In general, life insurance covers natural causes of death, such as old age and terminal illness. It will also typically cover accidents. There are, however, certain exclusions for life insurance, such as illegal activity and substance abuse. Most importantly, if the insured is found to have lied about their age, health or any other crucial information, this could void the life insurance policy and prevent the death benefit from being paid. That’s why it’s very important to be honest when applying for life insurance.