Yes, life insurance does cover suicide after the first two years of having the life insurance policy. Simplified Under Writing allows people with a history of suicide to still qualify for day one level coverage in most cases. In this article, we will go over the most important information when it comes to burial insurance and suicide.
According to wmich.edu
Suicide is currently the 10th leading cause of death in the United States.
This results in many families being stuck with the financial burden of funeral expenses. The best thing about burial insurance is that they are simplified issue plans meaning there is no medical exam, the insurance company will not send a medical examiner to your house and run tests.
They simply look at your medical information reports and prescription checks.
These reports will have information such as previous mental health and medical conditions. Approval can be done in minutes giving your family peace of mind knowing your final expenses will be covered. All plans include a suicide clause as well.
Our clients have asked:
“What is a life insurance suicide clause?”
It is a clause in a policy that states if death by suicide occurs within 2 years the policy will not pay the death benefit to the beneficiary. If the insured dies after the 2 years the full face amount is paid
“Does Burial Insurance Cover Suicide?”
Yes after the 2-year suicide clause
With this type of life insurance, most carriers will not even ask about previous suicide attempts making finding coverage with no waiting period much simpler. Anything that happens within 2 years factors into the contestability period.
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Burial Insurance & Suicide Attempts Will You Pay More?
Since most burial insurance companies do not ask this question on their application the answer is no. You will be able to get final expense insurance with no waiting periods even if you have had previous suicide attempts.
No waiting period is called level coverage most often for simplified issue whole life policies.
Best Life Insurance Coverage for Suicide
Getting the best burial insurance with previous suicide attempts varies depending on a few things. It depends on which company will not ask the question and look at any prescription medications as acceptable for day one level coverage.
The great news is that most burial insurance companies do not ask the question at all on their insurance application and they will accept anti-depressant drugs and most other medications.
The best burial insurance for suicide attempts in the past would be level day one coverage.
The best plans will have these 3 features:
- Rate Lock – Premium never goes up
- Death Benefit Never decreases
- Death Benefit to Beneficiary is Tax-Free
With premiums paid every month the plan will always stay the same. We have helped so many families get policies that enabled them to give their loved one’s death with dignity.
Burial Insurance we do not recommend
We do not recommend certain types of life insurance as burial insurance that do not better serve you the client and your unique needs.
Term Life Insurance
The premiums go up every time the term is renewed resulting in payments that do not stay level for your entire life. With more strict underwriting from the term, you may not be able to qualify or re-qualify at all.
This type of insurance plan typically requires a full medical exam meaning they will come to your home to draw blood or anything else needed to run tests. At that point, you will be waiting weeks in many cases to hear back or be approved.
Above all, TV ad’s can be very misleading in what they are trying to market to you the consumer. They will market term life as burial insurance or policies that have premiums that increase over time.
They will market “no health questions asked.” as if it is a good thing when in reality that means it is a guaranteed issue policy that you may not need if you are in better health. This does not serve you and your best interests.
This is why working with an agent from an independent agency like ours is crucial to your success at obtaining the best coverage to begin the process fill out the form to your right.
Best Life Insurance Companies for Previous Suicide Attempt
We have access to the top burial insurance carriers in the United States. We know the niches of these carriers and what they look for in their Under Writing which is why we have helped so many clients qualify for coverage when they thought it was not possible.
Our Top Carriers for Burial Insurance Suicide:
- Mutual of Omaha
- Royal Neighbors of America
- Greek Catholic Union
- Liberty Bankers Life
- Prosperity Life
Each carrier has been in business for over 50+ years and maintains an A-rating.
Included with their policies:
Death Benefit Never Decreases
Tax-free Death Benefit to the beneficiary
Additional Policy Riders:
Accelerated Death Benefit
If you get diagnosed with a terminal illness you withdraw from the face amount of your policy to help pay for medical bills or other treatments.
Accidental Death & Dismemberment
If death occurs from an accident your beneficiary can receive additional coverage.
How to Apply for Funeral Insurance
Applying for coverage is very simple. You fill out the form to your right, at that time you will see different quotes from carriers in the meantime one of our licensed agents will be giving you a call over the phone to begin the enrollment process.
They will begin by field underwriting confirming your basic information and asking health questions to isolate the perfect carrier for your unique health profile and rate class. After all of that and coverage is selected they will begin the instant decision process with the carrier this is done in 2 different ways:
Voice Signature – You, the agent, and the insurance company complete a 3-way call by using a voice signature to sign and complete documents. Voice signature can also be done with you and the agent only.
E-mail Signature – The agent will send you an email to DocuSign for your application at that point you will just follow the prompts.
At that point, the carrier will give you an instant decision on the approval. This can all be done in 30 minutes or less no waiting weeks to hear back about the approval, we specialize in instant decision same-day coverage!
Does Life Insurance Cover Suicide?
Yes, final expense life insurance does cover suicide typically after two years of having the policy inforce. This is typically called a suicide clause in a life insurance policy but once you are out of this waiting period the full benefit will be paid to your beneficiary. The payout of the life insurance policy will protect your family from any financial burden of paying for your funeral.
The ParamountQuote Mission
We are an independent agency specializing in burial insurance. Our mission is to make sure your family has the peace of mind they deserve when your inevitable day comes. Protecting families from the financial burden of their loved one’s final expenses is something we are very passionate about.
With our expert-level training and customer service, our agents isolate the best carrier at the best possible rate for you and your unique health situation. Our agents become your personal agent for life when your work with them meaning they will always be there to answer any questions or concerns you may have.
We build long-lasting relationships with our clients and their families and holding your hand every step of the way. We understand and we care about your family’s financial well-being.
With us being national independent brokers we have access to the top major carriers that are perfect for our clients and their different situations.
To meet one of our agents fill out the form to your right. In 5 minutes you will be a client for life.