June 22, 2018
Will Life Insurance Pay out In the Event of Suicide?

 

Will Life Insurance Payout In the Event of Suicide?

If, once you’ve read this case study, you’d like to talk through your situation, please call 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Our process

When a client has a pre-existing condition or has suffered a serious illness in the past, the first thing we do is pick up the phone. We speak to Underwriters at many of the UK’s leading Insurance companies. Discussing all of our client’s medical history helps us to identify the best company to apply to. This also means we avoid applying to companies who will end up being too expensive or worse, decline an application. By completing our research thoroughly, we are able to avoid wasting time and obtain the best terms possible for our clients.

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Our Client

We were contacted by Mr B, a 34-year-old non-smoker. He called us after experiencing problems in obtaining life and critical illness cover.

As a married father of two, he wished to ensure funds would be available to his family should he pass away or suffer a serious medical condition.

Although currently well and happy, he had experienced mental health issues in the past which culminated in a suicide attempt five years earlier.

Many people believe that life insurance will not payout in the event of suicide. This is incorrect and the majority of policies that we arrange fully cover suicide although it may be excluded in the first year that the plan starts. When taking this into consideration, many Insurance Providers are cautious when assessing applications from clients who have a history of serious mental issues, self-harming and/ or suicide attempts.

However, we were able to find one company which was willing to offer insurance with a very small increase to the premium.

Mr B applied for a level term life or earlier critical illness policy offering a sum assured of £25,000 over a term running until he is 68 years of age. The original quote was £11.35 a month but this increased to £14.06 when taking into account his medical history.

Mr B was extremely pleased when we were able to arrange a policy to meet his requirements.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

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Next steps

Whilst you are welcome to get a quote online we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof.

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Get a Quote

Help and support are available right now if you need it. You don’t have to struggle with difficult feelings alone. Please call us and we can check your policy for available assistance programmes such as  RedArc, Square Health, Smarthealth, Support Plus, LV Doctor services and other support services.

For a listening ear or just someone to talk to the Samaritans are open 24 hours a day, 7 days a week. You can call them on 116 123 and you don’t have to be suicidal to get in touch.

The Samaritans – for everyone
Call 116 123

Campaign Against Living Miserably (CALM) – for men
Call 0800 58 58 58 – 5pm to midnight every day

Papyrus – for people under 35
Call 0800 068 41 41 – Monday to Friday 10am to 10pm, weekends 2pm to 10pm, bank holidays 2pm to 5pm
Text 07786 209697

Childline – for children and young people under 19
Call 0800 1111 – the number won’t show up on your phone bill

The Silver Line – for older people
Call 0800 4 70 80 90

Support after Suicide

Client: 107107048

Links to third-party websites exist for information only and we accept no responsibility or liability for the information contained on any such sites. The existence of a link to another website does not imply or express endorsement of its provider, products or services by us or St. James’s Place.