Under which condition would a life insurance policy typically be contestable?

A life insurance policy is typically contestable under the condition that fraud is suspected. This means that if the insured has provided false information on their application or concealed relevant details that could affect the insurer's decision to grant coverage, the insurer has the right to investigate the circumstances surrounding the claim. Fraud is taken very seriously in the insurance industry, as it can undermine the foundation of trust and fairness that insurance is built upon.

In the context of the other options, missing premium payments usually leads to a policy lapse rather than making the policy contestable. While being under 18 years old might affect the ability to enter into a contract, it does not inherently make a policy contestable. Changing beneficiaries is a standard part of managing a life insurance policy and does not warrant contesting the policy itself. Therefore, the presence of fraud is a legitimate reason for a life insurance policy to be contested.