Does Life Insurance Cover Suicide
We all need life insurance because it financially covers so many different areas in our lives such as our homes, cars, valuables and most importantly, our family. Life insurance gives us peace of mind and the knowledge that should our lives end too soon our families will be taken care of. Before purchasing your life insurance policy, check out a free term life insurance quote.
Life Insurance Exclusions
There are some exclusions to life insurance and suicide is one; however, most insurance companies pay a death benefit with suicide but it is not easy to claim. In some cases, all that will be given out are the premiums that have been paid. Since life insurance is regulated by the states and not by the federal government you will want to review a life insurance quotation to help you decide on your policy options.
You will find that most life insurance policies have a suicide clause. There are some life insurance policies that don’t exclude suicide; however, they are often more expensive so be sure evaluate your options with a free term life insurance quote.
In general, life insurance is not created to cover suicide and most insurance policies will not pay if the insured policy owner commits suicide within two years after the policy has been made. Life insurance for the most part, is designed to cover accidental deaths. Because suicide is not accidental, it is eliminated from most life insurance policies. In some cases there is an exception to the 2-year suicide clause for example, some employer-provided group life policies do not have such exclusions. For more information on your life insurance options, take advantage of free term life insurance quotes, which can help you make the best decision for your needs.