On average, over 6,000 people commit suicide in Ireland and the UK every year. Although this is a difficult subject matter, people are increasingly asking whether having life insurance in Ireland pays for suicidal death. In the event of the insured person’s death, life insurance policies are designed to protect their family. However, it is important that you fully understand what is and what is not covered by your policy. People often mistakenly assume that life insurance providers do not pay for suicidal death. Instead, by having an understanding of your insurance policy and its exclusions, you will be able to make more informed decisions.
In this article, we will discuss what life insurance policy exclusions are and whether life insurance in Ireland will cover suicidal death.
What are life insurance exclusions?
If you have life insurance in Ireland, your provider will pay your beneficiaries a death benefit when you pass away. However, if you are unaware of the exclusions within your life insurance policy, your family may be left without payment. A life insurance exclusion is a circumstance that will prevent your beneficiaries from receiving your death benefit. Essentially, this means that some causes of death will not be covered by your life insurance. Common life insurance exclusions include dangerous activity, illegal activity, an act of war and suicide.
Does life insurance in Ireland pay for suicidal death?
A common exclusion to all insurers is death “at your own hand”. Commonly, if you die due to suicide within the first year of taking out a life insurance policy, then you will not be covered. The reason life insurance policies have this clause is to reduce any financial incentive for an individual to take his or her own life. As tragic and unimaginable as this seems, it can happen. Beyond the one year period, the exclusion often does not apply. If a person dies by suicide following this period, their insurance company will assess the claim in the same manner as any other claim.
Insurance companies may request additional medical evidence following the time period set out in the suicide clause. This can include medical records and coroner reports. Furthermore, insurance providers will often consider the method and timing of the death, as well as any documentation they have left.
Do mental health conditions affect life insurance claims in Ireland?
Mental health issues may play a role in why someone may take their own life. When you are applying for life insurance, you must disclose any mental health conditions you have. You will also need to outline any medications you take and the severity of your conditions. Life insurance providers are usually able to offer cover on standard rates if the applicant’s mental health conditions are mild. However, they may charge higher premiums depending on the severity of your mental health condition.
Do I need life insurance in Ireland?
Individuals who buy life insurance in Ireland often have family members who depend on their income. As mentioned previously, life insurance policies will pay a death benefit to beneficiaries following your death. Essentially, if anyone depends on you financially then you should have life insurance. Life insurance is a real security you can put in place if you or your partner pass away. You must understand what is and is not included in your life insurance policy. Fortunately, with Best Insurance Quotes, you can get a life insurance quote in under 30 seconds.
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