Before 2007, Missouri did not allow life insurance policies to exclude suicide, except that the insurer could avoid payment if it could be proven that the policyholder contemplated suicide when he bought the policy. Some resources will incorrectly state that this is still the law, thereby causing confusion.
In about 2007, the law was changed and now insurance companies may exclude suicide for one year after the policy is purchased (in Missouri). After one year insurance companies must pay for death by suicide, even though the policy may recite a longer exclusion period. Note that an insurance company may initially deny your claim after the one year period hoping that you won't know the law and will go away.
If the insured commits suicide within the one year exclusion period, the insurance company must return the premium with interest.
The Missouri law is located at the link below.
Read the specific policy exclusions in the life insurance contract. It will detail the impact of a suicide on the benefits, if any.
Life insurance covers death by any causes not specifically excluded. That generally means they don't cover suicide. Life insurance covers death by natural causes, i.e a disease.
In general, insurance covers "fortuitous" events: those that are neither planned nor intentional, and life insurance is no different. However, there is typically a provision in life insurance policies that payment will not be denied if the insured dies of suicide after 2 years from the date that the policy was issued. This is called an "incontestibility clause".
Most life insurance policies do not pay out for suicide.
James George Davey has written: 'Life insurance offices and suicide' -- subject(s): Insurance, Life, Life Insurance, Suicide 'Life insurance and suicide' -- subject(s): Insurance, Life, Life Insurance, Suicide 'On medical evidence in our law courts' -- subject(s): Jurisprudence, Insanity 'The Ganglionic Nervous System: Its Structure, Functions, and Diseases'
Suicide is usually excluded under a life insurance policy. The suicide exclusion usually states that there is no payout of life insurance proceeds if the death is due to suicide within two years of the puchase of the life insurance policy. In some states, like Colorado, the suicide exclusion is one year.
Banner Life Insurance offer life insurance services. They offer Term Life Insurance which covers a person for a specific time and Universal Life Insurance which covers one for life.
Suicide and life insurance isn't regulated by state law, it is regulated by the insurance company and outlined in the insurance papers.
hell no
To the best of my knowledge, In the US all life insurance companies cover suicide after 2 years of in force issue.
no
Most, if not all, life insurance policies have an exclusion that states that the policy will not pay if the death is ruled a suicide.