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Jul 9, 2024 · If you’re dealing with a mental health illness, you may be wondering about coverage options and what is usually included in life insurance policies. Read on to find out how suicide affects a life insurance claim, how mental health illnesses impact premiums, and what alternatives you can choose from to get coverage.
- Not A Recreational Activity
- Insurance Industry Responds
- Differences in The U.S.
"I find it incomprehensible. People aren't self-harming because they're having a good time. It's not like it's a recreational activity. People are self-harming because they have some kind of life, mental health issue," she said. Mental illness is believed to be a factor in approximately 90 per cent of suicides in Canada, according to the Centre for...
Insurance companies contacted by CBC News responded through their umbrella organization, the Canadian Life and Health Insurance Association. In a statement, the assocation said: "The general purpose of insurance is to protect people in the event of an unexpected injury or illness, and not for losses which result from the insured person's deliberate...
"The insurer is not in charge. The employer is in charge. The employer is the customer. This is a contract the employer signs, and therefore can say, 'I don't want that clause in there.' " (The CBC's policy with Great-West Life excludes coverage for losses resulting from suicide, suicide attempts and intentional self-inflicted injury, including the...
Aug 1, 2024 · Key Takeaways. Many life insurance policies contain a suicide clause or provision. Companies typically won't pay a death benefit if the policyholder commits...
Aug 20, 2024 · How a life insurance policy will handle suicide depends in part on the type of coverage — individual versus employer-paid group life insurance.
Sep 30, 2024 · We explain when a life insurance policy may cover death by suicide and what to do if a claim is incorrectly denied due to death by suicide.
May 31, 2024 · Most policies won’t allow a death benefit payout if the insured commits suicide within a certain number of years after the policy starts. Find out how life insurance works in this...
An examination of the perspectives of both the life insurance industry and the impacted survivors of suicide decedents raises questions about what are reasonable and appropriate exclusionary clause time frames that protect both the insurer and survivor-beneficiaries.
