Life Mortgage protection insurance - do I need to inform of change of health status?

P

Petal

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Two questions really

Took out mortgage protection insurance in 2006. I gave up smoking over a year ago, so was wondering if I should try and get it cheaper now (applied as smoker)?

But, was also since diagnosed with a thyroid condition, and was wondering do I have to notify them, or does it matter?
 
A new policy would cost more today because you are 4 years older but you also have a thyroid condition which may result in a higher premium so even though you have given up smoking you may find a new policy may cost you more than you are presently paying. Only way to find out is to contact a broker and put in a few applications to different life offices. Perhaps your existing insurer may consider offering you non smoker rates if you contact their underwriting department (it depends on the company you took the policy out with and the type of policy you have) but that's what I'd do first.
 
+1 Sumatra, Mrs Pete gave up smoking & is now 9 years older than when we took our mortgage protection policy. We were told it would cost more now
 
Morality tables normally factor an average decrease in life expectancy of 4-5 years for a person who smokes less than 10-20 a day.

The cost of taking out a new policy increases as we get older. On one hand statistically you are going to live longer having given up smoking but on the other you are going into a new policy at an older age. Some life offices will recalculate the premium if a person becomes a non smoker others require a new application which is based on your present age and present health status.

A new policy may cost you more so you may well decide to keep the older policy with you as a smoker because it is still cheaper. Congrats because regardless of price you've probably added 5 years to your life and you can't put a price on that.
 
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