Top Lies Told To Life Insurance Companies in Chicago, And Why to Avoid It
Going on the search for life insurance companies in Chicago, you may have thought about lying on your application about your health condition or habit to get a lower rate. And you're certainly not alone; a lot of people lie. Some get away with it, and some don't. But the truth is that, in lying about your health or habits, you're not only taking a big initial risk, but you could be risking your future coverage.
Popular Life Insurance Lies
Tobacco and Drug Usage
Use of tobacco and illegal drugs is probably at the top of the list of lies told by would-be policy holders. In the quest for lower rates, smokers and drug users will often abstain from using these products prior to the medical examination so that nothing will appear in the lab results.
Unfortunately, the consequences of lying about using these substances can affect your family directly should you die from causes relating to that usage. If usage is defined as a cause of death, the insurance provider will likely adjust the amount of the death benefit to what it would have been if substance usage had been declared. This will reduce the amount your family receives. Worst case scenario is that the company could revoke the policy in its entirety, leaving your family with nothing.
Moving Violation Matters
Just like with tobacco and drug use, the number of moving violations you've accumulated will be important to your life insurance coverage, because the more you have, the higher the risk you are. But lying about them won't do you any good, because your provider will consult your motor vehicle record. If the numbers don't match up, your underwriter will be alerted, and consequently, look to see what else you lied about on your application.
Your Family's Medical History
Not disclosing a history of MS or heart disease in your family on your life insurance application can definitely save you a lot of money, as these types of illnesses can significantly increase the cost of your insurance overall. But don't forget that this information can easily be found in your medical records, along with your family history, making it incredibly difficult for you to deny.
What Happens If You're Caught Lying
Rate adjustments will be the first thing to occur once it's been discovered that there was false information submitted on an application. But after that, the remainder of your application will be doubted as well, which could mean big delays in deciding whether or not you're eligible for coverage.
Even if your lies made it past the time when your policy was issued, you won't be out of the woods. If your deception was uncovered within the two-year contestability period, your death benefit will be reduced, or your policy could be revoked altogether.
Plus, life insurance companies in Chicago and other venues can search pharmaceutical databases, autopsy reports, credit reports and the MIB Group, which will show them how many applications you've submitted in the past.
Get an Honest Quote
Find out who can give you the coverage you need at a price you can afford by entering your zip code into our provider search tool. You'll discover that quality coverage from trusted life insurance companies is much more affordable than you expected it to be.