Does Life Insurance Cover Suicide Complete Guide
Does life insurance cover suicide? This is an interesting question to ponder when considering a policy that you may be considering. When it comes to the type of life insurance coverage you want to select, you should consider what options are available to you.
Before choosing a policy, it is important to understand what is covered and what is not. This will help you make your selection more intelligently.
There are certain categories of cases that fall into the suicide coverage of life insurance. These include legal or medical suicide. The question may arise as to whether a person with a terminal illness can take their own life.
Legal suicide covers a person who has made up his or her mind to end their life. Most states allow this, and it falls under the category of “durable medical insurance.”
This coverage can cover non-terminal illnesses that will cause a person to have an unpleasant death. Legal suicide insurance will not cover the person involved. To do so would be a violation of a person’s legal rights, which is against the law. That’s why most policy types do not cover suicide.
Medical suicide covers a terminal illness that will end a person’s life. For example, AIDS patients have legal rights under HIPAA (health information privacy act). Those rights protect them from being coerced into taking their own lives by others or by health care providers.
Another example of medical insurance coverage that falls under this category is an organ transplant. This coverage does not cover the suicide of a person that was a patient of the transplant surgeon, but it does cover the costs of the organs.
Guide of Does Life Insurance Cover Suicide:
Any type of suicide coverage of life insurance that you get will cover non-medical suicide. This is different than the non-termination cases mentioned above. In the latter instance, it covers a person who may be experiencing pain due to an illness, and who decides that he or she doesn’t want to live anymore.
In this instance, there is no non-terminal terminal illness involved. Medical insurance coverage for this case is not included in a standard policy. You can find this type of coverage with life insurance brokers.
Just as with a non-terminal terminal illness, this type of suicide insurance is not usually a part of a standard life insurance policy. Because of the potential for prosecution, it is not offered by most insurance companies. When a policy does offer this coverage, it will be part of a “suicide” clause.
It is wise to understand that any type of suicide coverage of life insurance policy is going to be limited in terms of the type of people who can benefit from it. Generally, it will cover terminal illness patients who are suffering, but not yet ready to die. Even the terminally ill are still covered, as long as the policy is purchased before the time of death.
It is good to know that even if your life insurance policy does not cover suicide, the possibility still exists. This means that you will be covered when you decide that it is time to go ahead and take your own life.
You Also Like This!! Universal Life Insurance company Puerto Rico