Hi
I currently have Convertible Term Life Cover. Has anyone extended the policy once the old policy expires?
My question is:
Will the Life Insurance company essentially not just quote a high premium anyhow, to cover themselves for the risk that I could have health issues, which because of my age, gender, etc. (I'm not very old, but am coming into the period where heart attacks etc. would be beginning) would be reasonably normal. In essence, providing a medical (even with health issues) could be cheaper and so the premiums paid to keep the policy going would be a waste and it would be financially wiser to take the risk of seeing what happens?
Essentially I'm asking; will the insurance company just be able to do what they like and the extra I paid over the years was likely to be very little benefit. Unless I knew I was going to die soon (I'm not, as far as I know) and literally took out a new policy (without a medical) just to have a payout after I died then it doesn't seem to have much benefit (although I guess there would be a clause for this in a new policy).
Am I correct in my suspicion that it's not much benefit?
Thanks
I currently have Convertible Term Life Cover. Has anyone extended the policy once the old policy expires?
My question is:
Will the Life Insurance company essentially not just quote a high premium anyhow, to cover themselves for the risk that I could have health issues, which because of my age, gender, etc. (I'm not very old, but am coming into the period where heart attacks etc. would be beginning) would be reasonably normal. In essence, providing a medical (even with health issues) could be cheaper and so the premiums paid to keep the policy going would be a waste and it would be financially wiser to take the risk of seeing what happens?
Essentially I'm asking; will the insurance company just be able to do what they like and the extra I paid over the years was likely to be very little benefit. Unless I knew I was going to die soon (I'm not, as far as I know) and literally took out a new policy (without a medical) just to have a payout after I died then it doesn't seem to have much benefit (although I guess there would be a clause for this in a new policy).
Am I correct in my suspicion that it's not much benefit?
Thanks