Congratulations! That’s brilliant! You got married, had a baby, stopped smoking – there are so many ways that life can change. Do you know that this can affect your life insurance policies too? It is important with these life changes to update life insurance policy.
A Guaranteed Insurability Option is offered by some life companies. It allows you to increase your cover to reflect these new life changes, such as marriage, birth or adoption. Among all the other work that has to be done for these life-changing events, this can be a vital piece of paperwork that can slip through the cracks.
Savings On Your Life Insurance Policy
If you haven’t smoked in a year, you know the immeasurable benefits. Everything tastes better, you’re breathing easier, and your clothes smell great! But did you know that you could potentially save even more money by informing your insurer of your new status? The reduction could be 50% of your original premium.
Increases On Your Life Insurance Policy
On the other side of the coin…a newfound love of a hazardous pastime such as flying, climbing, diving or motorsports needs to be declared too. Don’t let a new, fun hobby threaten you with anything more than potential sprains & breaks!