my sister named my mother as benificiary on her life insurance not her husband but he thinks he will get the money, does he have a legal right to the money?
Total Comments: 23
Posted: Sat Jul 31, 2010 02:39 pm Post Subject:
Very true. State statutes limit to one year, then discuss how suicide by an insane person is an "accident" for purposes of collecting on an AD&D policy. Do I hear "double indemnity"?
Posted: Sat Jul 31, 2010 09:57 pm Post Subject: insurance
MAX...that all sounds so crazy (I'm not saying it's NOT true..). People don't know when their spouse/family member is going to commit suicide. So....WITHIN 2 years, the premiums paid will be 'cashed out'? But..AFTER 2 years, the entire benefit will be 'cashed out'? Is that what you're saying?! 'You' would have enough on your mind (with someone taking their own life)!! No one 'times' their suicide. :cry: I hope you understand my comment.
Posted: Sat Jul 31, 2010 11:50 pm Post Subject:
Wendy . . .
It's a standard clause in life insurance. The purpose is to prevent someone who is already contemplating suicide from obtaining insurance with that thought in mind, only to complete the act shortly after the policy is issued. Having to wait two years could be long enough that the person changes their mind -- or they see the futility in their plan and give up on the insurance.
So the standard provision reads something like this:
In the event of the insured's death by suicide within the first two years of the policy issue, our liability will be limited to the premiums paid.
Two years and a day? The full death benefit is paid.
About the only life insurance policies that do not include a suicide provision are "industrial" (or, home service) life insurance. These policies have face amounts of $1,000 to $10,000. They cost between $2.00 and $20.00 per week, and premiums are usually collected by an agent in person, often in cash.
These kind of policies were once sold in the workplace 100+ years ago for $0.05 per week for $1,000 of death benefit (or about 2 years' wages at that time). The agent would collect the nickels on payday and give the worker a small receipt showing they had insurance for one more week.
No one 'times' their suicide
Not entirely true. There are some folks who purchase the insurance, and wait the two years to commit suicide. Not a pleasant thought, but it happens.
Posted: Sun Aug 01, 2010 03:10 am Post Subject:
It's a standard clause in life insurance. The purpose is to prevent someone who is already contemplating suicide from obtaining insurance with that thought in mind, only to complete the act shortly after the policy is issued. Having to wait two years could be long enough that the person changes their mind -- or they see the futility in their plan and give up on the insurance.
Maybe, but the rationale I was always given behind the law is that sane people will not buy a policy and wait two years to commit suicide. And no insance person who is contemplating suicide would be capable of contemplating such a plan (buying and waiting two years). I've always viewed it as a horrendously naive view on the issue, but then again I've never contemplated suicide so how would I know?
Posted: Sun Aug 01, 2010 12:27 pm Post Subject:
[quote]Not entirely true. There are some folks who purchase the insurance, and wait the two years to commit suicide. Not a pleasant thought, but it happens.
That IS a sad thought. It's like they're getting everything together, just for THAT fact. (Just a comment..) I guess it's just me, but,..how can people, that are thinking about doing this, think there is 'no way out'? There IS help 'out there', etc.
Posted: Sun Aug 01, 2010 12:38 pm Post Subject:
yep..MO puts the burden on the carrier to PROVE the policy was purchased with the sole intent of commiting suicide and collecting on the policys...which would be hard to prove unless it happened within the first 60 days or so.
I guess it's just me, but,..how can people, that are thinking about doing this, think there is 'no way out'? There IS help 'out there', etc.
some people don't want help..they just want it 'over with'..there's no explaining this SD, clearly suicide happens for the most part (IMO) when people see no hope, and/or as an impulsive act, many times with chemical contributors.
Posted: Sun Aug 01, 2010 01:01 pm Post Subject: insurance
(Sorry, everyone...Idid the above quote incorrectly!! :( ) I know when 'we' are in situations, there doesn't SEEM to be any hope. There is ALWAYS someone to help us..ya know? I see it, sometimes, with 'clients' that I have.
Posted: Mon Aug 02, 2010 12:25 am Post Subject:
sane people will not buy a policy and wait two years to commit suicide. And no insane person who is contemplating suicide would be capable of contemplating such a plan
No disagreement with that.
Posted: Mon Aug 02, 2010 10:45 am Post Subject: insurance
Sometime ago, I read a interesting (yet, sad) article, in a Kentucky newspaper. (To make a long story short..) A man had commited suicide just so his family could get the money and pay off debts. He left a note..stating he (paraphrasing her..) 'loved his wife and family and wanted to give them a better future..' From what I understand, of the article, he was planning this for sometime. :(
Posted: Mon Aug 02, 2010 01:11 pm Post Subject:
Maybe, but the rationale I was always given behind the law is that sane people will not buy a policy and wait two years to commit suicide.
I don't think it's possible for anyone to wait for even a year to commit a suicide. Still, I'd empathize with a carrier's point of view. Insurance companies need to reduce their risks and so they can't take any chances.
Posted: Sat Jul 31, 2010 02:39 pm Post Subject:
Very true. State statutes limit to one year, then discuss how suicide by an insane person is an "accident" for purposes of collecting on an AD&D policy. Do I hear "double indemnity"?
Posted: Sat Jul 31, 2010 09:57 pm Post Subject: insurance
MAX...that all sounds so crazy (I'm not saying it's NOT true..). People don't know when their spouse/family member is going to commit suicide. So....WITHIN 2 years, the premiums paid will be 'cashed out'? But..AFTER 2 years, the entire benefit will be 'cashed out'? Is that what you're saying?! 'You' would have enough on your mind (with someone taking their own life)!! No one 'times' their suicide. :cry: I hope you understand my comment.
Posted: Sat Jul 31, 2010 11:50 pm Post Subject:
Wendy . . .
It's a standard clause in life insurance. The purpose is to prevent someone who is already contemplating suicide from obtaining insurance with that thought in mind, only to complete the act shortly after the policy is issued. Having to wait two years could be long enough that the person changes their mind -- or they see the futility in their plan and give up on the insurance.
So the standard provision reads something like this:
In the event of the insured's death by suicide within the first two years of the policy issue, our liability will be limited to the premiums paid.
Two years and a day? The full death benefit is paid.
About the only life insurance policies that do not include a suicide provision are "industrial" (or, home service) life insurance. These policies have face amounts of $1,000 to $10,000. They cost between $2.00 and $20.00 per week, and premiums are usually collected by an agent in person, often in cash.
These kind of policies were once sold in the workplace 100+ years ago for $0.05 per week for $1,000 of death benefit (or about 2 years' wages at that time). The agent would collect the nickels on payday and give the worker a small receipt showing they had insurance for one more week.
No one 'times' their suicide
Not entirely true. There are some folks who purchase the insurance, and wait the two years to commit suicide. Not a pleasant thought, but it happens.
Posted: Sun Aug 01, 2010 03:10 am Post Subject:
It's a standard clause in life insurance. The purpose is to prevent someone who is already contemplating suicide from obtaining insurance with that thought in mind, only to complete the act shortly after the policy is issued. Having to wait two years could be long enough that the person changes their mind -- or they see the futility in their plan and give up on the insurance.
Maybe, but the rationale I was always given behind the law is that sane people will not buy a policy and wait two years to commit suicide. And no insance person who is contemplating suicide would be capable of contemplating such a plan (buying and waiting two years). I've always viewed it as a horrendously naive view on the issue, but then again I've never contemplated suicide so how would I know?
Posted: Sun Aug 01, 2010 12:27 pm Post Subject:
[quote]Not entirely true. There are some folks who purchase the insurance, and wait the two years to commit suicide. Not a pleasant thought, but it happens.
That IS a sad thought. It's like they're getting everything together, just for THAT fact. (Just a comment..) I guess it's just me, but,..how can people, that are thinking about doing this, think there is 'no way out'? There IS help 'out there', etc.
Posted: Sun Aug 01, 2010 12:38 pm Post Subject:
yep..MO puts the burden on the carrier to PROVE the policy was purchased with the sole intent of commiting suicide and collecting on the policys...which would be hard to prove unless it happened within the first 60 days or so.
I guess it's just me, but,..how can people, that are thinking about doing this, think there is 'no way out'? There IS help 'out there', etc.
some people don't want help..they just want it 'over with'..there's no explaining this SD, clearly suicide happens for the most part (IMO) when people see no hope, and/or as an impulsive act, many times with chemical contributors.Posted: Sun Aug 01, 2010 01:01 pm Post Subject: insurance
(Sorry, everyone...Idid the above quote incorrectly!! :( ) I know when 'we' are in situations, there doesn't SEEM to be any hope. There is ALWAYS someone to help us..ya know? I see it, sometimes, with 'clients' that I have.
Posted: Mon Aug 02, 2010 12:25 am Post Subject:
sane people will not buy a policy and wait two years to commit suicide. And no insane person who is contemplating suicide would be capable of contemplating such a plan
No disagreement with that.
Posted: Mon Aug 02, 2010 10:45 am Post Subject: insurance
Sometime ago, I read a interesting (yet, sad) article, in a Kentucky newspaper. (To make a long story short..) A man had commited suicide just so his family could get the money and pay off debts. He left a note..stating he (paraphrasing her..) 'loved his wife and family and wanted to give them a better future..' From what I understand, of the article, he was planning this for sometime. :(
Posted: Mon Aug 02, 2010 01:11 pm Post Subject:
Maybe, but the rationale I was always given behind the law is that sane people will not buy a policy and wait two years to commit suicide.
I don't think it's possible for anyone to wait for even a year to commit a suicide. Still, I'd empathize with a carrier's point of view. Insurance companies need to reduce their risks and so they can't take any chances.
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