If I lie or mistaken put in incorrect information when applying for life insurance, can my policy be voided?

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Asked June 17, 2013

1 Answer


After you apply and are accepted for a life insurance policy, there is a period of time, called the contestability period, during which the insurance company can void your policy if errors are found in your application. Whether the errors were intentional would also play a determining factor in whether your policy application could be corrected or whether it is canceled altogether.

If you discover that you made a mistake on the application, the best option is to contact the insurance company or agent and let them know that a correction needs to be made. Minor errors, such as putting down the wrong age or birth date, are common and the insurance company expects that a small percentage of all applicants will have need to make small changes.

For large errors, the policy may have to be recalculated. In this situation, the decision of whether to write the policy and what the premiums will be are going to be based on how much the risk of insuring you increases due to the correction. Trying to hide the mistake indefinitely is not a good idea for serious errors that could affect your mortality. If such an intentional error is found during your lifetime, you can be prosecuted under law and may face a prison sentence.

As for the contestability period, it is a time frame during which the insurance company retains the right to cancel the policy due to specific insurability problems, including minor errors such as incorrect age, or other unintentional misinformation. If major errors or intentional misinformation are discovered, the insurance company can cancel the policy or even prosecute.

Even if it means going back to searching for the perfect life insurance policy, being honest and keeping your insurance policies legitimate is going to be the best move under any situations. At the very least, you will be able to qualify for final expense insurance, and at best you can simply get a better policy from a different insurer.

Answered June 17, 2013 by Anonymous

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