Discuss your application with your financial advisor but be sure to answer the questions honestly and complete the form correctly. I was involved in a case a few years ago where the life assured’s broker didn’t think it relevant to mention his client’s diabetes in the application form and when the life assured filed a claim and my client, the insurance company, discovered the omission, my client repudiated on the basis that the omission was highly material and would most certainly have had an impact on whether the life assured would have been granted cover and the premium that would have been charged. The fact that his advisor didn’t think it necessary to disclose the condition didn’t save him. He lost an expensive law suit and his chances of benefitting from his insurance cover.
You may have noticed that when you apply for an insurance policy you are asked quite a few questions about your health, occupation, leisure activities and even your shoe size! When you complete these forms it is important to be completely honest and not to answer in any misleading way. It is equally important to disclose information which may be relevant to the insurance company even if you are not asked. The reason for this is that a failure to disclose something which has a material impact on the assessment of your application and/or the premiums you will be paying can be grounds for the insurance company to repudiate your insurance policy when you need it most; at claim stage.