Things to Know About the Contestability Period in Life Insurance Policy

What Is a Contestability Period in Life Insurance?

What if You Still Cannot Find the Life Insurance Policy?What Are the Important Things to Know About the Contestability Period?

What Is the Significance of a Contestability Period?

How Does the Contestability Period Work?

How Long Is the Life Insurance Contestability Period?

FAQs About Contestability Period in Life Insurance Policy

What happens after the contestability period? up-arrow

Once the contestability period is over, most of the insurance policies begin to be incontestable. This means that beneficiary will receive the assured sum provided the coverage is active. Some policies come with exclusions, wherein the benefit may not be compensated.

What are the common mistakes behind denying a sum assured after the contestability period? up-arrow

Some common mistakes made by applicants while applying for an insurance policy after a contestability period are as follows:

  • Forgetting to state a medication
  • Misjudging the extent of a health disorder
  • Mentioning weight incorrectly
  • Underestimating the hobbies

How contestable distinguishes from incontestable? up-arrow

Contestable signifies that an insurance company have the right to inspect as well as deny a death claim for a definite reason. On the contrary, incontestable indicates that an insurer does not possess the right to inspect, approve and deny a claim.