Question about life insurance and suicide?

Question

Ok, so my fiance and I are in this debate whether or not a life insurance company would pay if the person commits suicide. I recently read a story about a woman who killed herself because her house was being foreclosed and she left a note next to herself telling her husband he can now use the money from her life insurance to pay the bills. Now, I know you shouldn't believe everything you watch on T.V. but I watched a CSI show once with a similar situation and the life insurance company wouldn't pay out because the woman killed herself. So...my fiance says this family will get the money and I wonder if they really will. So what is your opinion? Will the family get the isurance money or not?

Answer 1

It depends on how long the life insurance was in place before the suicide happened. Some companies will acutally pay but it has to be like 2 years after the effective insurance date.

Answer 2

virtually all life insurance policies have a "self inflicted" clause. that means they will not pay disability benefits or death benifits if it is the result of self inflicted injuries. be very leary when getting insurance as i am aware of times that policies were not payed out in miotor vehicle accidents when the victim was 100% at fault and gross negligence was shown, as in the case of a woman who was driving the wrong way down a divided highway while impaired.

Answer 3

I sat in a real case with a situation like this.  Mom and dad both had separate policies on themselves and had the kids in the will.  It was a murder suicide case though.  The kids were only to get the money from the moms policy since suicide was not covered and dad killed himself.  In this case the wife was killed by the husband who in turn killed himself so only her policy was legal for paying out.

Answer 4

i read that same story about that woman, & just thought to myself "that was really stupid" i never have heard of ANY insurance company to pay out the life insurance of a person who commited suicide.

Answer 5

Every insurance policy I have ever seen or investigated has a stipulation that it does not pay for pre-meditated suicide.  If the death is ruled as an accidental overdose, then it would pay.  If a suicide is revealed by the investigating officers, the insurance will not pay.

Hope this helps!

Answer 6

It depends on the policy, most do not pay, however some will as another person indicated, after a period of time, but generally no insurance companies do not.

Answer 7

No.  Insurance companies don't pay for suicides for that exact reason.

Answer 8

probably not

Answer 9

Before 1997 of the economic downturn in Asia Pacific, all insurance companies pay claims upon suicide death. Since then, individual companies in every country have different claim clauses for suicide death, because they want to prevent the people from killing themselves in the event of financial problems.

In Australia, there is a waiting period of 13 months after the policy is issued for a suicide death.

Check with the insurance policies from the insurance companies in your country.

But if a death involve the polices (a homicide investigation), no insurance claims can be made.

Answer 10

Get life insurance first

Answer 11

I know a lady in a similar situation. She has four kids, and recently (I think this was about a month and a half ago) her husband shot himself over their house being foreclosed. She DID NOT receive any money for his life insurance. They got kicked out of their house within 30 days and now they are living in a hotel. I think the husband should have looked into it a little more closely, than being so selfish and leaving his family of 5 with absolutely nothing.

Answer 12

Most times they will not pay it, unless the person was mentally ill.

Answer 13

If you commit suicide in the first two years of a new life insurance policy, your beneficiary will only get what you paid.  If you commit suicide after the second year of the policy, your beneficiary will get the death amount of the policy.

Answer 14

MANY insurance polices have a clause that will NOT pay on a suicide. I watched that CSI as well, it was a good one.