Duty of Disclosure when applying for insurance

Understanding the Duty of Disclosure when applying for insurance

Every time you apply for insurance, there's a legal Duty of Disclosure to make a full and honest disclosure to an insurance company. This video will tell you more about what you need to do while you are applying for insurance cover.

Video Transcript

00:00 - 01:13

We all know honesty is the best policy, and that's especially true when it comes to life insurance.

Duty of Disclosure means that you have the responsibility to report any personal information that might be relevant to your cover, to the insurer.

Now we're not talking about last year's stubbed toe, or the sniffle you had in 1994. The insurer needs to know about any illnesses you've been diagnosed with any injuries you've suffered or any health issues you currently experiencing.

You also need to tell them about your family health history, any work situations that involve a degree of risk or any hobbies that could be hazardous.

Duty of Disclosure begins when you fill out the application form and continues until your application is accepted.

If your circumstances change before your policy is approved you must notify the insurer.

If you don't disclose all relevant information accurately and truthfully, a future claim may not be paid, or your insurance policy may be canceled.

If you're not sure ask your Financial Advisor and remember when it comes to your insurance application and your Duty of Disclosure, honesty really is the best policy. Brought to you by sapience.com.au

Get our Not-A-Newsletter
Make your financial life a little easier
Get our Not-a-Newsletter

About Us

Wherever you are on your financial journey, whether it’s your business, your family or just you; it’s about good information, good connections and good financial advice — and the ability to recognise the difference.
#KeepGoodGrowing

UN Sustainable Development Goals Advocate

Mobile Service

Work with us Online: over email, phone or video conference after hours.

Work with us Face to Face: let's meet at your office, your favourite cafe, or your home (or gelato bar).

Work with us any way that works best for you.

Contact

1300 137 403
George St Sydney, NSW 2000

Awards

Proud Winners Businesses of Tomorrow Awards

Connect

Community

Proudly supporting:
The Pinnacle Foundation