Do you find the “Suicide Provision” found in life insurance policies ethical ?
Do you find the "Suicide Provision" found in life insurance policies ethical ?
I find it unethical to provide a time frame for a person to commit suicide after looking at suicide clauses in insurance books ,dont you feel this is unethical to award familes money for taking your life ?
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5 Responses
2.1.2010
No, quite the opposite . . .The suicide exclusion in the first few years, keeps the INSURED honest. It promotes them being ethical. But if years later, there's a sudden chemical imbalance that causes mental instability and suicide attempts, that isn't any kind of fraud on the part of the insured life. And should be paid, by the insurer.
2.1.2010
So you think that there should never be a financial award to the beneficiary if the policy holder commits suicide. I can see your reasoning, however there is another point to consider. Most insurance policies I have seen do not pay out for the first couple of years, and the reasoning for that is obvious.Generally, people who commit suicide have a psychological illness. That illness is so severe that it results in death for those who commit suicide.In that respect, as soon as anyone is diagnosed with a terminal disease, should companies cancel their life insurance policies? Should life insurance only pay out for "natural" death by old age?By stating that it is unethical to "ever" pay out for suicide is to say that the companies should deny payment to anyone with a life terminating illness. Surely you don't think most folks just shoot themselves every time they face a problem? I can assure you that's not the case. If it were, I would have been dead years ago. It is a psychological illness.
2.1.2010
It's to keep people from buying policies and jumping off bridges. If there was no exemption then we'd all pay boatloads more for insurance. You could just launch people off the side of bridges instead of buying Mega Ball tickets. It's fine the way it is.
2.1.2010
What is unethical is opening an insurance policy with the intention of killing yourself so your family can collect the money. That is pretty much borderline fraud.
2.1.2010
It helps keep people alive. So, they do not want to commit suicide.There are some great answers already here.