You do not have a need for insurance now, or you have sufficient cover for now, but you expect to need more cover in the future.

You do not want to find you have your future medical conditions affecting your cover when you do apply?

Part of this is why insurance companies want you to buy cover before you develop medical conditions, the insurance companies feel selected against if you only take cover because you have a condition. This is why they apply underwriting at application time.

All is not lost as there are ways to provide this for you, at least to some level.

The Best Approach

By far and away the most effective way to access future cover is to already have a policy. If you have an existing life insurance policy, generally you will have special events increase options. Additionally, you may have selected future insurability options, at application, which can give you additional options. 

We do find people prefer to access the greatest claim they can at claim time rather than something they may or may not be able to afford or need in the future. This results in future insurability option not being found on many policies. 

If there is a future risk expected or you are underinsured, and you want some piece of mind, so you can increase your cover in the future, adding future insurability option can help. You will probably have to ask for it, and it does come with an increase in premium.

The reality is future insurability, and special events options have limitations on how much you can increase cover. I discuss this more in this article, Increase you insurance cover without questions. If you expect to need additional cover in the future, and you are concerned about the impact of your health then, taking sufficient cover now is recommended.

Putting cover into place, taking account of the increase options under special events and future insurability, is the cheaper approach to taking all of the cover now. 

The other thing that impacts cost is the premium structure. Taking a premium structure reflective of your timeframe needs will minimise long-term costs too. I discuss this in more detail here, Level premiums - what is this about?

If you want to investigate how this might work for you, give us a call. We can help.