If you are asking yourself this question, you may want to read yesterday's post. Once you read it I think you'll see why lying on your application is NOT a good idea.
You want to be as honest as possible for several reasons. First, the chances of you getting caught are very great. The medical exam that you must take to qualify for individually underwritten life insurance tests your blood and urine. From these two tests alone, you can find out a variety of medical conditions including whether or not there is nicotene in your blood (one of the most common things people lie about).
Second, you have to keep in mind that the Medical Information Bureau keeps track of any "red flags" for up to 7 years. So, if you applied for health insurance a few years ago and mentioned that you had depression and today you applied for life insurance but didn't mention that in your life insurance application this could be considered a "red flag" on your application.
You want to be sure to tell your agent everything up front. Therefore, there are no surprises on your part or his.
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1. CAN you? Well, certainly you CAN. At least for a while. But as the blog points out, the chances of getting away with something like this are quite slim, and (as my father always told me) it's better to just tell the truth, because you never have to remember what you said!
One other point... if you are up-front with the insurance agent who is selling you the policy, he/she can work with you to find the lowest rates possible in your circumstances. It would seem that a brokerage firm might be able to find the best match for you, since they can compare different companies.
Jerry ( ) at 12:48PM on Apr 26th 2007