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mad_cool_mom@att.net | Life insurance / suicide clause? |
My husband committed suicide 3 weeks ago, and left me w/ a lot of bills and 2 kids. He has some insurance policies, some of which he has had for 20 years. My question is, will the older policies most likely pay, or will they dispute, or can they??? I don't know much about these things. One policy said they would pay, but now I can't seem to track anyone down since I sent in the paperwork.. Any ideas? |
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hadley2120
|
I am sorry to hear about your loss.
Yes, the life insurance policies will most likely pay.
Within each life insurance policy is a "Suicide Clause". Read the suicide clause for each life insurance policy.
This will explain how the policy handles the payout if there is a suicide.
In most states there is a two year suicide clause, which means if your husband committed suicide after owning the policy for 2 years and 1 day, the policy must be paid out.
In some states, like Colorado, I believe it's only 1 year.
Review the policy to find out what you need to do to make a claim.
Also, if they do not pay, contact the Department of Insurance in your state and file a complaint.
Make sure you keep a written file of all contact you have with the insurance companies regrading your claims, and get everything in writing from the life insurance agent and the insurance companies.
The insurance companies are required to pay the death claims in a timely manner once they receive everything they request to review and pay the claim.
I hope that helps. Best of luck to you and your kids.
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lisa w
 |
Look over the policies and see what they say.
Send the paperwork via registered mail.
Also, I am very sorry for your loss. Please consider (if you have not done so already getting counseling for yourself and your kids)
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sowseeds
 |
Is your agent local? If so go see him or her. How are you communicating with your agent mail? or email? Usually there is a two year waiting period on most policies after the first two years are up than it should pay especially a 20 year old policy. |
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Financial JUSTICE
|
The suicide clause take effect during the first two years from date of issue. Since your husband had these life insurance policies for 20 years, the insurance company will pay the death claim. The only issue you may encounter is if your husband has lied on the life insurance application, which he probably didn't (or did he?). In this case, the insurance company will only adjust the face amount of the policy. |
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Wendy S
|
I am so, so sorry for your loss.
Most policies will pay out if it's a suicide if they have been in force for two years or longer.
My advice would be to keep a log of who you talk to (get names and direct lines, if available), what they told you, what they ask you to send, copies of everything you send. If they have a local agent go in and see them. Make sure you have enough certified copies of the death certificate, and send along a copy of his obituary, too.
After you send in a claim form/death certificate follow up in ten days to make sure they've received it. If not send it again, and try to get a street address instead of a PO Box. Then follow up weekly to see the status of the claim. The more information you give them up front the less delay there will be.
If you've not been able to track someone down call and ask for a supervisor, and go up the ladder to the executive offices if necessary. If they put you off for more than sixty days call your state's department of insurance for assistance. This is why it's so important to keep copies of everything and a log of all of your communication.
Best of luck to you and your kids. |
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ShakinSher
 |
I am currently writing an essay about life insurance for my english 100 research paper.
I came across a couple of websites that talks all about life insurances and suicide clauses.
http://www.solveyourproblem.com/insurance/suicide_life_insurance_policy_coverge.shtml
http://en.allexperts.com/q/Life-Health-Insurance-1543/Suicide-Life-Insurance-1.htm
Im so sorry for your loss, and I really hope this helps! |
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Kelvin K
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Normally a suicide clause works only in the first year of the policy. This is in place to prevent people from buying insurance and then commit suicide for the pay out to the family.
In your case, for older policies there is no dispute as the person is already died. Whole life will pay pay out based on death benefit. Therefore no dispute.
Newer policy, please check the policy anniversary, within a year, then i'm sad to say it wont be covered. More than that it will be covered.
But also look out for the total payout. Some policy says that if above certain amount combine all policy, then the excess will skimmed off. |
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mbrcatz
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Most likely, they will pay.
They can only dispute during the contestable period - in most states, that's two years, and in a couple, it's three.
So they're WAY beyond the contestable period. |
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amelia.camelia08
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Keep at it and don't take no for an answer. Wait to hire a lawyer and then only get one who comes VERY highly recommended. In the New Testament (I am not religious) there's a story about a woman who pestered the judge day after day and he was a b....d. He finally figured that it was easier to give her what she wanted. . . . .
Sorry about your husband.....and sorry for you. Good luck. |
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