Ways to kill oneself.

[The Mook 105]

WhiteSpider: I wasn't speaking for the UK. I fly the US flag bcause I am a US citizen. In the USA the beneficiaries of suicides do not get paid. Thanks for the clarification. M

Edited March 15, 2006 by themook

[The Mook 105]

Uncle Sam: Thanks for expanding on my response. I was assuming we were discussing an example where a person takes out an insurance policy with the intention of ending his/her life shortly after. Mook

[zaphodbeeblebrox 0]

In the USA the beneficiaries of suicides do not get paid.

That's an incorrect statement of the law. Each policy differs and insurers may write policies which totally exclude coverage for suicide, or, they may write policies that pay benefits for suicides, subject to a suicide clause requiring the policy be in place for a set period of time (i.e. 2 years). However, even if there is a total exclusion for suicide, the insurer still bears the burden of proving the insured acted with suicidal intent (knowing that his conduct would result in self-inflicted death) in order to defeat coverage.

[jballstate 326]

No. Suicide makes an insurance policy void, and beneficiaries do not get paid. You can cash out some policies early. I cannot tell you which type, though.

All life insurance policies have incontestability clauses. In most states in the USA suicide is covered after the policy has been in force for a period of 2 years so suicide does take some long term planning.

[zaphodbeeblebrox 0]

All life insurance policies have incontestability clauses. In most states in the USA suicide is covered after the policy has been in force for a period of 2 years so suicide does take some long term planning.

 

The incontestability clause would only come into play if the insurance company had some proof that the insured knew at the time the policy was purchased, that he was going to commit suicide. I think the only way this would work, is if the insured had a psychological history which included suicidal ideations (proved by records from prior psych treatment, or police reports of prior suicide attempts). If that is the case, once the insured had held the policy for two years, the insurer would be barred from contesting that the insured concealed his suicidal history. Normally, the concealment would be grounds for the insurance company to void the policy. However, most states require the incontestability clause, so that once the policy holder has the policy for two years, the prior misrepresentation in the insurance application will not be grounds to void the policy.