Compare Life Insurance Companies That Cover Suicide (2022)
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Compare Life Insurance Companies That Cover Suicide (2022)
[su_box title="Important Things to Know" style="default"] Most life insurance companies cover suicide after the policy is in force for two to three years Life insurance companies can contest the nature of any death using the contestability clause A suicide clause lasts for at least two years Eight states and Washington D.C. have a "death with dignity" law Group life insurance usua...
On This Page
- Most life insurance companies cover suicide after the policy is in force for two to three years
- Life insurance companies can contest the nature of any death using the contestability clause
- A suicide clause lasts for at least two years
- Eight states and Washington D.C. have a “death with dignity” law
- Group life insurance usually doesn’t have a suicide clause
Did you know life insurance companies that cover suicide can contest your policy within the first two years? Life insurance companies cover suicide after a specific period outlined in the policy.
Life insurance companies that don’t cover suicide use a contestability provision But what is contestability in life insurance? Don’t worry – we’re here to help.
Our guide explains where you find the best life insurance companies that cover suicide and what life insurance provisions block claims. We’ll also explore how various life insurance policy types respond to suicide.
After you learn everything about life insurance companies that cover suicide, enter your ZIP code in the free online quote tool above to compare multiple insurance companies in your area.
Table of Contents
What are the best life insurance companies that cover suicide?
Most life insurance companies pay out claims after a suicide. But if you’re not sure where to look, you should compare the best life insurance companies. Here’s a list of the top life insurance companies in the United States and their market shares.
Top 10 Life Insurance Companies by Market Share and Direct Premiums
| Ranks | Companies | Direct Premiums Written | Market Shares |
|---|---|---|---|
| 1 | MetLife Inc. | $103,335,055 | 13% |
| 2 | Equitable Holdings | $62,688,657 | 8% |
| 3 | Prudential Financial Inc. | $61,913,976 | 8% |
| 4 | New York Life Insurance Group | $40,211,642 | 5% |
| 5 | Massachusetts Mutual Life Insurance Co. | $38,461,197 | 5% |
| 6 | Principal Financial Group Inc. | $26,439,671 | 3% |
| 7 | Lincoln National Corp. | $25,385,450 | 3% |
| 8 | Western & Southern Financial Group | $22,920,717 | 3% |
| 9 | Transamerica | $22,875,109 | 3% |
| 10 | American International Group (AIG) | $22,620,803 | 3% |
MetLife has the highest market share in the life insurance industry. But a company’s market share and earnings alone won’t make it a suitable insurance provider for you.
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Which life insurance policy types cover suicide?
Most life insurance policies cover suicide after the contestability and suicide clauses have ended. But which life insurance policy types cover suicide?
- Term life insurance
- Permanent life insurance
- Group life insurance
Term life insurance lasts for a specific number of years, but permanent life insurance continues until you pass away. Also, permanent life insurance has accumulated cash value benefits.
Group life insurance is through your employer, and it’s the only policy type on the list that doesn’t have a contestability or suicide clause. However, if you purchase supplemental life insurance through your job, a contestability clause and a suicide clause may come with it.
Does military-focused life insurance cover suicide?
It depends on the company. Life insurance policies through Veterans Affairs cover suicide.
Life insurance policies through the Veterans’ Group Life Insurance (VGLI) and Servicemembers’ Group Life Insurance (SGLI) provide coverage for suicide without contestability and suicide clauses.
In what situation would life insurance not cover suicide?
Life insurance companies that don’t cover suicide may do so under the contestability clause and suicide clause.
The contestability clause is a part of the life insurance policy that says a life insurance company can contest a life insurance claim within two or three years. The length of the contestability clause varies for each company.
A life insurance company can use the contestability clause to stop a life insurance claim to beneficiaries. A contestability clause is usually activated if a policyholder passes away within the contestability period. It can also be invoked if the policyholder lies about their health, age, or other critical information.
How does the suicide clause work?
The suicide clause works like the contestability clause, but it specifically says that a life insurance company won’t cover suicide during the first two or three years. Suicide clauses may accompany contestability clauses, also.
Life insurance companies can use the suicide clause and deny the life insurance claim if the insured committed suicide during the suicide clause period.
Therefore, assisted suicide, drug overdose, and alcohol poisoning (overconsumption of alcohol) are situations where a life insurance company may deny a life insurance payout to beneficiaries.
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What about “death with dignity?”
The “death with dignity” law gives medical professionals the authority to assist a person in ending their life. Life insurance companies can cover this type of suicide, but it must be after the contestability and suicide clauses have been expired.
“Death with dignity” is only available in eight states and Washington D.C. Here is the list of states that allow “death with dignity.”
- California
- Colorado
- District of Columbia
- Hawaii
- Maine
- New Jersey
- New Mexico
- Oregon
- Vermont
- Washington
Be honest with the life insurance company about the nature of how the insured passed away. This prevents a lengthy investigation. Each state handles suicide and life insurance differently, but there are some similarities.
Does life insurance pay for suicidal death in California?
Yes, it does. Life insurance companies in California pay out life insurance claims to the insured after two to three years. Life insurance claims that you file before the contestability or suicide clause period expires could be denied.
If a life insurance company suspects that a person has committed suicide before the contestability or suicide clause ends, it can deny a life insurance claim until the beneficiary can prove otherwise.
Does life insurance pay for suicidal death in Ohio?
The answer is yes. Ohio’s law is similar to California’s. You can’t receive life insurance claims that are filed before the contestability period expires.
Does life insurance pay for suicidal death in Florida?
The short answer is yes. But life insurance companies in Florida can’t presume that someone committed suicide.
The state of Florida insists that life insurance companies prove that a person committed suicide. Your case then goes to court, and a judge will decide if a denied life insurance claim is justified.
How can I prevent a denied life insurance claim after a suicide?
The policyholder that wants to prevent a life insurance company from delaying a claim can shop for no-waiting-period life insurance. Life insurance policies usually have a 24-month waiting period (two years).
Buying a life insurance policy with no waiting period can negate the two to three-year delay.
But starting a life insurance policy right away may not expel the suicide clause. Life insurance companies may keep the suicide rider attached to your no-waiting-period life insurance policy.
How does a life insurance company know a person committed suicide?
Life insurance companies may ask for an autopsy report and a death certificate to look at the insured’s cause of death. If the details include self-inflicted harm, a life insurance company may contest the life insurance claim.
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How much are life insurance rates at the best companies?
Life insurance rates vary for each company. If you’re thinking about buying life insurance, compare multiple insurance companies to find the best rates.
Let’s look at the average cost of term life insurance from the top life insurance companies in the nation.
Average Term Life Insurance Rates by Company
| Companies | Average Term Life Insurance Rates | A.M. Best Ratings |
|---|---|---|
| Allstate | $15 | A+ |
| Banner Life | $9 | A+ |
| Guardian Life | $10 | A++ |
| Liberty Mutual | $19 | A |
| Haven Life | $11 | A++ |
| John Hancock | $11 | A+ |
| MassMutual | $10 | A++ |
| MetLife | $9 | A+ |
| Mutual of Omaha | $12 | A+ |
| Nationwide | $13 | A+ |
| New York Life | $11 | A++ |
| Northwestern Mutual | N/A | A++ |
| Pacific Life | N/A | A+ |
| Primerica | N/A | A+ |
| Principal | $9 | A+ |
| Protective | $9 | A+ |
| Prudential | $16 | A+ |
| State Farm | $15 | A++ |
| USAA | $12 | A++ |
MetLife, Banner Life, Principal, and Protective have the cheapest life insurance rates on the list. Meanwhile, Allstate and State Farm are the most expensive life insurance companies.
Which factors affect life insurance quotes?
Several factors determine whether affordable life insurance is available to you. Before you buy life insurance, there are a few characteristics that life insurance companies consider. Here’s a list of factors that impact life insurance quotes.
- Age
- Company
- Gender
- Health
- Policy types
- Policy terms
- Policy limits
Younger policyholders pay less for life insurance, but seniors pay more. You’ve seen how companies have different rates, but if you’re a female, you’ll pay less expensive life insurance rates.
Life insurance companies also provide cheaper rates for people who don’t smoke and have good health. Chronic illnesses and smoking can increase your life insurance rates.
Life Insurance Companies That Cover Suicide: The Bottom Line
Life insurance covers suicide only after the contestability and suicide clauses have ended. Each life insurance company varies, so contestability is different.
Now that you know more about life insurance companies that cover suicide use our free online quote tool below to compare multiple insurance companies in your area.
Seek immediate help if you or anyone you know is considering suicide. You can contact the National Suicide Prevention Lifeline at 1-800-273-8255.
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Compare Life Insurance Companies That Cover Suicide (2022)
[su_box title="Important Things to Know" style="default"] Most life insurance companies cover suicide after the policy is in force for two to three years Life insurance companies can contest the nature of any death using the contestability clause A suicide clause lasts for at least two years Eight states and Washington D.C. have a "death with dignity" law Group life insurance usua...