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Can a Life Insurance Company cancel existing policy if policyholder develops a serious illness after he/she is already insured?

April 26, 2017cancel COMPANY develops existing illness insured Life Insurance policy policyholder

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Can a Life Insurance Company cancel existing policy if policyholder develops a serious illness after he/she is already insured?

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No, a life insurance company cannot cancel an existing policy due to the onset of a serious illness. However, benefits can be denied if it is determined that a policyholder knew they had the disease prior to applying for the insurance and misrepresented or concealed the fact(s) in their application.