What Happens to Life Insurance if Health Circumstances Change?

Many people worry what the impact of changing health circumstances will be on their life insurance policy. Common concerns revolve around notifying the insurer when health circumstances change, as well as whether you need to change or update your policy to match your new condition(s). 

We’re here to answer all of your questions and alleviate any concerns you may have regarding life insurance and changing health. 

Do you have to tell your life insurance provider if your health changes?

In many cases, you don’t have to tell your insurer if your health changes. This is because premiums are fixed, and they cannot change based on new health conditions once the insurance term has begun. 

However, some policies include periodic policy reviews, during which you would need to give an updated overview of your health and any specific conditions as a legal requirement. You may also need to tell your insurer if you wish to change your amount of coverage.

Why do you need to update life insurance if you have a change of circumstances?

The main reason you would need to update life insurance if your circumstances change is to make sure the policy continues meeting your needs, so that your family or beneficiaries remain properly protected. 

Some policies also include clauses which require you to notify of a ‘significant change in health’, meaning that future claims may be invalid if you fail to do this. 

Can you change your life insurance policy based on a change in health circumstances?

You can sometimes change a current life insurance policy based on a change in health circumstances, though sometimes you may need to make a new application entirely. This is likely to depend on your current insurer, specific policy and what the change in circumstances is.

If your coverage needs a significant increase, you’re likely to need to make an entirely new application. The insurer would need to re-evaluate your risk to offer suitable premiums, especially in cases where there had been significant negative changes to your health situation. This may lead to changes in your life insurance eligibility.

Whatever scenario you are in, the best way to properly understand your options and the best way forward is to work with an intermediary, such as the Dragonfly Crowd team, who help you to manage your policies.

Expert Life Insurance Advice

What happens to your life insurance policy if your health circumstances change?

Often, your life insurance policy won’t necessarily change if your health circumstances do. 

However, if a new/recent diagnosis or a change in circumstances means you want to review your policy and increase your level of cover, contact our team who can go through your options with you in detail, ensuring you have the right cover for your needs.

Will you need to secure additional life insurance cover if your health changes?

You would typically only need to secure additional life insurance following a health change or recent diagnosis if you’re looking to increase the level/type of cover. Now is the perfect time to speak with one of our specialist team, who can guide you through the process in ensuring you have the correct cover in place for you.

Will your life insurance premiums change if you are diagnosed with an illness?

No, your current life insurance policy will not change at all once a fixed policy is in place. The premium is set at the time of application based on the medical underwriting at that time. Health issues later down the line do not affect your premiums, until any renewal periods or if the insurer requests an update of your health.

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Peace of mind if your health changes with Dragonfly Crowd

A serious diagnosis or a significant change in your health circumstances can be scary for you and your family. Insurance policies may be high up on your list of worries during this time, which is why Dragonfly Crowd are here to help. 

Our experience with a variety of cases and clients enables us to show individuals in all situations that there are still insurance options out there. 

Protect your family today with life insurance.