my friend commited suicide after reinstating policy after 5 month of laps period. he had insurance for 3 years prior, is he still covered?
submitted by ken in phoenix, AZ
Depends on the contract, and timeframes. Typically, if a life insurance is more than 2 years old, it is not contestible by the insurance company regardless of cause, except for excluded conditions in the contract (i.e. killed in a war zone, during a felony, etc.). The question becomes, what was asked on the reinstatement application and was it within the last two years. If so, where contestability comes into play, and the company can show that he reinstated simply because he was going to commit suicide, it may be very tough to get a payment from the company.
Question cannot really be answered fully here, just depends on the contracts.
submitted by David Horsey in Springfield, MO
@ June 15, 2009 - 04:03 PM
Question cannot really be answered fully here, just depends on the contracts.