How long does the contestability period typically last?

The contestability period typically lasts for two years from the policy issuance date. This is an essential aspect of life insurance policies, as it allows the insurer to investigate and potentially deny claims if evidence of misrepresentation or fraud is discovered. During this two-year period, the insurer has the right to contest claims based on the accuracy of the information the insured provided when applying for coverage. After the contestability period has expired, the policy becomes more secure, and claims cannot be denied on the basis of misrepresentations made during the application process, unless there is clear evidence of fraud. This framework is designed to provide a balance between protecting the insurer's interests and ensuring that policyholders have a secure coverage once the initial scrutiny period is over.