What May Cause My Life Insurance Premiums To Change?
You may have secured a bright future for your family with obtaining life insurance and made the required arrangements for that, but this is not the end of the road. What do we mean by that?
In life, your medical conditions and circumstances can always change and the premiums that you pay for your Life Insurance Policy may vary from time to time, because of the risk factors which may be added into your lifestyle and health. In situations like these, compliance and being honest with your insurance company or insurer is crucial. You don’t want to cause your family another burden while they are trying to cope with their loss. Their Life Insurance claim may be declined because of inaccurate information and there will be nothing you can do to change this since you will be gone. So, what should you do to prevent this from happening?
Why Should You Keep Your Insurer Updated?
- If your circumstances or health condition have changed, it is very important to update your information with your insurer as soon as possible.
- These changes could affect your Life Insurance premiums and monthly payments as well as the money you think of leaving to your family when you pass away.
- Neglecting to update your information and circumstance changes with your insurer would leave your family with a cover rejection, as it would be a violation of non-disclosure.
- You should always keep your insurer in the loop to prevent something like this from happening.
What You Need To Know
The insurance company will ask questions about your circumstances, medical history and health to calculate your monthly payments and their likelihood of paying out a future claim. If you are in good health and have a long life expectancy, your premiums will be lower and it will be easier for you to provide your family with a financial future with a Life Insurance.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00