Our findings have shown that during the underwriting process, a few potential life insurance policyholders lie about their income, medical history, current medication, health status, and their smoking and drinking habits. They engage in this practice to get approval or to get a lower quote. If you are ambivalent whether you should lie to life insurance underwriters or tell them the truth about your lifestyle and state of health, worry no more as we about to tell you the truth about lying on your life insurance application.
- There are 90% chances that life insurance companies will find out the truth if you lied on your life insurance application.
- Life insurance companies have access to Medical Information Bureau (MIB) database and they can verify and investigate your medical history as well as current health status if they are dubious about the state of your health.
- If life insurance companies suspect you lied on your life insurance application, they may want you to undergo a rigorous medical exam to confirm your health condition.
- Your underwriter may also check your driver’s license if you’ve had violated any driving laws.
- You may lose your coverage, be charged higher premiums, or not get your benefits if life insurance companies find out the truth.
- Some life insurance companies may even decline your application if your application is riddled with lies.