if on death row can you still have life insurance?
If on death row can you still have life insurance?
If a man is sentenced to death by the state for committing a crime but he has a life insurance policy before the crime was committed can his family still collect on the insurance after he is dead? Or will the policy be voided by the company even though there may still be a chance the man is innocent?
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7 Responses
2.1.2010
Yes, the beneficiary or beneficiaries could collect on the policy.Refer to the Contestability Clause within the life insurance policy. There are specific reasons a life insurance company can contest a policy claim payment. These are usually suicide within the first two years of the policy (one year in Colorado) and misrepresentation or intentional fraud on the part of the insured. However, the insurance company can only contest the policy within the first two years after it is issued. If the policy is more than two years old – if it was issued more than two years ago – then there should be no question that the payment will be made on the life insurance policy. You may want to inquire over the internet by going to the insurance company's web site and e-mailing the question to them – there's usually an area where you can ask questions or e-mail them a question. Maybe you want to inquire without giving them your full name upfront. That's up to you. Just say your asking a general question when you contact them.If you do have a problem collecting on the policy after the person is put to death, you may want to contact an attorney. A letter from an attorney can help when dealing with insurance companies.I hope that helps! And I am sorry about the situation you are going through. I wish you the best of luck and take care.Also, if you are considering any coverage in the future go to http://www.term-life-online.com – they offer a lot of helpful information, tips and articles so you can make an informed decision about your life insurance plan.
2.1.2010
Wow, great question, not sure of the answer though. I would read the policy. There is generally an exclusion if the insured is killed in the act of committing a crime. However, this would be after the commission of the crime. I would think it is very possible there is coverage regardless of guilt or innocence. I would guess that very few if any policies, exclude the death penalty, just not common enough to warrant. If this is a true story, let me know how it turns out!
2.1.2010
I think the policy would probably not cover executions, but it would have to say that in the policy.
2.1.2010
Actually, there are usually disclaimers in the policy that will not allow you to collect in this situation.
2.1.2010
The family can collect life insurance if he dies. The only way the family can't collect it if he commits suicide. For this situation, this is not suicide situation, but more of murder by another unrelated person or organization. Source(s): 231
2.1.2010
I think a portion of it goes towards the state for cost of his execution and incarceration, and the rest goes respectively towards the victim's family as consolation; any remaining goes toward the family.
2.1.2010
Nope. Sorry.