suicide clause life insurance

Insurance is very expensive. Insurance companies take in huge sums of money because of this, but they also have to make large payouts. Some individuals attempt to take advantage of insurance companies in various ways. One way is to open an expensive life insurance act before committing suicide. To protect themselves from this sort of fraud most companies include a suicide clause in life insurance policies. This mandates that if the individual commits suicide within the stipulated time after the policy's creation, the policy is voided. The time limit is usually one to two years.

Fast Facts

Insanity during the time of the suicide is not a viable defense for obtaining the life insurance.
This clause is not included in all state's laws, but it is not excluded in any.

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