Got Life Insurance? Be Careful Of These Loopholes

When you sign up for life insurance, it’s important to be aware that you are signing a contract. The contract states that in the event of your death the company will pay X amount of dollars to your beneficiaries. There are things that can revoke that contract and it’s important to know what they are so you don’t violate them. Here are a few exclusions that may revoke your life insurance:

  • Suicide
  • Illegal Activity
  • Alcohol and Drug Use
  • Dangerous Activity
  • Misstatement of Age

When you’re shopping around for life insurance, be sure to ask the agent what clauses or loopholes are in place so you eliminate chances of losing out on benefits.