Whether it is called fibbing, misrepresenting the truth, or simply lying, not telling the truth on a life insurance application can have serious consequences. It could even lead to a claim being denied.
It is critical that a life insurance application be filled out accurately and truthfully, yet people still feel compelled to fib. What are they likely to be untruthful about? Here are some examples.
Smoking and the use of tobacco products are a red flag when it comes to life insurance, so applicants may be prone to stretch the truth.
Family Health History
It can be important to disclose the truth about your family’s history with cancer and diabetes in particular. These are genetic factors that can impact your lifespan and your life insurance premiums. Not disclosing the truth could void life insurance protection.
Legal and Illegal Drug Use
No one is proud of illegal drug use, but if it is a problem that results in some form of treatment, that can be something that can be traced or tracked.
Many life insurance applicants will minimize how much they use or abuse alcohol. Try to play it straight on your application.
Height and Weight
Like with your driver’s license, it is likely you may make yourself look a little bit more fit on your life insurance application. Don’t use your imagination too much.
You can anticipate that if something on your application looks awry, your application may be subject to review. If the misinformation on an application is the cause for a claim to be denied, the premiums paid over the life of the policy will be returned.
The best tactic is to be honest on your life insurance application. It could avoid some serious issues in the future.
If you are pricing life insurance policies, we can help. Our independent agents can search a network of companies to provide your best value, even if your application is not perfect. Contact us today.
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