2 years ago, I took out a level term life insurance policy.
I’m a certified diver.
At the time, they asked me a ream of questions about my diving activities.
I told them that I dive to recreational limits, which was true at the time.
I’m a certified diver.
At the time, they asked me a ream of questions about my diving activities.
I told them that I dive to recreational limits, which was true at the time.
I’m now considering venturing into more technical diving (deeper, mixed gases, longer bottom times, etc.)
If I kick it during a dive, would the insurance company be able to avoid payment based on my application (which was entirely true when I filled it out)?
Thanks in advance.
mbrcatz 6:37 pm on August 18, 2010
No. First of all, the contestable period for your policy might be up already. Second, any change you make in lifestyle AFTER you buy the insurance, doesn’t matter.
UNLESS. You need to check your policy, and see if they put an exclusion on it for drowning/diving activites. That is quite possible.
falsi fiable 6:37 pm on August 18, 2010
All insurance requires you to notify the company if you have any relevant life changes that could affect your risk factors.
LifeInsuranceAgent 6:37 pm on August 18, 2010
The insurance company is not going to be able to avoid paying the death claim. If your information was truthful at time of application, but now your diving status has changed, that change is irrelevant to the existing life policies. The second part of that is that after a certain period of time, 2 years is typical, the life insurance company can not contest the claim.
The following underwriting info may be helpful – http://www.lifeinsuranceadvisors.com/underwriting-guidelines.html
Insurance Pickle.com 6:37 pm on August 18, 2010
First answerer is WAY off. If you’re in America then you are fine. They underwrite you at the time of application and 2 years later you’re past the time where they could come back to see if you were lying.
That’s why people who buy their insurance through their employer (solely) are going about it all wrong. You buy your own plan so that later in life if you decide you want to vacation in Iraq, take up base jumping, become a pilot, etc…that you can do so because you already had the life insurance.
wfr21 6:37 pm on August 18, 2010
Everyone has overlooked what happens if your policy lapses for non payment, which could happen, and which opens up the contestable period for 2 years from the reinstatement date. You can avoid this occurring by always paying your premiums on time.