Can you collect on a life insurance policy after suicide?

Question

A friend just killed himself and I'm wondering if his wife will be able to collect o his poicy. I've heard the insurance copmpany can void a policy in the first 2 years. But he has had his policy longer than that.

Answer 1

Good question. Since suicide is often the result of mental illness, I think there is a very good case for her to collect. anyway, I'm staring the question to see the answers.

Answer 2

I've been in the insurance business over 10 years. EVERY policy Iv'e ever seen with various companies has a 2 year contestability clause. *AFTER 2 years "anything goes". So, if his suicide is OVER the 2 years from the issue date of the policy (as you seem to believe) the policy should pay in full-no questions asked.

Answer 3

That is a very sad situation. It depends on the contract terms of the policy, but you are right that many do set a limit of a few years during which they will not pay in the case of suicide. It is small conciliation, but in those cases the insurance company will return any premiums which were paid on the policy.

Answer 4

Some totally exclude suicide-some have a waiting period before they will pay. She will have to read the policy or call the insurance company to find that out.

Answer 5

Probably best to have a rest.looks like you can get some ideas here.

http://insurance.online-assistant.info/i...

Answer 6

I'm so sorry for your loss and I will pray for your friends family.  She will have to look closely into the policy, every insurance policy is different, most are accidental life insurance poliices, and even when they are just general policies.... most do not honor the policy if the person commited suicide... if you're curious, if you by any chance knew who the policy was with you could probably look on their website and that might be able to tell you...but if I had to guess I wouldn't think that they would......

I know the next couple of weeks will be hard for the family, so I will continue to remember them and you!

Answer 7

It all depends on the policy. Some Insurance Company's cover suicide on their policy and some do not.

Check with the policy holder and see what is covered and what is not.

Here's an example....AFLAC is a very good Insurance Company, but one woman found out wrong. Her husband died in a plane crash and the policy did not cover private aircraft that results in death so she got nothing.  Think about that for ahwile.  She did hire an attorney and sued AFLAC for not paying on the claim she filed on the policy, but I have no idea what ruling was made.

Personally, ; I think if your covered by life insurance then your policy should pay out regardless of how the death occurs.

Answer 8

My uncle killed himself about 15 years ago and I know my aunt was able to collect his life insurance.  I just ran into a great site that may help you out.  Check out http://www.lifesettlementsandyou.com

Sorry to hear about the situation and best of luck.

Answer 9

it depends on where you live, but usually in america that voids the policy.

Answer 10

Yes, it won't pay out during the contestable period, or if there's an absolute suicide exclusion on the policy.  

You're going to have to keep wondering.  It would be incredibly rude to ask the wife that, not to mention insensitive, and it IS a private transaction.

Answer 11

She needs to contact the agent that issued the policy and ask.  There might be a clause in it regarding suicide.

Answer 12

Most companies have a two year clause added to the policy.  As long as he's had insurance over two years, there shouldn't be any problems collecting on it.

I'm very sorry for your loss.

Answer 13

In most states the life insurance company can only contest claims from suicide for either one or two years.  As long as the policy was inforce for over 2 years it should pay out.  

The only exceptions are if it was some kind of specific cause policy like a accidental death or cancer death policy.  Those would not pay.  

No matter what you will have to read the language in the policy to know for sure.

Answer 14

There is always a suicide clause in life insurance policies...  I think the standard is two years (it was with the insurance company I used to work for)...  The only way to know for sure is to read the policy (there is a specific section with suicide in the title so it shouldn't be too hard to find), or to contact the insurance carrier.