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Can Life Insurance policies refuse to payout?

When Life Insurance is purchased in Canada, the policy comes with a two-year contestability period which goes into effect the day the policy is issued. If the life insured passes away within those two years, the Life Insurance company is allowed to review your coverage for anything you misrepresented during the application process. If the insurer is able to prove that the deceased misrepresented themselves, the claim will most likely be denied.

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