You may face the cancellation of your policy when the life insurance company finds out that you have materially misrepresented or misstated your information on the application.
Or worse, when the time comes that you need to make a claim, your claim may be denied. That is, if the claim falls within the waiting period (usually two years). This is considered a contestability clause in the life insurance policy. The insurance company has two years from the time you purchase your life insurance to contest any claim due to a material misrepresentation.
If your coverage is cancelled, the life insurance company will just refund the premiums that you already paid.
If the claim occurs more than 2 years after the life insurance policy is "In Force", then the claim will be paid, even if there was a material misrepresentation.
Here's how you can apply for life insurance online and find out if you qualify for life insurance coverage.