Life Insurance – Do not Lie

If you lie on your life insurance policy you are at risk of having your policy cancelled which will result in no payout if you wish to make a claim in the event of a death or critical illness. This will leave thousands left to struggle with repaying the mortgage which they thought was covered in their policy. Life insurance companies currently reject around 20% of policies due to the wrong information being submitted.

It is estimated that around 15% of all life insurance policy holders are lying about their health when submitting their details whether it is stating that they do not smoke, drink heavily or about their weight. Lies such as these will only void the policy.

A leading life insurance provider recently wrote to 2,500 of its customers requesting them to come clean if they had lied about their health, only 14 came back claiming they had lied. Another study from the same company estimates that the number should have been around 350. The results have sparked the company to contact up to 600,000 of their policy holders to question their current health status.

On average 48% of people (42% women & 53% men) regularly lie about their health whether it is to family, friends or work.

When filling out your policy you need to ensure all your details are accurately submitted and no lies are told as you will have your policy cancelled if found out. Honestly is definitely the best policy when it comes to insuring your life against unfortunate events.

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