Suicide is the cause of death for nearly 30,000 persons every year in the United States. When families lose a loved one to suicide, the emotional and financial challenges can be devastating for those left behind. While the benefits of a life insurance policy can provide critical replacement income and financial security for loved ones, survivors can face dire financial circumstances when an insurance carrier denies a claim for death benefits.
If a life insurance policy does not expressly exclude coverage for suicide, the critical issue might be the timing of the suicide in determining whether benefits are owed.
Some policies exclude coverage for suicide during the coverage period. Other policies will not pay death benefits if the policyholder passes away as a result of suicide during the first two years of the coverage period (i.e. “the contestability period”). Generally, suicide will not preclude recovery if it occurs outside the two year contestability period, if the policy does not include an express exclusion for suicide.
If the alleged suicide occurs during the contestability period, the insurance company must still prove that the death was actually a suicide as opposed to a homicide or accidental death.
If you are the beneficiary of a life insurance policy who is denied benefits because the insured committed suicide, you might be entitled to benefits.
You can reach Miami Life 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].