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Discussion Starter #1
All help is appreciated as i am in a dicey situation right now. here is my story:

2006: bought our first home and hence signed up for a term insurance. since i told my agent we had plans to travel in the near future (within 3-6 months of signing up), he put a clause in the policy saying that the policy would be void if i overstayed beyond a certain date. i signed accepting this clause. when i did travel, the company i worked for asked me to stay back for two more weeks to get some work completed and i agreed to do so without remembering this insurance clause.

2010: just yesterday, i was reviewing the policy to see if it was renewable or i u could extend coverage and found out about this clause.

what should i do? the policy has been effective as i have been paying my premiums over the last 4 years? should i confess with the insurance company and see if they override the clause or just ignore and forget it?
 

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What the heck kind of term insurance places restrictions on travel? Where exactly are you travelling?!

My brother goes to Colombia for work and travels with armed guards and as a result, his company purchased insurance for him - but his regular life insurance is in effect.

:confused:
 

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Did the policy include some kind of extended health care coverage? Otherwise it doesn't make sense. But you should get the policy revised or cancel it and find coverage elsewhere. You don't need to tell the insurance company you were "over the limit" in the past. Just tell them "sometimes my company asks me to stay longer than planned, and it worries me that this might imperil my insurance coverage at some time in the future. Please explain to me why you think this clause is necessary on a life insurance policy."
 

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Discussion Starter #5
its a regular term insurance. i guess they put a clause because i was traveling within the cooling off period of the policy effective date. there are no restrictions on travel later on...
 

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Discussion Starter #6
Did the policy include some kind of extended health care coverage? Otherwise it doesn't make sense. But you should get the policy revised or cancel it and find coverage elsewhere. You don't need to tell the insurance company you were "over the limit" in the past. Just tell them "sometimes my company asks me to stay longer than planned, and it worries me that this might imperil my insurance coverage at some time in the future. Please explain to me why you think this clause is necessary on a life insurance policy."
no extended coverage, just on life. so i didnt care much and signed the clause without much thought. that is why i probably did not even remember the clause when i extended my stay.
 

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Discussion Starter #7
its a simple term insurance, nothing special. there are no restrictions with travel in general. just because i had mentioned to them that i will be traveling within 3-4 months of issuance of policy, they put a clause on the return date. i was fine with it because my tickets were already booked and the company used this info to put out that clause. once there, my company wanted me to stay back for some more time to complete some work...
 

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First I would call the insurance company and see if your still within their guidlines. If not, you can always cancel it and get another term with a different provider. The biggest part here is communication with them, if they say your fine, ask for an update to your policy and have that clause removed. Let them know your happy to cancel and go with another provider. I bet they will be willing to bend over backwards to keep you.
 
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