Did You Know That Life Insurance Can Cover Suicide Too?
- Date: 2010-05-03 - Word Count: 253
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Life insurance is an insurance that one takes to ensure that in an unfortunate event of death of the earning member, the family and other dependents are taken care of. Most of the life insurance products that are available in the market today offer a minimum guarantee cover for the life insurance and there is an assured amount that the family gets in case of the untimely death of the life insurance owner.
There have been cases in the past where life insurance policies have been taken out by people before committing suicide so that their children and family members can benefit from the claim that they can make. It was also felt that no life insurance company would therefore process claims for a death that was proven to be a suicide.
However, things have changed from the times when the church and the state operated closely. And there are various life insurance companies that understand that suicide is not always a matter of fraudulent dealings. There is now a better understanding of some mental health issues that can lead to suicide. These are the companies that offer life insurance cover and process claims even in the case of a suicide case.
The caveat is that the benefactors who lay a claim after the demise need to wait for a specific period of time till the claim can be processed. The premium and the amount that can be claimed is based on the assessment of the mental health of the person applying for life insurance cover.
There have been cases in the past where life insurance policies have been taken out by people before committing suicide so that their children and family members can benefit from the claim that they can make. It was also felt that no life insurance company would therefore process claims for a death that was proven to be a suicide.
However, things have changed from the times when the church and the state operated closely. And there are various life insurance companies that understand that suicide is not always a matter of fraudulent dealings. There is now a better understanding of some mental health issues that can lead to suicide. These are the companies that offer life insurance cover and process claims even in the case of a suicide case.
The caveat is that the benefactors who lay a claim after the demise need to wait for a specific period of time till the claim can be processed. The premium and the amount that can be claimed is based on the assessment of the mental health of the person applying for life insurance cover.
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