What are the consequences of lying about a Medical History on a Life Insurance Application?

People apply for Life Insurance cover usually to give themselves peace of mind.  Although they will never benefit from it themselves they will not leave their family with expensive funeral bills to pay when they die.  Most people decide to take out Life Insurance themselves and pay the yearly premium all their lives.  Life Insurance means just that and the policy can only be redeemed upon the death of the insured person.  The remaining family will have to show a death certificate as proof before the Insurance Company pays out a lump sum plus any bonuses.  It is very easy to apply for Life Insurance and it is better to apply when young rather than leaving it until you are older.  An older applicant will pay a much bigger yearly premium than someone who is younger.  This is because the Insurance Company will view an older person as being more at risk of dying than someone young.  For anyone who is young and healthy and is not doing a dangerous job or involved in risky activities getting Life Insurance is straight forward.  However, there are people who don't always tell the truth when filling in the application form.  They might lie about their medical history which can make a big difference to any Life Insurance policy.  A person's medical history is very important when applying for Life Insurance and lying about this is could make your policy void at a later date.  They might not state that they are employed in a dangerous job or take part in risky sports such as motor racing and mountaineering. Someone who omits the fact that they are a heavy smoker or leading a very unhealthy lifestyle could be guilty of lying if they are later found out.

What would happen if the Insurance Company found I had lied on my Application Form?

When taking out a Life Insurance policy the amount of the yearly premium depends totally upon the information you give on the application form. It would certainly make a big difference later if a person had not told the truth concerning their health or any other factors. It could lead to the beneficiaries of the policy receiving nothing on your death.  Any lies that are told on an application form are seen as very serious offences and the Insurance Company would be within their rights to cancel the policy. The person who has taken out the Life Insurance policy could even be charged with insurance fraud if they are still alive.  Don't risk lying to get Life Insurance cover as it could have dire consequences at a later date. Don't place your family in a situation where the Insurance Company will not pay out on your death because you have been untruthful. Fill in the application form as accurately as possible and compare quotes from different Insurance Companies.  Always read the small print before making any decision and above all tell the truth.

When applying for a Life Insurance policy it is important that the application form is filled in as accurately as possible.  If someone has omitted certain facts such as a serious medical condition and the Insurance Company was to find out at a later date, they would be within their rights to cancel the policy.