Can your family collect your life insurance if you commit suicide?

Question

Hypothetical.

Answer 1

A friend of mines wife killed herself and he was able to collect the insurance benifits because she killed herself a year after the policy was taken out

Therefore is was not seen as planned -

I am not sure what the rules say but I think it depends on the policy - and they may all be different from one nation or one company to another

What I want to know is if I am declated legally dead for say 5 minutes as has been know to happen and then I come back as also has been know to happen - Should the insurance company have to pay out the benifits - After all I full filled my part of the obligation and I have never seen a policy that defines how long one has to be dead for -

Answer 2

That depends on the term life policy and how long you've had it. Most will not pay for suicides committed within a set number of years after the policy begins.

Answer 3

Every insurance policy I’ve ever seen contains a suicide provision of some type (if the person dies as a result of suicide, the insurance company doesn’t pay). That provision is pretty standard.

Answer 4

It would depend on the policy, but most policies exclude suicide from coverage. And if you committed suicide just so your family could get money, then that would be insurance fraud regardless of whether it's excluded or not.

Answer 5

Most policies won't cover suicides but some will. The death certificate has to state suicide in order for a policy not to be paid if it's one of the stipulations.

Answer 6

Every policy has a contestable period of time, typically 2 years.

If suicide was committed during this period of time, the beneficiary would received nothing.

After this period of time has passed, the policy will pay the death benefit even if suicide was cause of death.

Answer 7

It depends on the terms of the policy. Some contain language that exempt suicide from coverage.

Answer 8

No. Insurance companies make it clear in your policy that intentionally taking your own life exempts your beneficiaries from collecting. There are undoubted other exemptions as well. Read it.

Answer 9

Generaly, especially in these "tough" times NO!!
They will not.
Insurance companies find it very hard to part with a penny - they need your money to build big, expensive buildings so they can raise your premiums.

Answer 10

NO-SUICIDE IS NOT A NATURAL WAY TO DIE. ( LET ME REPHRASE THAT IT IS NOT A NATURAL WAY FOR A SANE PERSON OR RATIONAL PERSON TO DIE)
MOST INSURANCE POLICIES HAVE A CLAUSE ABOUT SUICIDES AND PAYOUTS