Life Unable to get cover.....continuation option on Death in Service

[danash]

Hi,

I am a 47 year old male and since 2000 I have been unable to get life cover due to a series of illnesses ( Gout & elevated Liver Function )


I changed jobs several times during the 2000s and on each occasion I exercised the continuation option from the company pension scheme.

As a result I now have 2 separate life cover policies for which I declared no medical evidence. When you joined the company scheme I was not asked to complete any forms and was accepted without any fuss.

Both of these policies add up to almost 700K with an Irish based subsidiary of an international life company.

I have other life cover of approximately 300K taken out prior to 2000 with all medical evidence correctly offered at the time. I also have death in service of approximately 500K with my current employer.

So....is there any risk in the two continued life policies refusing to pay out as I had medical issues but never completed a form...and am I over insured ? ( Separated, 2 children 14, 17 , 1m in accumulated mortgages)

 

[StevieC]

There is no danger that the old policies wont pay out as you were accepted without underwriting under whats called a "Free Cover limit", a continuation option means that you would not have had to provide medical evidence at that point either.

In regard to being over insured or not, I suggest you contact an independent life insurance broker who can properly assess the situation after getting more information from you regarding your personal circumstances.