Simply put, a misstatement of age or gender is lying. Two things can happen when you misstate or misrepresent your age or gender on your life insurance application. The policy can be amended back to the date the policy was issued to reflect the correct information, or—if the misstatement is discovered after you die—the insurance company can adjust the benefits paid on the claim to reflect how much coverage the premiums that were paid would have purchased had you provided your true age and/or gender.
Misstatement of age and/or gender may be discovered at any time prior to the payment of benefits, since it is not subject to the contestable period clause in the policy.
Your policy will define exactly what happens in the event of such a misrepresentation or misstatement.