**No**, if you kill yourself, your life insurance policy will not pay out to your beneficiaries.
Suicide is a complex and tragic event that leaves many questions in its wake, including what happens to life insurance policies. Here are 12 frequently asked questions related to life insurance and suicide:
1. Can I purchase life insurance if I have a history of mental health issues?
Yes, you can still purchase life insurance with a history of mental health issues, but it may impact your premiums.
2. Will my life insurance policy cover suicide if it happens after a certain waiting period?
Most life insurance policies have a suicide clause that states that the policy will not pay out if the insured commits suicide within a certain period, usually two years.
3. Will my beneficiaries receive the life insurance payout if I die by suicide due to a mental health condition?
The suicide exclusion in life insurance policies typically does not consider the cause of the suicide, so if the insured dies by suicide, the policy will not pay out.
4. Can I add a suicide exclusion waiver to my life insurance policy?
Some insurance companies offer suicide exclusion waivers that can be added to a policy for an additional cost, allowing the beneficiaries to receive the payout in the event of suicide.
5. Will my life insurance policy cover suicide if it was caused by an accident?
Life insurance policies typically do not distinguish between intentional and accidental suicides, so the suicide exclusion would still apply.
6. Will my life insurance policy cover suicide if it was medically assisted or euthanasia?
Death by medically assisted suicide or euthanasia is still considered suicide under most life insurance policies and would not be covered.
7. What happens if I lie about my mental health history on my life insurance application and die by suicide?
If it is discovered that the insured lied on their life insurance application about their mental health history and dies by suicide, the policy may be voided, and the beneficiaries may not receive the payout.
8. Can I purchase a separate suicide insurance policy?
Some insurance companies offer standalone suicide insurance policies, but they may have strict eligibility requirements and higher premiums.
9. Will my life insurance policy cover suicide if I am in the military or a first responder?
Military personnel and first responders may have specific clauses in their life insurance policies regarding suicide, so it is essential to review the policy carefully.
10. Can I contest the denial of a life insurance claim due to suicide?
If a life insurance claim is denied due to suicide, the beneficiaries may be able to contest the denial if they believe there are grounds to do so, such as errors in the investigation or misinterpretation of the policy.
11. Will my life insurance policy cover suicide attempts that do not result in death?
Life insurance policies typically do not cover suicide attempts that do not result in death, as the policyholder must pass away for the policy to pay out.
12. Can I purchase a guaranteed issue life insurance policy that covers suicide?
Guaranteed issue life insurance policies do not require a medical exam or health questions but may still have a suicide exclusion clause, so it is essential to review the policy terms carefully.
In conclusion, it is crucial to understand the terms and conditions of your life insurance policy regarding suicide to ensure that your beneficiaries are protected financially in the event of your passing. While suicide is a sensitive and challenging topic, being informed about how it may impact your life insurance coverage can help you make informed decisions for your loved ones’ future.