A month ago I purchased a lilfe insurance policy for my dad, I truthfuly answered the health questions asked. Today I had a meeting with the Doctor and I was informed my my dad has several conditions that are life treatening and that he will have to stay at the convalecent home, long term care. I responded no to the questions asked in the life insurance form as I was not aware of the severe conditions of my dad. Should I call and report this or what can I do?
In some cases you may be OK some not. Most policies have a two year indemnity policy, meaning that after two years even if something was not on the policy, it's now considered a non factor (except incorrect age). Some policies that you see on TV and say you will not be turned down, no exams, no questions, have a two year claim restriction...meaning that if the insured dies in the first two years they don't pay..even though you have paid the premiums. read the fine print on the policy. Trust me..some companies will do anything not to pay.
As Bishop Sheen said " The large print giveth, the fine print taketh away"
Just out of nosiness, why were you buying life insurance for your father?
Make sure you pay those premiums. BTW, life ins companies get the records of the meds you have taken that have gone through insurance, so they know of conditions that are under treatment, IF, he had been under treatment for something serious and not disclosed, he would likely have been denied.
Insurance companies have countless actuarians trying to make sure the are on the positive side of policies, once in a while a policy is not as profitable or is a loss.
My best to your father and to you. Sorry to hear of the troubling diagnosis.
A person needs life insurance if he or she has economic dependants - spouse, children, elderly parents, for example - or outstanding financial commitments such as a mortgage. Otherwise, what's the insurance for? It was never intended to be, and it cannot be, compensation for the loss of a loved one; it is designed solely to protect those left behind from financial hardship. I hope you haven't been mis-sold a policy.
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