Does life insurance kick in even in the event of a suicide?

Question

I know all plans differ, and each plan differs per what you sign up for, but is there a scenario where a life insurance policy will still be paid by the insurer in the event of a suicide on the part of the insured individual? Or is that just a circumstance that all insurance agencies exclude?

Answer 1

While I hope you aren't considering suicide, yes, the majority of individually written term life insurance policies will pay if a suicide is committed, but they do have a 2 year exclusion. Meaning, if suicide is committed within the first 2 years the policy is in force, they will not pay the death benefit. As others have said, read the fine print of the policy or ask your agent.

Answer 2

Beneficiaries of a life insurance policy (i.e. those who benefit from the policy) typically assume that they can start collecting on the policy at any time once the insured dies. While this is often the case, there are certain circumstances that may exclude them from collecting anything under the policy. One such exclusion is the suicide clause.

What Is Suicide?
Suicide is defined as the intentional killing of oneself. Life insurance policies variously refer to suicide simply as "suicide," or as "intentional self-destruction," or "death by one's own hand." Although these phrases all describe the same incident, questions of interpretation can arise. A number of states have focused on the question of what intent is required in order for a death to be considered a suicide.

How Common Are Suicide Clauses?
Suicide clauses appear almost universal in life insurance policies. They are difficult to recognize, however, as suicide clauses can appear anywhere in a life insurance policy and are often no more than one or two sentences long. These exclusions may easily be overlooked, and even if they are read, they may not be easily understood.

Take care,
Ron @ InsureMe - http://www.insureme.com/landing.aspx?Refby=614505&Type=life

Answer 3

Yes.

The life insurance policy will have a Suicide Clause or Suicide Exclusion explaining exactly when a suicide is exlcuded. Usually, there is a two year suicide exclusion. If you commit suicide within two years of taking out the life insurance policy, the life isnurance company can deny your claim.

However, in some states, like Colorado, the suicide exclusion is for only one year.

The life insurance policy should clearly outline how the suicide exclusion applies. Also, review all "Exclusions" in the policy to understand how they may be applied, and when coverage may be denied.

I hope that helps you understand how suicide would affect the life insurance coverage.

Answer 4

You're right that each policy is different..... most of the life insurance however, has a 2 year exclusion of suicide where after two years a death by suicide is covered.

Answer 5

Typically, there is a two year exclusion for suicide, meaning that if the named insured commits suicide in the first two years of the policy's life, no benefit is payable. Read the fine print on the policy - it will definitely spell out the exclusion period for suicide.

Answer 6

Many life insurance policies exclude suicide for a designated period of time after the effective date of the policy. Typically that is two years but it can vary.

Many life insurance policies have an incontestable clause in which after a designated period of time the policy becomes incontestable provided all the terms and conditions of the policy have been met.

Please read any insurance poicy you have carefully and seek expert advise in person. Please do not rely on advise given on this site including mine as this needs personal attention due to so many variables.

Good luck.

Answer 7

It depends on the policy etc. but as a general rule for a very long time NO.... Insurance claims are VOID in the event of suicide. Who would pay money for you to commit suicide? They have explicit terms in the life policy covering suicide.

Answer 8

You have to read the fine lines and discuss it with your agent. Most life insurance policies will cover suicide after being in force for 2 years. If you are the one in this situation, is another fine lines you want to read, you find them in your
Bible. N o situation is as desperate that you can 't find a solution. Trust HIM.
GOD BLESS YOU

Answer 9

maximum regulations have a suicide clause...yet when the insured owns for coverage for various years the suicide clause isn't effectual. This clause prevents someone from procuring a million greenback coverage on Monday and killing himself on Tuesday. the organizations have the want to substantiate that suicide isn't the reason the applicant is procuring the coverage....by technique of how regulations have warfare and terrorism clauses also...seem heavily at what you purchase

Answer 10

You would have to read the fine print in your policy. But as a common rule, the vast majority don't. There would be scams alot if this happened, though it sounds strange, ppl have attempted this before & it failed. Some policies are even sticky on murders as well.