Is it unusual for a life insurance policy to cover suicide?
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2 Responses
1.31.2010
Yes that is common. The insurance companies instated that clause back in the 80's when there was the Savings and Loan fallout and a lot of executives bought life insurance to commit suicide so that their families could be provided for. Insurance companies lost a lot in premiums paid out so they changed it to defer people from purchasing a policy with the intent to commit suicide.It can vary between 1-2 years depending on the company its underwritten through.They also understand that things change and situations change and someone may do that after 2 years or 10 years and they should get the death benifit.
1.31.2010
No, it's not unusual. Most life insurance policies will cover suicide, after the contestable period is over.