Declaring in Good Faith

First thing when i woke up this morning, like many people, i had many things on my mind. what's on my mind today is however somewhat disturbing: has my insurance application been processed?

a few days ago i signed myself up for a term life plan - which provides affordable high-level protection for death and disability. i thought i'd just get something from myself to boost my confidence and i'm not ashamed to say that my networth is still nowhere near my ideal value, (obviously i put a very high premium on my own life. i'm such a lovely person!~)

well, logging into our agent internet access page (where i can check my client's policies and review any pending case issues), i cross my fingers that everything has gone through without a hitch.....

unfortunately:

well. Can't say i didn't expect that to happen.

i have family history and have done a test in the past where, although, results were normal, more or less confirmed my risky-ness for cancer in the foreseeable but hopefully distant future. 

I'm comfortable in my own skin to share with you my personal issues as i know many of you are ok to confide in me. rest assured i know these details are VERY VERY sensitive and not everybody is so nonchalant about letting the whole world know about their health like i am. i'm not searching for pity here, but rather would like to discuss the issue: to declare or not to declare.

the case for non-declaration:

1. no loading (where an additional amount is imposed on the premiums paid)
2. the case is straight forward and protection can be enforced quickly and easily. No need to go and get examinations done, i.e. less mafan (troublesome)

and the case for declaration in good faith:

1. the company will be able to honour your claim with minimal investigation. Discrepancies make it difficult to justify whether a condition is pre-existing and therefore they need to determine whether the customer was trying to "cheat" the company.
2. peace of mind that you won't be "found out" to be lying
3. feel good about yourself that you did the Right Thing

(ok that last one was just a little joke. but it SHOULD feel good to do the right thing!)

So although for me, it now means that i need to go and get the questionnaire done up, maybe an ultrasound, at least i take comfort that if i don't fudge some details, noone can find out about some undeclared nonsense and void my contract altogether (point #1 for Good Faith)

as a new agent, this is a big lesson for me to learn what may or may not require more reports/questionnaires when submitting an application. I want to try and eliminate any inconveniences to my potential clients.

to insurance seekers, don't worry about these little hiccups in the process of your application for insurance and take heart that you are still getting insured! it just takes a longer time to get it up in force and it is always better to be protected at a higher price, than not protected at all.

Be protected everyone! :)
Jessica