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With regard to the topic of insurance
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Recent Posts
- What will happen to my life insurance policy if AIG goes down?
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- If you’re at fault for the accident but the person you hit has expired insurance?
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- Can I obtain medical insurance despite my medical condition?
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What is unethical is opening an insurance policy with the intention of killing yourself so your family can collect the money. That is pretty much borderline fraud.
So you think that there should never be a financial award to the beneficiary if the policy holder commits suicide. I can see your reasoning, however there is another point to consider. Most insurance policies I have seen do not pay out for the first couple of years, and the reasoning for that is obvious.
Generally, people who commit suicide have a psychological illness. That illness is so severe that it results in death for those who commit suicide.
In that respect, as soon as anyone is diagnosed with a terminal disease, should companies cancel their life insurance policies? Should life insurance only pay out for “natural” death by old age?
By stating that it is unethical to “ever” pay out for suicide is to say that the companies should deny payment to anyone with a life terminating illness.
Surely you don’t think most folks just shoot themselves every time they face a problem? I can assure you that’s not the case. If it were, I would have been dead years ago. It is a psychological illness.
No, quite the opposite . . .
The suicide exclusion in the first few years, keeps the INSURED honest. It promotes them being ethical.
But if years later, there’s a sudden chemical imbalance that causes mental instability and suicide attempts, that isn’t any kind of fraud on the part of the insured life. And should be paid, by the insurer.
It’s to keep people from buying policies and jumping off bridges. If there was no exemption then we’d all pay boatloads more for insurance. You could just launch people off the side of bridges instead of buying Mega Ball tickets. It’s fine the way it is.
It helps keep people alive. So, they do not want to commit suicide.
There are some great answers already here.