Life Life insurance for suicide

LDFerguson said:
So if a person is not suicidal when they start the policy but becomes suicidal and ultimately ends their life by suicide more than 12-24 months later, that's a valid claim.
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Thanks LDF, that was my understanding of the situstion. aj
 
Time said:
As said earlier it is very rare for a coroners inquest to make a finding of suicide.
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I apologise for taking this off topic but do you know why that is? And what do they make a finding of instead?
 
From [broken link removed]:
“It's awful to be at this point in my life and sit around thinking that the best thing really would be for me to die because my life insurance (provided by work) would pay off the debts and Bank of Ireland would leave us all alone."
 
On a related topic, like most Irish people I was very saddened to hear of the death of Fiachra Daly, formerly of Priory Hall. A lot of the media coverage inferred that his suicide was caused by the financial stresses of his family's situation - being pursued to pay a mortgage on an uninhabitable home. Without knowing what was going on inside his head, nobody can say what drove this man to his death, but it's reasonable to assume that whole Priory Hall-related financial situation had to be a cause of great worry for him.

There might be someone reading this who might contemplate suicide as a possible solution to a financial problem. You might think that a claim on a life insurance policy would leave your family in a far better financial position and take away some of the financial pressures and stresses that exist at the moment. If so, please please please talk to someone - a friend, family member, someone you can trust in the community, Samaritans, http://stopsuicide.ie/, [broken link removed] or any of the many groups that exist to help people who are having difficulties.

There is always a better solution. You may just be so overwhelmed by your own issues that you find it hard to see the alternatives that others could see.

I am not inferring or implying that Fiachra Daly ended his own life solely to claim on his life insurance. I know nothing of what issues this man faced, other than the ones that are in the public domain.
 
Best post on this tread.

Very well put Liam
 
My deepest sympathy's goes out to that poor family and they probably will never know fully why he did what he did.

Unfortunately I know all to well about this subject having sat in a A&E for several hours waiting and praying that a loved one would pull through after taking an overdose, thankfully they did but not without lasting damage to both themselves and to the family.

The person had many difficulties and not just financial but they did tell us that the life assurance policy pay out would have solved all there financial difficulties at the very least.

So I can say that in this case the life assurance payout was a contributing factor while not the whole reason. Hence the reason why I posed the original question as I was interested to see if people thought life assurance companies should payout under such circumstances.
 
life insurance

Hi everyone first time ever putting up a post but have been following this site for a while,my husband suffers from depression has done for yrs,when we bought our home insurance companies would not insure him because of the depression,they told us to come back in five yrs and apply again,again he was refused .my husband has never tried to take his own life but to insurance company he was high risk was told they mite give higher premium but wasent even given that option.I had to take out an over 50 policy with no medical and at a high price and that would basically only cover his funeral expences id still be left with the morgage.has anybody else been in this position?
 

A lot will depend on the severity of his depression. It would be relevant that he has never attempted suicide. Other relevant factors would be how frequently and how recently he has been hospitalised as an in-patient for depression, what treatment he is receiving and whether or not there are any complicating factors e.g. alcohol or substance use, any other illnesses etc.

It may be worth trying again, making sure that the life insurance company has a complete picture with as much information as possible.

If the "high-street" life insurance companies still turn him down, there's also a specialist UK company called Pulse who may offer cover - they specialise in taking on insurance risks that other companies reject.

Liam D. Ferguson
 
life insurance

Thanks for your reply my husband doesent drink never has done but the depression has been going on yrs but its not something that happens every day could go for mths on end without a bout but than could out of the blue id he got a little stressed,he did spend a lot of time in and out of hospital yrs ago when he was a lot younger but hasent been hospitalised in years,even when he went back to apply after the 5 yrs in that time he hadend been in hosp,he doesent take any tabs for the depression as when the bouts appear it could only last a few hrs or max 2 days,he brings himself out of it and if he cant its usually because he is so tired from not sleeping than will go to the doc and than he will be prescribed a mild antidepressant just to relax him so he can get some sleep..i must look up that company in the uk see if i could get him life insurance even enough to cover the morgage if anything happened,i was prepared to pay a higher premium here had we be given an option,Thanks for your help
 
I thought about this thread when I saw this very sad article today;

http://www.independent.ie/irish-new...rote-his-young-wife-out-of-will-29580150.html

It's not insurance-related, but probably relevant all the same.
Time said:
As said earlier it is very rare for a coroners inquest to make a finding of suicide.
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I'm not so sure that Time is right to say that Coroners don't give findings of suicides. I know there was a reluctance to do this in the past, as part of the general 'cover-up' of cases of suicide. A number of Coroners have been very vocal about our suicide epidemic in recent years.


Interesting to see that the 1-year limitation is excluded where the policy is assigned, which would be the case for all mortgage protection policies. It is also interesting to see the exclusion for 'terminal illness as a result of own deliberate act' - what happens in cases of smokers and lung cancer?
 

I think the word "deliberate" in this context would mean that the intention to kill one's self was deliberate. This condition would cover someone who has a Terminal Illness benefit on their policy and is rendered terminally ill by, for example, a massive overdose of drugs. The intention of the act was clearly to end life. So the insurance company wouldn't pay the Terminal Illness benefit if this happened within one year of the policy start date. People who smoke don't smoke cigarettes as a deliberate attempt to kill themselves.
 

Great post Liam. I have no doubt that financial pressure's have contributed to those that have taken they're own lives in recent years, but I believe that pressure is only part of a complex jigsaw: Alchohol, depression, work pressure, relationship break up etc. can all play a part, but as you've pointed out there is always a better solution. If anyone is feeling suicidal and reading this, remember your family want you, not the proceeds of a life policy. Make a call to the numbers above.
 

Based, on what you write, I think he might get accepted by one of the Irish insurance companies (probably with a loading), provided that they have been presented with all the relevant facts. You should go to a good Financial Broker who can put a detailed enquiry with all the specifics of your husband's depression to a number of insurance companies before you even fill out an application form.
 
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