Life insurance companies need to protect themselves from the possibility that someone could buy a policy with the intention of committing suicide shortly after so that their families receive a life insurance payment.
Read More: Best Life Insurance Policy
Does Life Insurance Cover Suicide?
Suicide is not generally covered in the first two years of a life insurance policy but it is covered after that. This two-year period is known as a suicide clause.
If a suicide happens more than one year after getting a life insurance policy, the life insurance policy will pay out death benefit to the policy’s beneficiaries.
Life Insurance Death Benefits After a Suicide
While beneficiaries are generally not entitled to death benefits if a suicide occurs during a policy’s first one year, they may receive a refund of the premiums that were paid into the policy before the death.
If you’re the beneficiary of the life insurance policy you’ll need to know the name of the insurer that holds the policy and a certified copy of the death certificate in order to make a claim.
Help for Suicide and Depression
If you know of a loved one who is suffering from depression, there is help available on a 24/7 hotline that is free and confidential: +91 9820466726.
