Discussion Life insurance

[hopelessandconfused]

Has anyone here decided to get life insurance before CTB? I just did, although on the form I accidentally lied about my history with symptoms of depression. I'm afraid once I'm gone my mom will try to claim the insurance benefits but won't get anything because of my own stupidity. So even after I'm dead I'll still dissappoint her. But yeah, has anyone here got life insurance and do you think the company will refuse to pay if I once talked about depression in a high school health check-up but said I've never had symptoms of depression when applying for the insurance?

 

[Jrmull1993]

Do you live in the United States? If so, really read through your policy contract thoroughly. In New York, where I reside, there is a 2-year Suicide Clause where they will not pay the death benefit if you die by suicide within the 1st 2 years of the policy. There is also this thing called the Incontestability Clause. This clause, mandated by most states, stops the insurance company from denying a death benefit after 2 years from the start of the policy, if something from the initial application is incorrect.

Just keep in mind, per federal law, lying about age and gender always void a policy.

As long as you wait out the two years from your policy start date, and remain current on all premium payments you'll be good.

 

[hopelessandconfused]

Do you live in the United States? If so, really read through your policy contract thoroughly. In New York, where I reside, there is a 2-year Suicide Clause where they will not pay the death benefit if you die by suicide within the 1st 2 years of the policy. There is also this thing called the Incontestability Clause. This clause, mandated by most states, stops the insurance company from denying a death benefit after 2 years from the start of the policy, if something from the initial application is incorrect.

Just keep in mind, per federal law, lying about age and gender always void a policy.

As long as you wait out the two years from your policy start date, and remain current on all premium payments you'll be good.

No, I don't live in the USA. There's a 1-year suicide clause, but the problem is I kind of lied about my health history. So there was a question "have you in the past 5 years experienced symptoms of depression?" Initially I put yes, but then it asked me when I was diagnosed with depression. Well I'm not diagnosed w/ depression, so changed my answer from yes to no. However my health records show that in a school health check up 4 years ago I expressed symptoms of moderate depression. I'm just afraid this will void the insurance and my family won't get the money.

 

[Jrmull1993]

Does your life insurance policy's contract contain provisions for an incontestability clause?

 

[hopelessandconfused]

Does your life insurance policy's contract contain provisions for an incontestability clause?

Sorry, my English is not very good. What does that mean?

 

[Jrmull1993]

Sorry, my English is not very good. What does that mean?

An incontestability clause is the part of a life insurance contract that says after a certain amount of time, the life insurance company can't deny a claim due to a false statement made during the underwriting process.

Here is a picture of how that clause is written. This is from one of my policies.

 

[wljourney]

If you haven't been formally diagnosed and just mentioned something at a high school checkup it should be ok. All depends on how many records the life insurer requests and if they would consider a high school checkup… I doubt it.

Just make sure to wait long enough so they don't deny coverage because enough time hasn't elapsed.

 

[hopelessandconfused]

An incontestability clause is the part of a life insurance contract that says after a certain amount of time, the life insurance company can't deny a claim due to a false statement made during the underwriting process.

Here is a picture of how that clause is written. This is from one of my policies.

View attachment 96316

Thank you for explaining. Unfortunately there is no such thing.

If you haven't been formally diagnosed and just mentioned something at a high school checkup it should be ok. All depends on how many records the life insurer requests and if they would consider a high school checkup… I doubt it.

Just make sure to wait long enough so they don't deny coverage because enough time hasn't elapsed.

All the records are available in my countrys centralized database which they will surely check. But thank you, I hope you're right.