In Virginia, what is the maximum contestable period for life insurance policies?

In Virginia, the maximum contestable period for life insurance policies is set at two years. This period is established to provide a certain level of protection for both the policyholder and the insurer. During the first two years of a life insurance policy, the insurer has the right to investigate and contest the validity of the policy based on misrepresentation or concealment of information by the insured. After this two-year contestable period, the policy generally becomes incontestable, meaning that the insurer cannot deny a claim based on misstatements in the application, except in cases of fraudulent misrepresentation. This rule helps to maintain fairness and stability within the insurance market by ensuring that both parties are protected, while also encouraging transparency during the application process.