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Can you collect cash from a life insurance policy after three years?
Wiki User
∙ 13y ago
Clearly, if the insurance policy is in force after three years, and the insured dies from a cause that is not excluded, the beneficiaries may collect, even after only 3 years.
However, if what you are asking is whether the owner of the policy can collect some or all of the cash value from a whole life policy after three years, the analysis is different. Even assuming that the policy has stayed continuously in force during that period, you must understand that during the early years of a whole life policy, cash value accumulates slowly. Therefore, as a practical matter, there will probably not be much to collect/borrow.
Wiki User
∙ 13y ago
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What is contestability period in life insurance?
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Can your beneficiary collect life-insurance benefits if spouse commits suicide in California?
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
What insurance companies cover suicides?
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.
