Is Suicide Covered By No Medical Exam Life Insurance?

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As people continue to look for insurance coverage for their different needs, one question that keeps coming up is whether the insurance policy covers suicide. Death of a family breadwinner can be very devastating and it can be even more so if the cause is suicide. Anyone who decides to take their own life can leave the family in a very bad financial position because insurance companies balk at making payments in this situation.

Insurance without testing

If you are looking for insurance coverage and you do not want to go through medical testing, you can buy no medical exam life insurance. This insurance is available fast and conveniently because you do not have to make an appointment and wait for the results of the medical test. Life insurance plans come with different conditions and those that do not require medical exams are still a novelty in many circles. People are still getting used to the idea that they do not have to go through examinations before they can get the coverage they need.

Conditions for payment

Life insurance policies have different conditions when it comes to paying of benefits. It is important to know that it is not always straightforward and you should always make sure that you find out the terms and conditions before you sign on the dotted line. Like with traditional policies, the plans offer temporary and permanent coverage depending on your needs. The different insurance plans have conditions when it comes to paying out benefits. Most insurance plans will cover suicide but there are certain conditions that must be met.

The two-year condition

Before making payments for suicides, the insurance provider considers the duration that has passed since the policyholder signed the policy. The agency will pay death benefits if the insured party committed suicide at least two years after signing of the policy. This means that if the suicide takes place soon after buying the insurance or before the two-year term has passed, the beneficiaries are not eligible to receive the proceedings. The insurer considers the contract void and is not under financial obligations if the 2-year condition is not met.

Insurance companies put in place measures to protect themselves from insurance fraud. The clause is aimed at discouraging people from taking their own lives. Insurance is designed to protect people financially after the death of the provider and it is not designed as a way to cover suicides. To find an affordable insurance plan, you should search and compare quotes from different providers.

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