I've had a term policy for years now. When the policy was underwritten I disclosed that I participated in mountaineering activities so I figured I was good. Recently I went through all the bills one by one trying to lower the monthly payments. So I called around to a few different life insurance providers and did the rig-a-ma-rol, except this time around all the ones I called had an extensive list of questions pertaining to climbing (Where, When, How, What Grades, Rescue Insurance). My concern is that I answered no such questions for my current policy which, by the way, is less than half the premium I was quoted by everybody. So, next step, I call "my guy" and ask "am I all set?". He assures me "nothing to worry about but, I can't send you anything in writing that you don't already have". Next step, I turn the office upside down and find the policy disclosures which I'm not convinced answer my question completely. The clause he referred me to says something like this I think (It might as well be in brail) After two years of paying premiums claims cannot be denied should the death occur accidentally( I THINK).
Does anybody know what the law REALLY is? Is it a law or just the contract terms? Who does the law actually protect? If I bought the farm in another state would this law still apply to my policy(GRIM I KNOW)?
Lawyers in here? Please...