If a woman was to get life insurance and commit suicide, would her minor children be financially set?

Question

how long would she have to pay for her kids to be able to get any money? would it happen right away or would she have to be paying for a while before they could get anything?

just for the record this is for a report im doing, nothing to do with myself. just speaking hypothetically.

Answer 1

There's probably a clause in her life insurance policy and the insurance company may not pay out because she killed herself.

If you think about it, many people would kill themselves if insurance companies paid out on those policies.

Answer 2

There is a 2-year suicide clause on all indiviudal policies.  Some group policies don't cover it ever.  If she buys a policy today and jumps off a building 2 years and 1 day later the kids will collect.

Answer 3

Insurance companies are one step ahead of you on this.  If you look at just about any life insurance policy, there is a specific provision that you have to agree to nullifying the net death benefit in the event of a suicide.  In other words, your survivors don't get a penny if you kill yourself.

Answer 4

OK. well i watched this program on TV. i think it was csi.  the just of it was the father really killed himself so his wife and kids would be set. once the truth was discovered the policy was void  since no insurance will pay out for suicide. it may be silly to use TV as reference but i think it makes pretty good sense. other wise ther would be a bunch of people knocking themselves off for there loved ones. h**l i would even think about doing it.

Answer 5

are you trying to hint something?

rather odd question

Answer 6

Hypothetically, every life insurance policy has at least a waiting period, which varies by state, but is usually 2-3 years.  It won't pay for a suicide, during that time period.  

Also, some policies can be written with an absolute suicide exclusion - they won't pay for a suicide, EVER.

Answer 7

I don't even know.

I have a feeling that suicide might nullify financial benefits... but I could be wrong.

Answer 8

maybe?

Answer 9

It really depends on the terms of the life insurance.

Answer 10

don't know. some insurances don't pay out if you commit suicide.

Answer 11

It sounds like the consensus is that some insurance won't pay and some have a clause that a certain time must go by before it would pay out.  I think some of you are thinking it would be worth it to YOU if you committed suicide to make your kids rich.  That is pretty stupid.  Suicide is never worth it.  If you are thinking about it, ask for help until you get it.  You are worth saving.

Answer 12

From what I can remember with my life insurance policy is that if your committ suicide then your claim is void.

Other than that I am not sure.

Answer 13

Depends on the life insurance policy.  Not all, but some policies have a suicide clause that state it may not be paid out if suicide was the factor of death.  On the other side of things the minor children must have a legal guardian.  In this case, the legal guardian can file to receive the monies to support the minor children, therefore the minor children may not be "financially  set".  In any case, read through the fine print on the life insurance policy carefully.

Answer 14

no way would an ins. co.pay out, suicide comes under fraud in their eyes.

Answer 15

weird report hmm but you would get a better answer from a life insurance person.

Answer 16

Here's another example of people answering questions, not knowing what they are talking about.

The CORRECT answer is this.

Life insurance policies have a two-year suicide clause, depending on your state. Life policies WILL pay for suicide AFTER the policy has been in effect for two years.

Life policies also have a two-year contestable period, where the company can deny a claim, based on erroneous medical information, or the lack of medical information on the application, or for fraud. (Suicide in not fraud)

Policies will even pay for murder, but won't pay the proceeds to the murderer as the beneficiary.

The children would not have access directly to the funds until they became adults, usually age 18. If they are younger, the proceeds would have go into a trust fund, which can be set up at the bank, and distributed when needed for the care of the children. The administrator of the trust fund would only have access for their care.

Of course, an adult beneficiary could be named to receive the proceeds for the care of the underage children. But, having the proceeds to go into the trust fund will keep honest people honest.

To make sure the proceeds were divided equally, it would have to be spelled out in the beneficiary section of the policy. Or, if the estate is made the beneficiary, a will would have to state how the total estate and the life insurance proceeds are to be divided.

If the estate is the beneficiary, the will would have to be probated by the court, which could take some time.

I hope this is a hypothetical question, and nothing is going on in yours or someone else's mind to do something stupid.

Answer 17

I hope your not trying to kill yourself.........

Answer 18

thank god for that! i was abt to call the police!!

Answer 19

Life insurence does not pay out if the person commits suicide.

Answer 20

Insurance companies do not cover suicide.  Parents who kill themselves are selfishly abandoning their children with nothing.

Answer 21

Life insurance doesn't pay out in instances of suicide.  So actually, her children would pretty much be screwed.   THINK ABOUT IT.

Answer 22

I think most life insurances are void if the death is under suspicious circumstances. If not- all old people would off themselves to set up the family.  If she made it seem like an accident they still wouldnt receive anything till they were 18 and they would be so screwed up by the loss of a mother it'd probably be too little way too late. I'm glad it's not you, I thnk it's very selfish of a mother to cop out like that.

Answer 23

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