Don't lie on life insurance application

Thu, 04 Sep 2008

Recent research by insurance company AXA indicates that economic pressures are causing more people to lie on the life insurance application, potentially invalidating their life insurance policy in the event of a claim.

Even as life insurance and critical illness claims statistics improve, they could be threatened by consumers misleading life insurance companies . The research indicates that as many as one in 14 people have misled their insurer knowingly when completing a life insurance application.

Commonly, lifestyle habits are hidden from insurance companies, particularly smoking and alcohol consumption. The head of protection at AXA, Iain Mallon, reportedly said:

"Insurers are not looking for reasons not to pay out. Our business is designed to support people not constrain claims. However, quite simply if your insurer finds out you have deliberately not disclosed relevant information, they may not be obliged to pay out the full amount."
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