Life insurance is a bit different, once a claim is made by contract the benefit has to be paid out in a certain time period usuall a week but is different for each company and becuase all the underwriting is down when you purchare your policy there is no need to look at it since both parties have agreed to the contract.

I also asked: "Is there ever a time when a client has to worry about not getting their money in a timely fashion"

The expert replied:

There is a 2 year contestibility clause on all polices for the first 2 years if a claim is made the company can investigate it further, if they suspect fraud. Life insurnace is pretty cut and dry, becuase all the underwriting is completed at the begining of the contract.

The only thing that can cancel a policy at least the ones we sell are if the premiums are not paid, the client cancels the policy or is fraudulent on the application.

Once a policy is in force the only person who can make any changes to it is the policy owner. If you apply for a policy as a non smoker are approved for a non smoker and then start smoking your policy stays the same, but if it lapses and you apply to reinstate or if you apply for new coverage then your new policy would be considered a smoker policy.

It is not as black and white as that though and it varies case by case, the best thing that applies to all your questions is this, if the applicaiton is absent of fraud the contract will be incontestable after it has been in force during the first two years.

He continues: "meaning that if the client answers the questions on the application truthfully then there is not going to be any problems getting paid.

I'm going to do a little more research into this. I am interested to know if there are times when you DON'T get your life insurance money.