Things You Should Know About Life Insurance Benefits If You Committed Suicide

There are several insurance companies that offer a lot of insurance policies to prepare you when unexpected circumstances occur. This is also one way of investing for our loved ones that will be left behind in case of an emergency. However, prior to purchasing insurance and closing the deal with your broker, one must carefully study or have full knowledge about the policy being offered or the coverage included on the policy. It would be better to know all the coverage included in the insurance policy for you to have an idea where you are investing your hard earned money. Do not be afraid to ask questions as it is the broker’s responsibility to explain everything that is related to the insurance you are applying for.

One question you may have in mind is if you have committed suicide, can your beneficiary claim your insurance? Would there be anything that you could leave behind for your family if in such case? Here are some things that you should know and how your beneficiary can claim your insurance:

Each life insurance policy and has different scopes about suicidal tendency but most of them have provisions. It is stated in the provision that if the insured person is covered with life insurance and dies because of suicide within two years from the policy issue date, then beneficiaries cannot collect any death benefit. In some states like in Colorado, you can claim the full death benefit after one year from the policy issue date.
• Take time to review your insurance policy and look for suicide clause. The insurance company will certainly investigate about the claim to make sure that the death was not a suicide. But you do not have to worry as the premiums you have paid will be given to your beneficiaries. It would be better to have your receipts on hand or keep it on a safe place for you to have references on the payments that you have made to them.
• Other insurance companies will require you about your personal history if there will anything related to suicidal attempt. Prepare a claim of mental illness.
• Suicidal clause gives benefit to the insurance company and protect them from people who would just like to make a profit and leave their loved ones a huge amount of money because of their death. That is why most insurance companies are very much skeptic when it comes to investigating the cause of death particularly if it is suicide.

We would never know what circumstances may occur. We also never know why people can easily decide for their suicide. But for those people who will be left behind, it would be better to give them less worry if such case will happen. Their loss and grief cannot equate the money they will receive. It will still be the person whom they cherish and love that matters.

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