Incontestability Of Life Insurance. Up until a life insurance
policy is in force for two years it may be contested by the life
The incontestability period may vary depending on the life insurance company.
Even though an inspection report is obtained and in some cases a medical examination is done the company depends a great deal on the answers given on the application when deciding whether or not to issue a policy but...
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If an applicant fails to disclose information that would cause a policy not to be issued or to be rated the policy may be withdrawn or a claim may be denied...that is as long as the policy is still within the contestable period.
The policy cannot be contested for a period of 2 years, for example. After two years have passed with the policy in force the
life insurance company
no longer has the right to contest the policy.
The incontestability of the policy therefore gives the policy owner all the rights as stated in the contract itself.
Claims will be paid and the policy can no longer be withdrawn even if a misstatement in the application is discovered.
It is therefore important to answer questions truthfully and accurately when applying for life insurance.
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.