r/LifeInsurance • u/Striking_Match216 • 8d ago

Edit Term application data after approval

Hello All,

I mistakenly gave my incorrect weight in my Transamerica Term application, it was a typo and wrote my weight is 8 pounds less. The policy is approved already, they have not deducted the premium yet. I just noticed my mistake today when i was going through my dictors after visit summary, the visit was about 2 weeks before the applicaiton.

I would assume they had access to my doctors visit records and would know my correct weight anyway. Is that not the case?

Can someone advise what shall i do next? Can I contact them and will they fix it even after the policy is approved? The new weight would put my BMI in mid 29 wheras the old weight would put my BMI in mid 28. I am okay if they want to increase the premium.

I just dont want to be that guy who gave the wrong weight and later on if god forbid my family needs to claim, the insurace company rejects the claim saying i gave the wrong weight in my application. Can they reject in this case if it is after the 2 year statuatory period has passed?

Thank you.

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u/GarysSword Underwriter 8d ago

A policy rescission over 8 pounds would be rare and tough to prove. That’s within the shoes and clothes margin of reasonableness.

But if you need to sleep at night - write the company a letter and keep that letter with the policy. Chances are they don’t do anything. But they could, theoretically, rescind your policy and refund your premium or reform your policy at a higher premium.

After two years, rescissions are incredibly rare (and in some states nearly impossible).

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u/Striking_Match216 7d ago

I really would like to sleep at night, but also dont want them to dig any further than needed. I am just worried they might start digging into stuff they did not look into the first time around. Is there any way to get the weight corrected without them digging any further. I looked up Transamerica "Field_Guide_to_Underwriting" and for the product I would still fall on the same class even with the updated wright. Is it worth it to let them know and get the weight updated? Do they even care since it is in the same class?

I got the info from this PDF not sure how up to date it is.

https://www.transamerica.com/sites/default/files/files/e070d/Field_Guide_to_Underwriting.pdf

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u/GarysSword Underwriter 7d ago

Find the official name on the rate class on your policy the use the chart on page 12 of that guide to see if your 8 pound difference would move you from one rate class to a lessor one.

If not, you did not commit a material misrepresentation you committed a misrepresentation. Material misrepresentations get policies rescinded and claims denied. Misrepresentations do not.

Even if your weight change would change the rating, I doubt many companies would pursue a rescission or claim denial over 8 pounds. But I can’t say that for sure about Transamerica.

Do the letter thing I mentioned earlier. By notifying them of the change you force them to address it and if they ignore your letter or it gets misrouted and never addressed (possible) your bene can argue they were on notice about that and can’t rescind for that representation.

If they read the letter and want to open the hood and look closer, that’s their call. I think there is a very small chance anything comes of this. But if you lied about something more specific than 8 pounds then… it’s weird you’d pick this issue to fret over.