June 23, 2022
  • June 23, 2022

Does life insurance cover suicide? – Councilor Forbes

By on August 27, 2021 0

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

Life insurance companies need to protect themselves against the possibility that a person could purchase a policy with the intention of committing suicide soon after so that their family can receive a life insurance payment.

Suicide is usually not covered in the first two years of a life insurance policy, but is covered after that. This two-year period is known as the suicide clause.

If a suicide occurs more than two years after obtaining a life insurance policy, the life insurance policy will pay a death benefit to the beneficiaries of the policy.

While beneficiaries are not entitled to death benefits if suicide occurs within the first two years of a policy, they may receive a refund of premiums that were paid into the policy prior to death.

The exclusion of suicides includes cases of physician-assisted suicide. Five states allow assisted suicide: California, Colorado, Oregon, Washington and Vermont.

If you are the beneficiary of the life insurance policy, you will need to know the name of the insurer who holds the policy and a certified copy of the death certificate in order to make a claim.

Compare life insurance companies

Compare policies with 8 leading insurers

Help with suicide and depression

If you know a loved one who is suffering from depression, help is available. The National Suicide Prevention Lifeline has a free, confidential 24/7 helpline: 1-800-273-8255.