Graded whole life insurance is different from an insurance policy with a contestability period. In general, life insurance companies use the contestability period—often a two-year window—to investigate the accuracy of information on the life insurance application prior to paying a claim. Contestability periods exist to uncover any kind of misrepresentation during the underwriting process. If you die during the policy’s contestability period, it may take longer to pay out the death benefit to your beneficiary.