My husband didn't disclose his treatment for a prostate tumor he had (treated 7 yrs ago with a clean bill of

health) on his life insurance policy purchased last year. He said it doesn't matter, like it was a non-event. I think it does matter. Should we contact our agent and let him know? Couldn't this void the policy?

Yes, it will void the policy, if your husband dies within the contestible period - usually 2 - 3 years, varies by state.

I would agree with you. I think that omission is significant. The insurance companies will find any way they can to get out of paying. I think it might void his policy. You could call the Insurance Commissioner in your state for more information and then contact your agent if you need to.

Any discrepancy between what was on the application and what they can find in his medical records is grounds for cancelling the policy or if he's dead already, not paying. (They would return the premiums.)

Point out to your husband that if he's buying the policy to protect you, this isn't going to work.

Yes, you should.

Read the "Incontestable Clause" in your insurance policy.

It states that after the policy is in force two years (in most states) the insurance company cannot void the insurance policy because of misrepresentation or concealment by the insured in obatining the insurance policy.

That means if he lied on the policy application form they may void the coverage and not pay any claim.

However, if the policy is more than two years old, they may be unable to do this.

It's best to disclose all health information and answer all questions on the insurance application truthfully.

You have two options.

1. Let your agent know that your husband didn't disclose something HUGE on his record [which evidently slipped under the radar somehow, lucky bird!] and have your policy canceled.

2. Wait is out until the 'period of contestibility' is over [2 or 3 years, depends on the state] and after that he can't be canceled except for non-payment.

It's a gamble, one I'd probably take myself.

Yes it could void the policy under the fraud clause. You need to contact to insurance COMPANY.. Not the agent. Tell them you have some underwriting information for the policy that was not disclosed. And you would like to amend the application.
Probably they will not take any action because it was 7 yrs ago , they might just rate it up . At least you policy would be safe at that point.