Life Insurance for the Suicidal
January 8, 2012 8:37 PM Subscribe
Could someone give me good advice about life insurance and suicide?
Okay, so here's the deal: I've been depressed and suicidal for a long time now. I'm fairly convinced that eventually my life will end in suicide. Let's make that a foregone conclusion, in fact. I currently have some life insurance in place, and I've gone past the 2 years that seems to be typically mandatory in order for a policy to pay out on a suicide. But the amount I have myself covered for isn't nearly enough to take care of my family, in my opinion. So I had the idea of convincing my brother-in-law and sister-in-law to purchase insurance policies on my life, paying the premiums, and then per pre-arrangement collecting half the payoff and giving the other half to my wife and kids. In this manner I could drastically increase the amount my surviving dependents collect upon my self-inflicted death.
The questions I have are multifold, but basically I wanted to know if this is something that would work in a legal sense. I'd prefer the input of someone with a legal background, but if anyone has any information to let me know if this would work or not I'd be extremely appreciative.
Okay, so here's the deal: I've been depressed and suicidal for a long time now. I'm fairly convinced that eventually my life will end in suicide. Let's make that a foregone conclusion, in fact. I currently have some life insurance in place, and I've gone past the 2 years that seems to be typically mandatory in order for a policy to pay out on a suicide. But the amount I have myself covered for isn't nearly enough to take care of my family, in my opinion. So I had the idea of convincing my brother-in-law and sister-in-law to purchase insurance policies on my life, paying the premiums, and then per pre-arrangement collecting half the payoff and giving the other half to my wife and kids. In this manner I could drastically increase the amount my surviving dependents collect upon my self-inflicted death.
The questions I have are multifold, but basically I wanted to know if this is something that would work in a legal sense. I'd prefer the input of someone with a legal background, but if anyone has any information to let me know if this would work or not I'd be extremely appreciative.
This post was deleted for the following reason: Hi - you can't ask questions about suicide here, please get us on the contact form if you need to talk about this. -- jessamyn
Okay, leaving aside the fact that it would be a great idea for you to get some mental help, here's some advice re: insurance. I'm not an insurance expert, but I had to do a bunch of research for a fiction project a few years ago, and spoke to a few agents.
The first problem is the fact that yeah, life insurance almost never pays out after a suicide. And the insurance companies work hard to understand the true nature of a death to avoid doing so.
But the second, and likely bigger, issue is that you'll have to show a solid reason why your brother and sister-in-law should be taking out a policy on your behalf. The insurance company won't write the policy "just because." So unless you can show why they would have an economic need/interest, they won't be able to open the policies in the first place.
Or, maybe you're talking about just getting another or bigger policy yourself and having them pay? In that case, maybe when you approach them with this idea they will help you get some psychological help. That would be the better, more practical idea, and would help your wife & kids much more than any amount of money after your death. I'm just saying.
posted by BlahLaLa at 8:47 PM on January 8, 2012
The first problem is the fact that yeah, life insurance almost never pays out after a suicide. And the insurance companies work hard to understand the true nature of a death to avoid doing so.
But the second, and likely bigger, issue is that you'll have to show a solid reason why your brother and sister-in-law should be taking out a policy on your behalf. The insurance company won't write the policy "just because." So unless you can show why they would have an economic need/interest, they won't be able to open the policies in the first place.
Or, maybe you're talking about just getting another or bigger policy yourself and having them pay? In that case, maybe when you approach them with this idea they will help you get some psychological help. That would be the better, more practical idea, and would help your wife & kids much more than any amount of money after your death. I'm just saying.
posted by BlahLaLa at 8:47 PM on January 8, 2012
You have identifying information in your profile. You are posting questions about insurance payouts for suicides. The answer to your question will lie in the specific wording of your policy, but if the insurer gets the faintest whiff that death by suicide was contemplated at the time of taking out the policy, you can kiss goodbye to any easy payout.
Or to put it another way: for the love of god, email a mod now and ask them to anonymize this question pronto.
posted by tim_in_oz at 8:48 PM on January 8, 2012
Or to put it another way: for the love of god, email a mod now and ask them to anonymize this question pronto.
posted by tim_in_oz at 8:48 PM on January 8, 2012
Do not do this. please see a medical professional.
"Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause)."
posted by leotrotsky at 8:48 PM on January 8, 2012
"Special exclusions may apply, such as suicide clauses, whereby the policy becomes null and void if the insured commits suicide within a specified time (usually two years after the purchase date; some states provide a statutory one-year suicide clause)."
posted by leotrotsky at 8:48 PM on January 8, 2012
Don't commit suicide! Please seek help.
Your question is actually a very complicated one. The terms of the insurance policy and/or state law will affect the answer, neither of which is provided in your question. You really need to speak with a lawyer if you want it answered.
posted by J. Wilson at 8:50 PM on January 8, 2012
Your question is actually a very complicated one. The terms of the insurance policy and/or state law will affect the answer, neither of which is provided in your question. You really need to speak with a lawyer if you want it answered.
posted by J. Wilson at 8:50 PM on January 8, 2012
This thread is closed to new comments.
If you are suicidal, please get help.
posted by dfriedman at 8:41 PM on January 8, 2012