Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
No! The only way a carrier can cancel your policy is if you don't pay your premiums (the coverage lapsing as a result). If the condition developed after the policy was placed in force, the carrier cannot cancel your policy.
Please note, if you intentionally lied on the application for the coverage and it was a pre-existing condition prior to placing it in force and you're still within the first 2 years of the policy (the contestability period), the carrier could rescind the coverage if it's discovered. Once the contestability period has expired, the carrier cannot rescind a policy due to misinformation on an application.
I hope the information is helpful - please feel free to contact me if you have any other questions. Thanks very much.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Most people experience deterioration in their health as they age. The discovery of any condition previously unknown to you, the insured, does not affect an existing life insurance policy in any way. This is true if the condition were to become noticed within days after the policy is issued. This is an important reason to secure life insurance while your health is good.
One of the benefits of life insurance is that you do not have to keep qualifying for it over and over again. Once you have the policy, it is yours to keep, and as long as you keep paying premiums, no one can take it away from you for any reason.
That is a great question! Two of the best reasons to buy Life Insurance at an early age is to first lock in a low price, and second insure against any health issues you might have as you grow older. No reputable company will drop you for developing health issues, and that should be clearly stated in your policy. If you've made your payments on time, you should have nothing at all to worry about. The only legal way that a company could drop you is if there was reason to doubt the truthfulness of your answers on the application when it was submitted, and your policy is less than two years old. Other than that, you should have no problem keeping your policy. Thanks for asking!
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Please note, if you intentionally lied on the application for the coverage and it was a pre-existing condition prior to placing it in force and you're still within the first 2 years of the policy (the contestability period), the carrier could rescind the coverage if it's discovered. Once the contestability period has expired, the carrier cannot rescind a policy due to misinformation on an application.
I hope the information is helpful - please feel free to contact me if you have any other questions. Thanks very much.