Term Life Insurance Articles
How Attempted Suicide Can Affect An Insurance Quote
2010-08-13
Suicide as a cause of death will always nullify a term life insurance agreement and result in a denial of benefits. This is because suicide is so unpredictable that it cannot be properly considered in an insurance company's risk assessment. Attempted suicide, however, is another matter. When a person requests term life insurance quotes, attempted suicide is a relevant factor in determining the likelihood of whether the person will die prematurely. For the purposes of term life, attempted suicide is one of the highest risks and will result in either some of the highest rates for coverage or an outright denial of coverage.
Term life insurance is designed to be among the cheapest means for insuring your life against an unforeseen death. When you have paid your premiums throughout the term of the policy, your beneficiaries are guaranteed a benefit payment if you die before the term expires. Most causes of death are covered, such as accidental death, death due to disease or other infirmity, and death caused by a third party (other than a beneficiary). Death by suicide is not covered due to its unpredictable nature and the greater likelihood that the person obtained the insurance with the intent to commit suicide after the policy became effective.
Attempted suicide is a risk factor that must be considered before an insurance company will agree to issue a policy. People who have attempted suicide are much more likely to try again than are those people who have never attempted suicide. In addition, the likelihood of a successful suicide attempt increases with each try. Accordingly, for the purposes of term life, attempted suicide is one of the highest risks to insure, and most companies will either refuse to write a policy for a person who has attempted suicide or will charge among the highest rates for coverage.
When requesting term life insurance quotes, you may be tempted to conceal a past suicide attempt from the insurance company. This is unadvisable, however. Past suicide attempts are likely to be mentioned in your medical records that the insurance company will review. Failure to disclose this information will probably result in a denial of your application once the insurance company has reviewed all of your medical records. If a policy is written and the insurance company subsequently discovers that you had a past suicide attempt, your failure to disclose can become the basis for a cancellation of your policy. Although acknowledging the past suicide attempt will probably result in being assigned some of the highest rates for insurance, answering honestly and completely on your application is still the better course to take, as opposed to losing coverage altogether.
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Suicide as a cause of death will always nullify a term life insurance agreement and result in a denial of benefits. This is because suicide is so unpredictable that it cannot be properly considered in an insurance company's risk assessment. Attempted suicide, however, is another matter. When a person requests term life insurance quotes, attempted suicide is a relevant factor in determining the likelihood of whether the person will die prematurely. For the purposes of term life, attempted suicide is one of the highest risks and will result in either some of the highest rates for coverage or an outright denial of coverage.
Term life insurance is designed to be among the cheapest means for insuring your life against an unforeseen death. When you have paid your premiums throughout the term of the policy, your beneficiaries are guaranteed a benefit payment if you die before the term expires. Most causes of death are covered, such as accidental death, death due to disease or other infirmity, and death caused by a third party (other than a beneficiary). Death by suicide is not covered due to its unpredictable nature and the greater likelihood that the person obtained the insurance with the intent to commit suicide after the policy became effective.
Attempted suicide is a risk factor that must be considered before an insurance company will agree to issue a policy. People who have attempted suicide are much more likely to try again than are those people who have never attempted suicide. In addition, the likelihood of a successful suicide attempt increases with each try. Accordingly, for the purposes of term life, attempted suicide is one of the highest risks to insure, and most companies will either refuse to write a policy for a person who has attempted suicide or will charge among the highest rates for coverage.
When requesting term life insurance quotes, you may be tempted to conceal a past suicide attempt from the insurance company. This is unadvisable, however. Past suicide attempts are likely to be mentioned in your medical records that the insurance company will review. Failure to disclose this information will probably result in a denial of your application once the insurance company has reviewed all of your medical records. If a policy is written and the insurance company subsequently discovers that you had a past suicide attempt, your failure to disclose can become the basis for a cancellation of your policy. Although acknowledging the past suicide attempt will probably result in being assigned some of the highest rates for insurance, answering honestly and completely on your application is still the better course to take, as opposed to losing coverage altogether.
