Life Insurance: How does this work?

[Gallstones]

Let's say a person has a policy and pays his/her premiums when due, then one day s/he is dead--but death occurred within the covered policy period, but the body isn't found until after the covered policy period, and policies haven't been paid since because the policy holder was/is dead.

Does the insurance company pay out?

[Bella Fortuna]

Are you.... planning something?

[maiforpeace]

Are you.... planning something?

http://rationalia.com/forum/viewtopic.p ... 0#p1084788

I'm watching you Gallstones.

[Gawdzilla Sama]

As I understand it there is a period, specified in the policy, which starts when a person MIGHT be dead, and goes for a time thereafter. The policies I've had specify that no premiums will be required if I'm missing and MIGHT be dead. (Simply missing doesn't count, the policies can lapse if premiums are not paid in that case.) YMMV

[Gallstones]

We have had four suicides and one attempt this winter so far. An unusually high number. One of these involved the parent of a client. The client has had to pitch in to help pay funeral expenses.

My own life insurance states that it would be void in cases of suicide and acts of war. Something like that.

[Gallstones]

Sorry people. I didn't want to cause anyone to worry.

[Faithfree]

The policies I've had specify that no premiums will be required if I'm missing and MIGHT be dead.

Schrodinger's insurance policy

[Gawdzilla Sama]

The policies I've had specify that no premiums will be required if I'm missing and MIGHT be dead.

Schrodinger's insurance policy

If I'm missing they don't know if I'm dead. If I'm definitely dead, I'm not missing.

[Gallstones]

It happens around here often that people go for a one way walk into the wilderness and aren't found for a long time. The last guy was missing for two weeks, others for years.

I wouldn't expect insurance to pay out if there isn't confirmation of death.

But if the body isn't found for months to years, are they still obligated to pay out if the policy was in affect at the time of death? Some of these would be accidents.

[Gawdzilla Sama]

It happens around here often that people go for a one way walk into the wilderness and aren't found for a long time. The last guy was missing for two weeks, others for years.

I wouldn't expect insurance to pay out if there isn't confirmation of death.

But if the body isn't found for months to years, are they still obligated to pay out if the policy was in affect at the time of death? Some of these would be accidents.

They should pay out after seven years if the family goes through the legal maze to have them declared dead. YMMV

[Seth]

Let's say a person has a policy and pays his/her premiums when due, then one day s/he is dead--but death occurred within the covered policy period, but the body isn't found until after the covered policy period, and policies haven't been paid since because the policy holder was/is dead.

Does the insurance company pay out?

Yes, generally, although I have a tickle of a memory of a case of a person lost at sea and not declared dead for seven years where the insurance company tried to get out of paying because the premiums hadn't been paid in the intervening seven years. I also have a tickle of a memory that the courts ruled in favor of the heirs.

Why? Are you planning to get lost in the woods and kill yourself?

[Gawdzilla Sama]

I worked for State Farm for a few years, and we got "bulletins" on a variety of insurance related issues via email. The insurance info I quoted comes from reading these bulletins, most often court rulings on the issues.

[Seth]

We have had four suicides and one attempt this winter so far. An unusually high number. One of these involved the parent of a client. The client has had to pitch in to help pay funeral expenses.

My own life insurance states that it would be void in cases of suicide and acts of war. Something like that.

Just so you know, I don't believe that suicide exclusions are legal any longer. They usually only are legal for a short period right after the policy has been taken out, like a year at most. This is because the courts have ruled that suicidal ideology is an illness, and that if the person was not suicidal at the time they took out the policy, that the company cannot deny the claim because they later developed an illness that caused them to take their own life, as that is an unpredictable event. The suicide exclusion is only applicable in situations where it constitutes fraud on the insurer because the person intended to commit suicide and bought the policy while having that intention.

[Gallstones]

It was just a perfect storm moment, multiple factors coming together at the same time fucking with my friable sanity.

[FBM]

It was just a perfect storm moment, multiple factors coming together at the same time fucking with my friable sanity.

Been there, thought about that. Didn't buy the t-shirt, tho. Anyway,