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How does non-disclosure work (and why should you care)?

When applying for Insurance cover, there are two basic, golden rules. One is good faith, and the other is disclosure. But what is disclosure, and how can non-disclosure affect a potential Insurance claim?

In the worst-case scenario, failure to tell the insurer what they consider ‘relevant information’ could lead to a claim being declined – just when you most need the money that you have been paying premiums for. Follow these three tips to ensure you are disclosing all the information you need to…

Be as specific as possible

While you might not remember exact dates of doctor’s visits, accidents or surgeries, by at least noting down the year, you will be giving the insurer information about how long it has been since the incident/illness occurred.
Don’t forget to note that you can’t remember the exact date though – so that if the insurer needs more information, they can request it from your doctor, and match the year up with the doctor’s notes.

Disclose everything that you are asked to

Even if you think it is not important, it’s a good idea to disclose everything. As a rule of thumb, if the application form is asking you for the information, it means that the Insurance provider thinks it’s important.
Are you a ‘weekend smoker’, for example? Even having one cigarette in the last 12 months means you are a smoker for Insurance premium purposes. So, if you like to have a cigarette every now and then, even if you class yourself as a non-smoker, the insurance company will consider you a smoker.

Don’t be too concerned if you don’t understand a question on the Insurance application form

Insurance providers need more information about certain medical conditions, such as the diagnosis and any medication you are taking. You only need to answer those questions if you do in fact have that condition. If you don’t, you don’t have to answer.
Secondly, don’t forget you have an Insurance adviser in your corner, so please get in touch. We will be able to clarify any areas you don’t understand, to help make sure you are giving all the information you are required to.

Non-disclosure of relevant information can have serious effects on a claim being paid in the future. The golden rule of applying for Insurance is to be truthful and disclose all information that you need to, even if you don’t think it is really all that important, to ensure that your chances of a declined claim in the future are reduced.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek financial advice.

A full disclosure statement for each Insurance Link Adviser is available on request and free of charge.