Diving and Life Insurance

[Herb-alaska]

I agree COMPLETELY with Superlyte27. As long as you told the truth on the application, what you decide to do later(get scuba certified) shouldn't apply to the policy already in force. I am also an Insurance Expert.

I just noticed that you are in Canada, and the laws in Canada may be different regarding Life Insurance. My response is based on the laws of the US and the State of Indiana.

Again I agree as well for the following reasons and again based on US law.

1. your diving was not started before your policy was written. You have no cert cards that predate the policy.
2. your coverage beyond the 2 year contestability policy so all they can so is verify that your died and that the policy was inforce at the time you died.

BUT for get about new coverage or changing your nature of the coverage. It will not happen unless you are extensively underwritten or (reviewed) and then you will pay a extra premium if they accept you .

 

[Superlyte27]

Not sure about Canadian law, but I can check into it. Didn't realize he was in Canada

 

[Scubanoobi]

Thanks everyone, yes I'm in Canada so laws may be different. My 2009 policy is over the 2 year mark, the larger 2010 policy is still within the two years. I hope I'm just overreacting. I should be getting their response this week or next.

The policies are with Manulife BTW.

 

[Superlyte27]

So far, everything I look at for Canada is identical to how it would be in the USA. Two year incontestability on your NO ANSWERS. If you didn't have an exclusion for SCUBA upon contracting they can't change the contract now.

Your contract is in force as written right now. It's either a Term product or a Permanent product. The insurance company has no way of amending that contract. They can't even cancel it (unless you quit paying). Only you can cancel it.

You're fine. Keep paying what your paying. If it's less than 2 years old, don't commit suicide and you are good to go.

Also, check out this thread for those of you struggling to get insurance as a diver.... Life Insurance

 

[ScubaSteve]

I doubt it, unless an exclusion for diving was written into the policy (illegal in some states) they have to pay if you die. Even while diving.

It is in Canada and the exclusion was written into it.....policy was put in place after I started diving.

 

[Scubanoobi]

Thanks SuperLyte, I came to the same outcome as you (Understanding Insurance Basics). After the two year period (February 2013 I believe) I should be fine. I don't plan on diving before then since it's all snow and ice up here in Canada I have a trip to Grand Cayman in March so I should be good.

So you are saying that they cannot cancel the policy or rate me even though it is still within the two years. Since I don't plan on diving, I also don't plan on dying while diving during the rest of the two year period.

I'll leave it at this, thanks for your research. If they say anything different on their response I may reach out for some advice.

Thanks again!

 

[Superlyte27]

An insurance company cannot change the contract or cancel the contract for any reason except non-payment. If they could, life insurance would be worthless. Imagine, you buy a contract at 32 years old. At 88 years old the insurance company comes up with some bs reason to cancel the policy. Yeah, that would suck.

 

[TMHeimer]

Superlyte27 and others agree that unless there was an exclusion or one was diving before taking the policy the company can't change it. This is good to hear. I would assume this is the same for all companies, no? Is it akin to taking out personal Blue Cross for medications but you are not covered for existing medications you were taking beforehand, but covered for anything you take after getting the policy?

 

[ScubaSteve]

But is it not commonplace for insurance companies to write into their policies exemptions for what they call Adventure Hobbies (skydiving, scuba diving etc.)? I am sure mine had it and any # of dives per year or if you dived beyond ~60' you were considered high risk & excluded.

 

[Scubanoobi]

I checked my policy, no exemptions. In fact it doesn't state anything about notifying them of changes in anything. I think I will call them tomorrow and figure out why I had to go through all this.