When you apply for life insurance, the company is going to look at dozens of different factors before they accept your application for coverage. They are going to look at everything from your age to your hobbies. As a part of the application process, you’ll also be required to give them access to your medical records and driving records. All of these factors are going to play a huge role in your chances of getting coverage and how much you’ll pay for that life insurance protection.
There are a lot of factors that could make you a “high-risk” applicant, which means that you will pay much more for your policy or they could decline your application. One common factor that causes applications to fall in the high-risk category is any suicidal tendencies.
Many questions linger around suicide and life insurance; today we’ll do our best to clear them up. Whether it’s suicidal thoughts, suicide attempts, or you’re the beneficiary of someone who committed suicide, there are many ways to tackle this subject.
In short, if you have signs of suicide in your history, qualifying for life insurance can still be possible.
It’s a not the easiest of subjects to discuss, but there are a fair amount of people who have legitimate concerns about the long term financial repercussions of a family not being able to obtain a policy strictly due to a history of suicide.
Life insurance is one of the most important investments that you’ll ever make for your loved ones. It’s the best way to ensure that your family members will have the money that they need, regardless of what happens to you. We know that finding the perfect life insurance plan can be a long and difficult process, but we are here to help you find the best plan to meet your needs at an affordable rate.
Suicide And Life Insurance
Today we’ll be discussing suicide and life insurance from a couple different angles. The first is suicidal thoughts being listed on your medical history, the second being suicidal attempts, and the final point will be talking about how suicide can affect the payout of a life insurance policy. Remember, there are many factors are play in each scenario, so each decision made by an insurance carrier in regards to suicide may be made on a case-by-case basis.
Distinguishing the difference between suicidal thoughts and suicidal attempts makes a very big difference from the underwriting perspective.
Suicidal Thoughts And Life Insurance
Depending on your history, there is a bit of a grey line in regards to suicidal thoughts and life insurance. Depending on your records, your application may be categorized as a history of depression. This won’t make much of a difference to you as the applicant, it just means the underwriting guidelines which are used are more specific to depression than suicidal attempts.
In this way, the most important factors become your medications currently used, past medications taken, and dates of diagnosis. Any issues with bipolar or mood swings can take a toll on your rating, and other medical concerns can also increase your premiums.
The time frame in which you apply is also key. If you’ve had suicidal thoughts in the last year, there’s a good chance most or all carriers will postpone your application you’ve reach that point. Afterwards, you will likely be qualified for no better than Standard. Your approval is subject to prescriptions, psychiatric evaluations and follow up, and consideration of all mental impairments. For each year thereafter, you could begin to see better rates as long as you can show a detailed history of improvement or stabilization.
Suicidal Attempts And Life Insurance
If there has been an attempt at suicide in the past, life insurance is still obtainable but it will be a little harder to get than where suicidal thoughts without an attempt is present. You will also do no better than a Mild Sub-Standard rate. The same time frame for postponement applies to suicidal attempts as it does with thoughts, but multiple attempts could be a decline without regard to time frame.
If the suicide attempt was greater than a year ago with no thoughts of suicide and life insurance is applied for, your underwriting will pertain to all mental disorders including (but not limited to) depression, bipolar and other psychiatric impairments. There will need to be clear notes from a psychiatrist/psychologist stating it was likely a one time incident. The catalyst, if from one event and not a chronic issue, will be taken into consideration as well.
Many companies will still offer coverage for life insurance after a suicide attempt, but not all.
Life Insurance Payouts After Suicide
If you’ve heard of the contestable clause before, you may already know some of what needs to be said here. This clause, more or less, allows an insurance company to investigate a possible cause of death within a pre-determined time frame, usually two years. If the cause of death determined suicide, the insurance company may host the right to decline payment of the death benefit. In this case, the paid premiums may or may not be returned to the payor.
With a history of suicide and life insurance companies understanding the risks involved, don’t be surprised with a very stringent offer from a few select companies. A few carriers will just pass altogether. If you are in need of affordable high risk life insurance and have questions, we can certainly answer questions and help you to obtain the coverage you deserve.
Getting the Best Life Insurance Plan
If you have a past with any type of suicide on your record, you may think that it’s impossible to get an affordable life insurance plan. There are several things that you can do to improve your chances of getting approved for coverage and secure lower premiums from the insurance company. A few simple lifestyle changes can make a huge difference and keep more money in your pockets.
The first thing that you should do is start a healthy diet and get regular exercise. Both of these can help you lose weight, lower your blood pressure, and decrease your risk of having severe health complications, all of these are going to get you better results from the medical exam. You can still enjoy the foods you love, but making some simple diet changes could save you hundreds of dollars on your life insurance plan. Maybe you’re concerned because you’re overweight and need life insurance; we can help.
Another excellent way that you can get better rates from the insurance company is to eliminate any tobacco that you currently use. If you’re listed as a smoker on your life insurance application, you can expect to pay much higher rates. In fact, smokers are going to pay twice as much for their life insurance versus what a non-smoker is going to pay for the same amount of coverage. If you want to get the most affordable plan, it’s time to kick that bad habit once and for all. No matter if you need $100,000 or a million dollar insurance policy, we can answer your questions and help you get the coverage you deserve.
The best way to ensure that you’re getting the best ways is to work with an independent insurance agent. Unlike a traditional agent, we work with dozens of highly rated companies. Every insurance company is different, which means that you could get drastically different rates depending on which company that you receive the quote from. Each insurance company is going to view suicidal applicants differently, finding the best company could be the difference between getting an affordable life insurance plan or getting declined for coverage. Instead of wasting hours and hours on the phone calling different agents, let us do all of the work for you.
Our agents have years of experience working with dozens of excellent insurance companies and high-risk applicants. It’s our mission to ensure that you’re getting the best life insurance plan to meet your needs at an affordable rate. We know that getting an affordable life insurance plan can be a difficult task, but it doesn’t have to be. We can bring all of the best rates directly to you.
Life insurance is one of the best safety nets that you can ever buy for your family. If something tragic were to happen to you, your loved ones would be responsible for all of your debts and final expenses, which can make an already difficult situation a thousand times worse. Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance protection that your family deserves. Contact one of our agents and we would be happy to get the process started and give your family life insurance protection.
If you’d like to know more about suicide and life insurance, give us a call or contact us today through the website or email. We’ll be happy to listen to you and determine if coverage is possible at this time.