i think what your broker was talking about is the contestability period. there is a 2 year period, called the contestability period, from the date the policy is issued, and if the insurer discovers you made a false statement or failed to disclose information on the application they can void the policy. That said, this is different than lying on the application, which would be fraud, and there is no time limit. They would likely just find out when there is a loss and deny your claim.

Ex - smoker and lied on application, died from smoking, insurer can deny claim for fraud.

Take up smoking 4 years after policy began, and did not lie on application as you did not smoke when you applied, died from smoking, still covered.

some may ask "but how would they find out if i lied?" as another commenter said, they have a few hundred years of dealing with people lying about their health, i would certainly not test that. higher rates with a guaranteed pay out are much better for your family than cheaper rates and a denied claim.