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Life Insurance – you need it as a young adult

Life Insurance – you need it as a young adult

When you are in your 20’s and 30’s, death seems very far off. Many young people choose to not get life insurance for this reason. And for some, they may really do not need life insurance but there are instances where it is necessary.

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By April 10, 2017 0 comments uklifeleads
The Importance of Full Disclosure in Insurance

The Importance of Full Disclosure in Insurance

It’s important to understand that insurance is a contract between the insurer and the client. Neither party can decide to change the terms and conditions on their own. Moreover, the insurance company sets the premium according to the likelihood of claims. Thus, we need to be honest and upfront when we apply.

The Over-Riding Insurance Application Form

Insurance companies consider applications for new policies on their merits. They include a note in their ‘small print’ that covering things up can invalidate the policy. In fact, the application form becomes an annexure to the agreement. Hence, if, for instance, we are applying for healthcare insurance we must be up front, and honest about our medical history.

This is the background for those endless questions about our health and history of diseases. Insurers also ask questions about our lifestyles. If we don’t own up to taking snuff or smoking cigarettes and develop cancer later, the insurer may refuse to pay. If we didn’t smoke at the time, but start smoking later we should protect our interests by telling our insurer or broker. If we start buying snuff online and smoking it, we should also tell our insurer, because this could create a record on our PayPal account.

What About Action Activities and Sports

In this situation, the the same relative logic applies. An insurer assesses a client’s accident cover according to the likelihood they may hurt themselves, and claim. In principle, any sport or recreation that’s more strenuous than working in the office is potentially important. It may sound absurd, but if you ride on big dippers at funfairs, write it down.

There’s always a temptation to tell little ‘white lies’ to get accident insurance at a cheaper rate. Another temptation is not to tell the insurer if we take up off-road motorcycling for example. But we really ought to, because if we had a motorcycle accident and were harmed we might not get compensation. We might also get a black mark on our record for ‘insurance fraud.’

By April 9, 2017 0 comments uklifeleads