Life Insurance Contestability Period Remains Steadfast In NY

By John Vales and Stephen Della Fera (July 6, 2018, 2:27 PM EDT) -- In New York, as in nearly all states, state law directs insurers to include a provision in their life insurance policies making them incontestable two years after issuance. During the contestability period, insurers may challenge the validity of a policy, including on the grounds that it was procured by materially false statement(s) in the application process. In New York and most other jurisdictions, however, once the contestability period expires, the insurer may no longer successfully mount challenges to the policy's validity; the law requires policy enforcement, save for very limited exceptions, such as nonpayment of the annual policy premium.

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