NLIC.org

Edgar Said:

Is it unusual for a life insurance policy to cover suicide?

We Answered:

Yes that is common. The insurance companies instated that clause back in the 80's when there was the Savings and Loan fallout and a lot of executives bought life insurance to commit suicide so that their families could be provided for. Insurance companies lost a lot in premiums paid out so they changed it to defer people from purchasing a policy with the intent to commit suicide.

It can vary between 1-2 years depending on the company its underwritten through.

They also understand that things change and situations change and someone may do that after 2 years or 10 years and they should get the death benifit.