Suicide is an epidemic with incident rates on the rise.  Nearly 30,000 Americans take their lives each year.  Many of these individuals have life insurance policies in force at the time of their death.  A common belief is that suicide is not a covered cause of death under a life insurance policy. However, this is not necessarily accurate.

Payment of a Life Insurance Policy After a Suicide Depends on the Policy Language

A suicide does not automatically prevent the beneficiary of the life insurance policy from receiving benefits.  Instead, the question of whether surviving family members will be entitled to receive the benefits of the policy will depend on the specific terms and conditions of the policy.  

Payment of Benefits after a Suicide is Usually Denied if the Suicide Occurs Shortly After the Policy Goes Into Effect

Most insurance companies build a two year (or other time period) suicide limitation into their policies. These provisions state that if the insured individual takes his or her life within two years after the policy goes into effect, then no benefits (or diminished benefits in some cases) are paid to the beneficiaries. This is, in part, to limit the practice of despondent individuals taking out large life insurance policies on themselves and committing suicide so that they can provide for their families.

You can reach Miami Insurance Claims Lawyer J.P. Gonzalez-Sirgo by dialing his direct number at (786) 272-5841, calling the main office at (305) 461-1095, or Toll Free at 1 (866) 71-CLAIM or email Attorney Gonzalez-Sirgo directly at [email protected].

J.P. Gonzalez-Sirgo
J.P. Gonzalez-Sirgo, P.A.
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