What Happens To Your Life Insurance If You Commit Suicide?
Life insurance is an important investment that provides financial protection for your loved ones in the event of your premature death. However, many people wonder what happens to their life insurance policy if they commit suicide.
| Scenario | Outcome |
|---|---|
| Policy is less than 2 years old | Insurance company will likely deny the claim and return the premiums paid |
| Policy is more than 2 years old | Insurance company will pay out the death benefit to the policy beneficiaries |
If the policy is less than 2 years old, it is considered a contestable period. During this time, the insurance company has the right to investigate the circumstances surrounding the policyholder’s death. If the policyholder committed suicide during this period, the insurance company will likely deny the claim and return the premiums paid.
On the other hand, if the policy is more than 2 years old, the contestable period is over. In this case, the insurance company will pay out the death benefit to the policy beneficiaries, even if the policyholder committed suicide.
It is important to note that every life insurance policy is different, and the terms and conditions can vary. Some policies may have a longer contestable period, while others may have a suicide exclusion clause. It is important to review your policy carefully and understand the terms and conditions.
If you or someone you know is struggling with mental health issues or having thoughts of suicide, it is important to seek help. Suicide prevention hotlines and crisis helplines are available 24/7 to provide free, confidential counseling support.
Remember, your life is valuable and there is always hope. Seeking help is a sign of strength, not weakness.
