Welcome to Quotacy’s Q&A Friday where we answer your life insurance questions. Quotacy is an online life insurance broker where you can get life insurance on your terms. I’m Jeanna and I’m Natasha Today’s question is: what are some life insurance policy exclusions and clauses that I should be aware of? Life insurance policies contain different provisions designed to protect the insurance company, the policyowner, and beneficiaries. Let’s review some of the more common exclusions and clauses to be aware of. The free look provision. After buying a life insurance policy, the policyowner can return their policy within a certain period of time for a full refund if they’re not happy with the policy. The entire contract clause. This clause states that the life insurance policy and attached copy of the application make up the entire contract. This means that everything stated in the application is assumed to be true to the best knowledge of the applicant and the insurance company cannot use any statement, unless made in the application, to void or change the contract or deny a death benefit claim. The incontestability clause. The incontestability clause states that the insurance company has a specific period of time, typically the first two years after start of coverage, to investigate the validity of statements made on an application. However, after that period has passed, they no longer can dispute any statements and must pay the death benefit in the event of the insured individual’s death. The misstatement of age clause. This clause states that if the incorrect age of the insured was entered on the application the insurance company has the right to adjust the policy’s premiums or death benefits based on the true age. If the insured is still alive, likely the premium will be adjusted versus the benefit amount. The suicide clause. This states that the insurance company has the right to not pay out on a policy if the insured commits suicide within a specified period, typically within the first two years from the start of coverage. If suicide occurs during this period, the insurance company will return all paid premiums to the beneficiaries. The grace period clause. Every life insurance policy has a grace period which is a certain amount of time, typically 31 days, that a policy will still remain active even if the premium is not paid. After the grace period ends, if payment is still owed the policy will be terminated. If the insured dies during the grace period, the death benefit will still be paid but the premium owed may be deducted. The reinstatement clause. In the event that a policy is terminated because of non-payment the policyowner may reinstate their policy within a certain time period by paying all the past premiums plus interest. However, proof of continued insurability, such as going through another medical exam, may be required. If you’re about to buy life insurance make sure to read through the policy clearly and remember that you have a free look period to send it back if you’re not satisfied. Thanks for watching. If you have any questions about life insurance, make sure to leave us a comment. And if you have any questions regarding today’s topic, check out the blog link posted below. And if you’re ready to get quotes, check out Quotacy.com. We’re here to help you find the best deal on the life insurance you want. Bye! Thanks for sticking around. We’d appreciate it if you Liked the video and hit that fancy little Subscribe button to see us every week. Bye!