Life assurance policies and suicide

phoenix999

I was under the impression that any life policy was made null and void when suicide was involved?

http://www.independent.ie/irish-news/courts/rocca-brother-i-didnt-sign-away-interest-in-127m-life-insurance-29068747.html

howamidifferent

When taking out a new life assurance policy several years ago, I asked would the policy pay out in the case of suicide ( no intention of killing myself, it was just idle curiousity at the time ). I was told that as long as the suicide did not occur in the first 12 months of the policy, payment would be made.

MurdyWurdy

I worked for a life insurance company. Their policy was if you committeed suicide in the first 13 months of the policy being active they would not pay out.

Sh1tbag OToole

Life assurance is where you make a bet that you're going to die before you have paid them more than what the company say they'll pay out.

seamus

howamidifferent wrote: »

When taking out a new life assurance policy several years ago, I asked would the policy pay out in the case of suicide ( no intention of killing myself, it was just idle curiousity at the time ). I was told that as long as the suicide did not occur in the first 12 months of the policy, payment would be made.

Seems to be the case alright.
From Irish Life's terms of cover;
http://www.irishlife.ie/uploadedFiles/term-life-insurance-booklet.pdf

We will not pay life cover benefit if:
• your death is caused by suicide, or execution in a foreign country,
within a year of the plan starting.

Bren157

I work in the industry. It varies from policy to policy but life policies will pay out on suicide once a period of deferral from commencing cover has gone by. In most cases it is after one year, in a few cases it may be as far out as 2 yrs but to answer your question then; life cover is payable upon death by suicide...subject to policy conditions.

krudler

Cheery thread is cheery

Wattle

What if you disappeared and your body was never found and they suspect suicide but can't prove it? If there's no corpse would they still have to pay out?

mfceiling

Wattle wrote: »

What if you disappeared and your body was never found and they suspect suicide but can't prove it? If there's no corpse would they still have to pay out?

Where did you hide the body...

3ndahalfof6

Wattle wrote: »

What if you disappeared and your body was never found and they suspect suicide but can't prove it? If there's no corpse would they still have to pay out?

Good question, the true answer would be interesting.

Bren157

I believe for some reason that a missing person is deemed dead for life cover reasons after seven years ... subject of course to prevailing circumstances...what a morbid thread! Be happy

3ndahalfof6

talk financial wrote: »

I believe for some reason that a missing person is deemed dead for life cover reasons after seven years ... subject of course to prevailing circumstances...what a morbid thread! Be happy

Morbid, true, but information is good for the people left behind.