I’ve heard rumors that some companies will re-review medical records just as the 2 year contestability period has almost run out, and will try to cancel based on new health developments. Anyone know of such stories? Let’s name those companies.
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If only you spent as much time telling the truth in your application as you do worrying about your policies getting rescinded.
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100%
Did you purposely lie on your application?
Did you say you were a non smoker but you weren’t? Or that you never had a DUI but you did? Or that you’re not a sky diver but you are?
If not, keep paying your premiums and enjoy the peace of mind this policy brings. But all these questions you’ve had about contestabillity are making me wonder.
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Companies can rescind for material misrepresentation in the application… that’s it… that’s the sole reason.
Companies can and will check medical records post issue for lies in the application. No company is rescinding for changes in health after the application. In this litigious society that would be a blueprint for punitive damages.
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They’ll gladly take your money and invest it to earn interest. When you die from what you lied about, they’ll deny your claim and just refund the premiums you paid. The interest they earned becomes easy profit for them.