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Norwich Union asked 5,000 customers about their current life insurance policies, so far half have replied.
The study revelled 1 in 14 gave inaccurate information when applying for their insurance policy, some of the customers misinformed about smoking, drinking, weight and health problems.
Those who have gave false information to their insurer risk having their life insurance policy cancelled.
A health expert comments it is vital to give your chosen insurer all the relevant facts regarding yourself, if you are untruthful your policy will not provide the relevant cover you require. You are therefore wasting money on a policy that simply won’t pay out.
An example of this is if you have opted for a life insurance policy which stipulates it will pay your mortgage off following your death this could be retracted. Misinforming your provider could leave your loved ones in years of debt that you thought would be covered.
If you have misguided your chosen provider it is important you contact them and make the necessary changes to your policy.
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