Protecting The Life Of Your Life Insurance Policy

Protecting The Life Of Your Life Insurance Policy

How To Protect Your Plano, Texas Life Insurance

You have spent years investing in your life insurance policy. Consequently, it would be a financial tragedy for your family to be denied the payout after you pass away. That could never happen, right? It is important for you to know which exclusions your life insurance contains so you can avoid voiding your policy.

Fortunately, figuring out your Plano, Texas life insurance policy’s exclusions should not be too complicated, as the majority of life insurance policies only contain two. Here is a quick look at them.

  • Suicide: Life insurance policies include this exclusion so that a suicidal individual cannot take out a huge policy that will leave lots of money to their heirs when he or she commits suicide. This exclusion came to the public eye when Heath Ledger’s insurer denied his family coverage because his drug overdose appeared to be suicide.
  • Misinformation On Your Application: If you intentionally misrepresent yourself, your situation, or your assets on your life insurance policy, you could be denied coverage. This is true even if you do not outright lie, but simply refrain from disclosing pertinent information. Generally, your insurer has two years to contest any misstatements of fact and after that time, your death claim cannot be denied. Either way, it is important to be as accurate as possible on your life insurance policy to ensure it offers coverage when your family needs it the most.

Want to talk with an insurance expert about your policy to ensure you know about every exclusion so you can protect your policy? Our Plano team is here to meet all of your Texas life insurance needs. To get the right coverage to protect your loved ones, contact Tri-Star Insurance Professionals.