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What happens if you die within twelve months of buying life insurance policy?
Wiki User
∙ 16y ago
If you die within twelve months of buying your life insurance policy, one of several things may happen. First, the insurance company may pay your life insurance proceeds to your beneficiary. The payment is usually free of any federal income tax. Or, they may review the claim and if determined it was death by suicide, the claim would most likely be denied, as there is a common Suicide Exclusion in most life insurance policies excluding suicide within two years of buying the policy, one year in the state of Colorado. Or, if the insurance company determined there was misrepresentation on the application (answering questions untruthfully) - the policy may be voided. This is called the Incontestable Clause, it lasts for up to 2 years after you buy the policy. I hope that helps! Best of luck to you. They may pay you any premiums collected plus a minimal amount of interest and possibly minus some service fee. If this is the case, there should be a clause in the policy explaining it.
Wiki User
∙ 16y ago
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