I have been looking at life insurance that will cover suicide. It appears that most companies that provide this product require the policy to be held for 13 months before the cover of suicide comes into effect. Does anyone have this type of life insurance? I am curious to whether you have to disclose any mental health diagnosis, treatment or past suicide attempts or if there may be any other fine print that may stop a payout on one of these policies?
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I stopped by my insurance agency and prepared my life insurance policy. My parents had one taken out in my name when I was 16, after my fireworks accident. I talked to my agent and changed the policy into my name (instead of my moms). It’s for 25,000…not much, but it should cover my debt and funeral. I was going to add another 50,000-75,000 but I would have to have an extensive medical record search and that would show my cancer, abdominal tumors, brain tumor, F.A.P, Gardner’s Syndrome, Pseudotumor Cerebri, fireworks accident, severe anxiety, severe depression, bi polar type II disorder, abdominal migraines, etc…I think […]
Making sure that family and other dependents are financially protected is the overwhelming reason that people take out a life insurance policy. In the event of the policy-holder’s death, a monetary payment helps to ensure stability.
In such contracts, the death of the policy-holder is supposed to occur through either natural reasons or through an accident. Someone taking their own life would not normally be considered as falling into these categories. This, of course, is scant comfort to the beneficiaries of a policy. They are going to be left every bit as financially vulnerable in the event of a suicide as for any other reason.
Although insurance […]