Incontestable life insurance policies are a type of policy that offer certain benefits to the policyholder. Essentially, these policies cannot be contested after they have been in effect for a specified period of time, usually two years. This can provide peace of mind to the policyholder in the event that something happens and the policy is needed. According to William Schantz, If you are considering purchasing a life insurance policy, it is important to understand all of the different types available, including incontestable policies. Read on for more information about what these policies entail and how they can benefit you.
William Schantz Discusses Incontestable Life Insurance Policies
An incontestable life insurance policy is one in which the insurer cannot deny a claim on the basis of misrepresentation or material omissions made by the policyholder at the time of application. In order to have an incontestable policy, the policy must be in force for a certain period of time, typically two years.
According to William Schantz, incontestable policies are often more expensive than regular life insurance policies, but they offer peace of mind to policyholders who may be worried about their insurer challenging a claim.
If you’re considering purchasing an incontestable life insurance policy, it’s important to understand how they work and what benefits they can offer.
What is an incontestable life insurance policy?
An incontestable life insurance policy is a type of policy in which the insurer cannot deny a claim on the basis of misrepresentation or material omissions made by the policyholder at the time of application. In order to have an incontestable policy, the policy must be in force for a certain period of time, typically two years.
Incontestable policies are often more expensive than regular life insurance policies, but they offer peace of mind to policyholders who may be worried about their insurer challenging a claim.
How does an incontestable life insurance policy work?
According to William Schantz, if you purchase an incontestable life insurance policy, you are typically required to answer a series of medical questions truthfully. Once the policy is in place, the insurer cannot contest the policy on the basis of any misrepresentation or omission made by you at the time of application, regardless of how material it may be.
For example, let’s say you apply for an incontestable life insurance policy and fail to disclose that you have a history of heart disease. Two years later, you die of a heart attack. Even though your death was caused by a condition that you failed to disclose at the time of application, your beneficiaries would still be entitled to receive the death benefit because your policy would be incontestable.
William Schantz’s Concluding Thoughts
As you get older, there are certain things that become increasingly important to you- one of those things may be security and peace of mind in the event of your death. An incontestable life insurance policy is a valuable asset, says William Schantz, that can provide peace of mind for you and your loved ones.