Lying about smoking on a life insurance policy may seem like a way to save money on premiums, but it can backfire in serious ways. If the insurer discovers you lied, either during the application process or within the contestability period, they can cancel your policy or deny claims, leaving your loved ones without the financial protection they need. “Lying about smoking on a life insurance application is a recipe for disaster,” says Paul Gillooly, director of loan broker Dot Dot Loans. “It...