An insurer may contest the validity of a life insurance policy during the policy's first two years for all of these reasons except:

An insurer has the right to contest the validity of a life insurance policy during the first two years for specific reasons that pertain to the integrity of the information provided during the application process, such as material misrepresentations or fraud. Misstatement of age, while technically a valid reason for an insurer to contest during the contestable period, is distinct because it does not typically reflect the kind of intentional misrepresentation that other options do.

Instead, failure to pay premiums is not a valid reason for contesting a policy's validity within the first two years. Premium payment is a separate contractual obligation that does not pertain to the initial underwriting process or the representations made by the applicant. Therefore, while age misstatements may affect the policy in terms of adjusting benefits, they do not fall under the serious breaches that would justify contesting the policy's validity like fraud or material misrepresentation would.

This distinction emphasizes that insurers must address specific types of inaccuracies that could impact the risk assessment while allowing for adjustments related to straightforward administrative errors like age misstatement without overriding the entire policy.