling a claim, it is probably worth making sure with them that you are adequately covered. I ought to make it clear that I have no direct knowledge of Life Insurance cover and my thinking may probably be more applicable to medical and travel insurance
Hi there, I have been trying to upgrade my life insurance for the last year, but because of my three ablations over the last year, the company has put me on hold until it is all finished. But how do I know when it will all be finished and whether or not I shall need a fourth ablation?
It is, as you say, confusing.
As for travel insurance, I did inform them immediately after each ablation because we do travel a lot. They have loaded me already with an extra £100 per annum and I think I shall get an even higher premium when my policy is due for renewal in November. However, the cover they provide is very good and they are very respasonably priced.
Travel insurance is very competitive - £100 is very excessive for AF. Unless you travel very frequently for work, I found it to be much more cost effective to take out single trip policies - and use the companies that specialize in chronic medical conditions - big difference.
Single trip policies don't work for us. Tomorrow we are leaving on the fifth of our six trips abroad this year, so I think an annual total of £220 for both me and my husband for world wide travel, full mountain rescue (my husband is a climber) plus full coverage for me with my heart problems, is extremely good value. Far less than any ither quote I received, since many will not cover me.
Very individual. For me the quote was over a £1000 for annual cover.
If you are in the UK, open a Flexiplus account with Nationwide. This is what I use. Declare your condition(s) and yes, you will get a loaded premium but as I said, mine in just £220 pa for both of us world wide and I am fully covered for my A fib.
In general if you declare a medical condition that has developed after you have entered into a contract with an insurance company, you will then be covered if anything happens but will not be charged until the next premium is due. If you dont declare it ,you arent covered. In effect each annual premium is a new contract . I am fairly certain this is correct but will be interested to hear if others have different information. X
John67, anyone could be excused for thinking that if you entered into an agreement for LIFE insurance, the premiums would be based on your circumstances at the time of making the agreement and you cough up annual payments, possibly with increases to cover inflation. On the assumption that they only pay out when you die, any potential changes in your risk are taken into account from the start and form part of the risk. In most cases they reap the benefit of several years of premiums, but occasionally, they don't get that lucky and may have to pay out sooner than envisaged. I have just googled "Life Insurance FAQ" and looked at the "GoCompare" webpage. Interesting, but also, as you say, confusing......best of luck.......
Confused
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