Anonymous

19 Aug 2020

∙

Should I cancel Company A life plan bought earlier in the year with loading, and increase coverage of Company B life plan which recently got approved with no exclusions / loading? (More in comments)?

Life Plan A: SA $40k with CI and ECI fully accelerated riders. X3 Multiplier till age 80. Paid 25% CI and 50% ECI extra premium for loading.
Life Plan B: SA $50k with CI/ECI riders, X6 multiplier till age 70.
FA from B sent me for medical checkup. All was clear except BMI >30 but managed to appeal with no exclusions / loading.
Difference in premium was $500/yr.
Focus: Cover CI
Should I:
1) Keep both, try to appeal A but pay for own checkup
2) Cancel Plan A, Increase Plan B SA and/or multiplier

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Hariz Arthur Maloy

18 Aug 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon,

You can appeal to Plan A, sign a medical extraction form if both insurers have an agreement between them, or if not, buy the medical report.

Mention, that you'd want to keep the policy if loading can be removed but if it isn't possible you'd prefer to increase coverage on your new policy.

A strongly worded letter with the medical report and proof of new insurance with the recent insurer can push the old insurer hard enough to remove your loading.

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