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Do you need to tell your life insurance company if your health fails?

We received a question along these lines and thought it worthwhile to post the reply on our blog.

The short answer is ... no.

If you’ve taken out a life insurance policy and you’re suddenly faced with a medical health problem there is no need to tell your life insurer. Your life insurer does not need to know and has no right to ask.

When you take out life insurance, you do so at a point in time. At that point, the insurer asks you about your health and it is your job to answer all their health and lifestyle questions accurately, truthfully and fully. Based on your health at that time, the insurer offers you a policy on specific terms. If your health was good, you will be offered insurance at a low price. If you had health problems at that point, then your price may be somewhat higher.

Once you have taken out your policy, the risk of your health failing falls on the insurance company. If you take ill and you die, then you are covered.

That’s what life insurance is for.

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