Life insurance and Suicide

No panic buttons, not considering it. Question, are there some types of life insurance that covers offing yourself. An individual I know husband just killed himself. Did it after being laid off from his third or fourth job in the last 18 months. Had kids, whole nine yards. Not that it ever makes sense why people do this but I was wondering if maybe he had some sort of life policy that covered killing yourself. I was always under the impression that suicide was never covered.

This was a complete chicken shit move if you ask me. Especially with the responsibilities this guy had.

 

Excluded for first 2 years normally; same as most hazardous hobbies at all the policies I have ever looked at.

Caught my eye that motorcycle racing, scuba diving, skydiving and killing ones self were all in same category.

 

The way I understand it and have been explained to, after a certain time there is some sort of statue of limitations where they have to pay out no matter the cause of death. I think it's three years, IIRC.

 

I am pretty sure it is statute Just saying...


BTW, I think you are right, three years is most of the policy time frame for mandatory payment.

 

Outside looking in, you may have no idea what was going through this guys head and he may have had no control over it either.

 

It's called the Suicide and Contestibility clause. Two years for most states, some just one. After that time period any cause of death is covered.

Dawn

 

Winner...ding,ding,ding

The other thing that comes to my mind is that too many people count on the life insurance benefits at work and don't purchase any on their own. That can be a problem when you lose your job.

 

My brother in law (by Marriage) killed himself last year and his life insurance through UPS (worked there 10+ years) paid out to my sister-in-law.

Insurance thing aside, this made for a really bad thing in my wife's side of the family. Really makes a serious mess of things long after you are gone that you'd never think about .

If anyone is considering this as an option, please get some help, talk to anyone. The damage you cause is far more reaching than just the pain you are going through right now.

 

I am certainly not a lawyer, but I have had to deal with this topic. My dad committed suicide 3 1/2 years ago.

he had used the same insurance company for well over 20 years and they did pay off, but it took quite a while and the coroner was involved. Basically it was treated similar to a murder.

Once the insurance company settled it was easy to deal with the union and maintain my mothers part of his pension and benefits. I did hire an attorney to handle paperwork, but he never gave any indication that anything went beyond 'business as usual'

Of course keep in mind, we also inherited his debt...

I live in Kentucky, and am sure that other states differ.

 

I live in Ohio and my life insurance pays regardless of what happens to you after 1 year in the plan. Fortunatly I got into motorcycles after I had my policy or it would have cost me much more.:up:

 

No kidding. I bought a policy while racing and not only was it twice as expensive as my wifes, they would only insure me for 1/4 of what she got.

eh, 'tis life

 

Sorry for your friend's loss.

I had an uncle, a cousin (unrelated) and a friend from high school all kill themselves within a 2 year period.

Lot of depressed people out there. Pretty serious stuff.

 

I have been doing life ins planning for more than ten years. In Missouri law (not the norm) they say it pays no matter what year the policy is in. Then the co. will make the case it was purchased for that reason & then the investigation & so on.
Most policies I sell have a 1 year contestibility, then you can jump out the window.
I'm a Catholic, so whatever is going on this life cannot be as bad as the next life after taking yourself out. So, I know I can never give up on God even if I'm in a dungeon and being tortured. Job lost EVERYTHING but he never gave up.
It's a sad subject.

 

First, thank you to everyone who set me straight. I hope this guy was well insured and that is why he did it. Only rational I can think of. He has two kids and one who is profoundly disabled.

I am sure he convinced himself he was doing the right thing. I can assure you his family would have much rather lost there house than dad and farther.

I have had others I know commit the same act, and you are right you can not see into their heads but you will not convince me that suicide 9 times out of ten is a chicken shit move and causes way more pain for those involved than it solves.

Everyone keep your heads on straight.

 

I've dealt with too many suicide within my personal life and Navy life.

In Arkansas when a family member took his life his life insurance did not cover because it was less than 3 years old. As stated, it varies from state to state.

 

You're correcting a man of his statue?

 

Stature.

 

Repeating a mis-use of a word as a play on words, often used in humor.

 

Straight Guy: most misunderstood role in humor.

 

My brother committed suicide & I got his policy from Cigna distributed to his two daughters. Personal policies are little bit difficult to handle with regards to insurance. My brother's company was great when my
brother passed away. The owner of the company actually called Cigna & told them that they better not mess around with my brother's insurance or they would loose the account. :tut: