Seattle1
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I'm curious about what Insurance companies use for their basis on whether or not to pay out, if the policy has a suicide clause in it. I've no idea if one is relevant here(nor do I need to know) but I can see why they'd be very interested in the decision
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Life Insurance Suicide » A Complete Guide [2024] | Reassured
Will life insurance pay out after a suicide? Read our 2024 guide for all the facts - Reassured compare quotes from leading providers free of charge.
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The suicide clause (or suicide provision)
The suicide clause is the period of time following the start of the policy in which a pay out won’t be made if the cause of death is suicide.
This clause exists to protect the insurer and is designed to stop vulnerable individuals from suicide, for the purpose of securing a life insurance pay out.
The suicide clause in summary:
- Defines the time period at the beginning of the policy in which if there’s an act of a suicide, a pay out won’t be made
- The clause is typically 2 years, but can occasionally be 12 months, depending on the insurer
- After this period, a full pay out is likely to be issued, even if the cause of death is suicide
- The clause usually restarts if an existing life insurance policy is replaced with a new one