A cautionary tale

Wednesday, 28th July 2010 18:29 - by Resident IFA

One of my Clients died yesterday...on his 45th birthday. He left 3 daughters...all of school age. He insured himself a year earlier for over £¼M. A silver lining, then? Unfortunately, no. It appears that he died of complications brought on by regularly drinking to excess. The life insurance application form showed an alcohol intake well within Underwriting tolerances. I hope against hope that I am wrong and the Death Certificate says otherwise. In the event of an unpaid claim due to ‘Non-disclosure’, his family will receive only a refund of his premiums paid...around £350. A frightening and cautionary tale indeed. It brings the spectre of the consequences of Non-disclosure...or ‘For the best appearance’ disclosure...harshly to life. Sorry for bringing the mood down, but a story well worth repeating. I will help his wife and daughters in whatever way I can over the coming weeks; probably in completing claim forms in the hope that some money will be paid to them. Until next time...