You have a Duty of Disclosure to the insurer and financial adviser at the time of application to give full details of your medical history past and present. You should answer all questions truthfully and to the best of your knowledge.
The last thing you want is a claim declined because of non-disclosure.
Please note the key elements regarding your duty of disclosure to the Insurer and financial Adviser:
The Duty rests with you.
If you believe that something is relevant to the insurer’s decision to accept the application, you should disclose it.
The Duty could go beyond the questions in the applications.
Disclosure of information that decreases the risk or is of common knowledge is not required.
The Duty continues until the policy has been issued.
If prior to a policy issue, there is a change in the insurer’s circumstances (health, occupation, pursuits, etc.) and you believe this change would be relevant to the insurer’s decision to accept the application, details should be disclosed to your financial adviser.
Future claim payments could be affected if the requirements of the Duty of Disclosure are not followed. If the life insured and the policy holder are different people, ‘you’ refers to both of them.
If you are unsure about your Duty of Disclosure, GI Advisers experienced team of Brisbane-based financial advisers will happily answer any questions you may have. Please contact us at our Brisbane head office.