In every state the policies are pretty standard on most issues. Suicide is only excluded for the first two years after the policy is issued. In the first two years the insurance company will return all premiums paid plus interest. After two years they will pay full benefit.
Your beneficiary can collect benefits from your insurance policy if you commit suicide if, 1. Your policy provisions for payout in the event of suicide. 2. Your waiting period has been satisfied if stipulated by your insurance carrier and policy. Read your policy carefully and contact your policy carrier for assistance and clarity as it relates to your policy.
If the insurance policy is older than two years of contestability period, then a benefit will be paid to the beneficiary.
No. I don't think suicide is not covered by any insurance policy in any state/country. Suicide is willful and intentional killing of oneself and no insurance company will cover it. So, your beneficiary will not get even a single penny if you commit suicide.
If you are the beneficiary of a life insured person who committed suicide, and the policy was older that two years (depending on what company and state), then yes.
No, if the life insurance policy is less than two years old. Some insurance companies would not pay at all in case of suicide. It all depends on the conditions in the life insurance policy.
That depends on the policy not the location. Most policies have a 2 year exclusion on suicide. After 2 years, suicide should also be covered. Consult your policy. mcdlife.com
Do you have the policy owner's permission?
Life insurance is usually governed by beneficiary information on the policy. In other words, whoever the beneficiary is on the policy will the one to collect. You may want to consult a local lawyer to confirm this.
Life Insurance Companies do not cover suicide, subject to the "Suicide Clause" limitation in all life insurance policies. The suicide clause stats that no death payment will be made if an insured commits suicide within the first two years (one year in Colorado) that the policy is in force. This clause protects the insurance company against adverse selection - the purchase of a life isnurance policy in contemplation of a planned death in order for the beneficiary of the life insurance policy to collect the life insurance proceeds.
The beneficiary is the only one that can collect benefits unless otherwise specified in the policy such as a rider.
Most life insurance carriers have a 2 year "suicide clause" that protects them paying benefits from a policy whose owner killed himself. The state of issue has nothing to do with it, only the time period the carrier sets.
The insurance policy and a certified, original copy of the death certificate. If the policy has been lost or misplaced, the insurance carrier can provide the appropriate "lost policy" form.