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What if You Lie on Your Life Insurance Application?

"lying on your life insurance is for mugs" text on background image of a mug

If you lie on your life insurance cover application, you better pray to your God that you don’t die.

Because if you do, your life insurance provider won’t pay out and you’ll leave those behind in a WHOLE LOTTA TROUBLE

A bit too dramatic?

Maybe.

But what if it’s only a little lie?

I get this a lot and my answer is always:

If it’s so little, just tell the insurer and let them decide whether it’s relevant or not.

Because when it comes to life insurance, there’s no such thing as a little lie.

 

Although life insurance providers pay the majority of claims (99% of life insurance, 90% of serious illness), not telling the truth/non-disclosure is the main reason life insurance claims are not paid out in Ireland today.

But another broker said it’s grand!

Yep, heard this one quite a bit too.

Go to the other broker then, I’ve no interest in helping anyone endanger their family’s financial future by lying on a life insurance application.

You see, for a lot of “brokers”, it’s just a temporary job until they find something better.

A job that they know little about most of the time.

They don’t give a shit whether the insurer pays your claim because they won’t be around to pick up the pieces.

They’ll have pocketed the commission and moved onto the next victim.

But I’ll still be here.

I’ll be the one dealing with your grieving partner who is trying to understand why you lied to save a few euro.

I’ll have to try and explain:

  • Why saving a few quid on the sly was more important than securing their future.
  • Why they still have to pay their mortgage.
  • Why they are skint.

But what if I’m declined?

My job is to make sure you’re not declined and we’re pretty good at it.

On the rare occasion where you can’t get cover, well, I’m afraid, you’ve got to deal with that.

Lying on your life insurance application gets you a worthless piece of paper.

But the heartbreaking thing is this:

It’ll give your loved ones a false sense of security that they’ll be ok should the worse happen.

They won’t be ok, they’ll be screwed financially.

Nice work.

But I need it for my mortgage!

Look, you can lie away to your heart’s content.

Answer “NO” to every health question and you will get a policy certificate

….you will get a mortgage but is it worth the risk?

If you’re single, then maybe, you’re not leaving anyone behind who depends on your financially so only the bank gets screwed.

Boo-hoo, right?

But if you have family who depend on you financially, you’re putting them at risk of homelessness.

Is renting really that bad until your health improves and you can get cover?

Lying on life insurance

I’m sorry if this post comes as a shock.

But lying on a life insurance or mortgage protection application is a mugs game.

Tell the insurer everything, let them decide, if it costs you a few euros more, deal with it.

You’ve done the right thing and you’ll sleep easy at night knowing your family are safe.

Otherwise, you’ll always have that NAGGING DOUBT in the back of your mind.

Over to you…

Do you want to run something by me in confidence before you apply?

Give me a quick outline using the form below and I’ll be right back.

I’ll speak to underwriting on an anonymous basis so you’ll know what to expect before you apply.

More than likely you’re worrying about nothing.

Nick McGowan 
lion.ie | making life insurance easier

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