Anyone know anything about life insurance policies?

[-Tandem-]

I'm having a hard time taking the final steps knowing that I wouldn't be able to leave a loved one with much afterward.

 

[Praestat_Mori]

What do you want to know exactly? Ig you wanna know whether they pay in the case of suicide or not? You have to read and fully understand the contract when you plan to apply for one and if you have one already you have to check whether they cover suicide or not. Afaik most life insurances don't cover suicide for obvious reasons but I heard from users here that their life insurances cover that after a waiting period.

 

[unknown_xav]

Afaik most life insurances don't cover suicide for obvious reasons but I heard from users here that their life insurances cover that after a waiting period.

I second this. You need to check your contract/policy first since each policy is different. Most have a waiting period for such cases. I think an easy way for OP would be to also go on a signed policy pdf and check sections on waiting period, and also nature of death i.e natural, and unnatural etc. can also use word searches such as "suicide" for example. This could help but better to read all fine print especially waiting period, and effect on share of payout based on nature of death.

 

[thot88]

I live in Finland. I have life insurance myself. It compensates for suicide if the insurance has been valid for a year before that.

 

[outrider567]

In the US, you generally have to wait two years before the life insurance will pay out after a suicide

 

[L'absent]

Take the insurance contract and go to a lawyer. He will explain everything to you. Tell your intentions in detail.

 

[needthebus]

I live in Finland. I have life insurance myself. It compensates for suicide if the insurance has been valid for a year before that.

its such an amazing country and people. i wish i were smart enough to learn finnish or be finnish

In the US, you generally have to wait two years before the life insurance will pay out after a suicide

some life insurance pays out for suicide? really???

 

[MyTimeIsUp]

Never heard of life insurance being paid out in the case of a suicide, they don't over here. I'm in the UK and cannot get life insurance, because of my history of attempts.

 

[miyabi]

You might be covered by your workplace pension/benefits/union. Check the fine print. Some of them are willing to pay out for suicide.

 

[identity0]

It depends entirely on the country and specific policy

 

[JealousOfTheElderly]

Take the insurance contract and go to a lawyer. He will explain everything to you. Tell your intentions in detail.

Or run it through AI like chatgpt and ask it to explain it to you in simple terms.

 

[L'absent]

Or run it through AI like chatgpt and ask it to explain it to you in simple terms.

I don't know how it works in the United States, but in our country the law is very complex and if you read "suicide included in the insurance premium after 2 years from the stipulation" it is not necessarily true that this is actually the case.

 

[TheHolySword]

I'm in the US, my life insurance is through my employer. Mine states that it does not payout on suicide until it has been in effect for 2 years. If I change its conditions at any point, which includes increasing its payout cost, then the timer resets since it's a new contract term. This is why I'm waiting until May 2025.

That being said, insurance companies hate having to pay money. They will always do everything they can to deny a claim or pay as little as possible (in the case of suicide they may say you did not properly disclose your conditions). If you don't have insurance yet, you aren't really going to find one that will pay without a waiting period, and if you do it will be very little. Life insurance companies can also deny policy for conditions which may include previous ctb attempts.

 

[JealousOfTheElderly]

Deny, delay, depose.... all insurance companies are the same no matter what type of insurance it is.

 

[2messdup]

What do you want to know exactly? Ig you wanna know whether they pay in the case of suicide or not? You have to read and fully understand the contract when you plan to apply for one and if you have one already you have to check whether they cover suicide or not. Afaik most life insurances don't cover suicide for obvious reasons but I heard from users here that their life insurances cover that after a waiting period.

My life insurance pays out for suicide as long as the policy is over a year old. I think it pays out at least £500k. It may be more. It's ages since I took it out so Id have to check