How do I find out?

Question

how do I find out if ins companies pay out life insurance if the life is taken intentionally. I am not looking for stupid answers nor am I looking for counceling. I am just wondering this one answer. Thank you

Answer 1

It will be written in the insurance policy. There will be a clause about it. If you are looking for a general insurance policy answer -- you'd have to talk to the insurance company to ask about their policies, in general.

Answer 2

For suicide? It varies state by state, but an insurance company does NOT have to pay out if the death is by suicide within the first (variable period between 2-5 years depending on your state). This is called the "contestible" period, when if the death occurs, the insurance company is allowed to review the application to see if there were any lies or undisclosed illnesses on the application, and then if they find anything (or if it's suicide), it voids the policy.

This is for ALL insurance companies, by the way. It's governed by the state, not the insurance company.

Answer 3

It depends on how long ago the policy was written, in most cases... and how the life was taken "intentionally".

ex: the deceased "intended" to get high, they did not intend to die in the process.. that is not suicide, unless someone heard it, they left a note.. something along those lines.. In the insurance industry.. we would defer to the coroner's report, which would probably say, overdose..... In insurance that = accidental death.

If the person did, in fact, commit suicide, most companies have a coverage restriction for this very reason.. you can't insure a suicidal person, only to collect on their promise to kill themselves. some policies wil have a 5 year exclusion for suicide, some a 3.. it depends on the carrier.. read the policy.

Good luck

Answer 4

get out the policy, and read the exclusions. im pretty sure there will be an exclusion for sucide, drug od. etc. read the exclusions, insurance companies are not in the business of giving out checks for something like that. if its accidental, thats another story.

Answer 5

In the policy written for that specific individual, it should indicate what the 'payout' for different causes of death should be - for like suicide, homicide, accidental, natural...however the case may be.

Answer 6

Look at a sample policy; many of them can exclude suicide.

Answer 7

It's different based on the plan, but this might help,
http://personalinsure.about.com/od/faq1/f/lifefaq5.htm