A life insurance policy is something that you buy to provide for your loved ones in the event that you are no longer with them. It is an important part of financial planning and you are counting on it to be there when you are not. However, there are some things that you can do that will void your life insurance policy. In Frederick, MD, Wellspring Insurance Network Inc. has the insurance experts to help to make sure that when you need it, your life insurance policy is there for your loved ones.
When it comes to life insurance policies, answer all the questions truthfully when you apply. You may not want to reveal some private information about your past or present but if you lie to the company who is issuing the policy about anything you run the risk of making your policy null and void. If you have a dangerous hobby admit it upfront.
You most likely will be asked medical questions when you apply for life insurance. If you have ever smoked don’t lie about it or if you were or are a heavy smoker don’t misrepresent the facts. If the truth is found out your policy can be void. You may think that no one will ever find out but depending on how you die, an in-depth medical record search may be undertaken and if the facts don’t match what your application says, the claim will be denied.
Read the small print on any life insurance policy that you are considering. Suicide does not void all policies but it is best to know what the provisions of your policy are.
Life insurance is something that you want to be able to count on to care for those who count on you. Wellspring Insurance Network Inc. in Frederick, MD has a great team who are happy to help you to choose the right life insurance policy and to avoid making the kinds of mistakes that can void your policy.