Have you heard that no life insurance company will pay death benefits to your beneficiaries if you commit suicide?
This is not totally true or false; we will not discuss this myth in this article to clarify this delicate subject.
This sensitive topic causes anxiety among many families in Quebec. Discover the whole truth and what to do in case the insured takes his own life.
This question often comes up in the field of life insurance.
Suicide does not always invalidate the agreement between the insurer and the insured. It depends on several factors.
Consultation of all clauses in the life insurance contract
When subscribing to life insurance, it is important to read the whole document.
A clause that most people don’t consult can be critical in case the insured commits suicide.
You must look for the clause that states that after 24 months since the start of the contract, the insurer will pay the benefits if the insured takes his own life.
There is a clause in most life insurance contracts that state that an insurer may refuse to pay the death benefits if suicide occurs within 2 years from the start of the contract.
If the insured commits suicide after this period, all premiums paid are refunded, that’s all.
You must find in your contract a clear explanation such as this one that says the insurer will pay the death benefits: suicide of the insured person 24 months after the start of the contract means the insurer will pay the benefits.
It is not accepted by all insurance companies.
Far from it.
Some of them categorically refuse to pay.
Those who do agree to pay the costs believe that an individual cannot plan his suicide two years in advance.
If in doubt, contact the insurer directly to obtain more accurate information.
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