If you plan to buy life insurance to protect your family, make sure you are accurate about your medical history when you fill out your application. Most standard life insurance policies include a two-year contestable period, during which time the insurer can rescind a policy due to misrepresentation or fraud found on your form. Don’t omit any relevant health information or make any misrepresentations that may invalidate your policy. Make sure you apply for life insurance quotes to get the best rates and the best coverage.
3 things to consider when you apply for life insurance
1. Contestable period
Before you sign a life insurance policy, ask if there is a contestable period. Most high-value policies have them. The contestable period can be for one or two years. During this time, the insurance company can cancel your policy, if it discovers you provided false or incomplete medical information. If an insurance company cancels a policy, it generally will refund the premiums you have paid. However, some companies will opt to adjust your insurance rates to account for the increased amount of risk. If you die during the contestable period and your insurer discovers fraud on your medical application, the company may rescind your policy and decline to pay a claim to your beneficiaries. Obtain life insurance quotes when you are younger and in better health to get lower rates.
2. Complete coverage
If you have a life insurance policy and have been making your payments, your medical condition can change and your policy will still be in force. Insurers recognize that there are gray areas concerning a policyholder’s medical history. As long as you have shown no intent to deceive your insurer, your life insurance policy will be effective as soon as your sign your contact. So, if you have high blood pressure and decide to stop taking your medication, you won’t lose your life insurance coverage. You also won’t invalidate your policy, if you refuse medical treatment for a potentially life-threatening condition or if you decide to try alternative medicine approaches. If you health condition improves, apply for life insurance quotes to find out if you are eligible for lower rates.
3. Your current health
You may be healthier today than you were when you first applied for your life insurance policy. For instance, if you can show that your high blood pressure is under control, you may be able to get lower rates. Or, if you have quit smoking for a certain number of years, you may be able to get a nonsmoker rate. You may also be able to lower your premium, if you have given up dangerous hobbies, such as scuba diving, parachute jumping and rock climbing. If your lifestyle or health condition has become less risky, apply for life insurance quotes to find out if you are eligible for lower rates.
When you are ready to buy a life insurance policy, you can call agents in your local area, contact insurance companies directly or use InsuranceQuotes.com to instantly get competitive life insurance quotes from the nation’s leading insurance providers. Simply fill out a short online form on InsuranceQuotes.com to find the right insurance coverage at the best possible price in minutes. Take the time to protect you and your family today.