When an individual’s family claims life insurance, few topics are as sensitive and complex as those surrounding suicides. Contrary to a straightforward “yes” or “no” response, the handling of suicidal death claims in the UK can be complex and subject to various factors. One crucial aspect that shapes the outcome of such claims is the presence of suicide exclusion periods, stipulated within the terms of life insurance policies.

Suicide exclusion periods represent a specified timeframe during which the policy may not pay out if the insured individual takes their own life. These exclusion periods, typically ranging from one to two years, are designed to reduce the risk of individuals taking out policies with the intent of self-harm shortly thereafter. However, it’s important to understand that the duration of these exclusion periods can vary based on disclosed information provided by the policyholder during the application process.

For instance, if a policyholder has a documented history of suicide attempts, insurance providers may extend the exclusion period beyond the standard duration. This adjustment reflects the heightened risk associated with individuals who have previously struggled with suicidal thoughts or behaviours. Equally, if no such history is disclosed, the standard exclusion period may apply.

Other factors such as a history of suicide in the family can significantly influence the insurance provider’s assessment of risk.

 

Transparency and full disclosure play a crucial role in navigating the intricacies of suicide exclusion periods. Policyholders are encouraged to provide comprehensive and accurate information about their medical history and any previous mental health challenges during the application process. Failure to disclose relevant details could lead to a claim not being paid, as insurance providers have the right to investigate and potentially deny payouts if crucial information is undisclosed.

Moreover, it’s essential for policyholders to carefully review the terms and conditions of their life insurance policies, including any clauses related to suicide exclusion periods. Understanding the specifics of these clauses empowers individuals to make informed decisions about their cover and ensures that they are adequately protected in times of need.

While there is no blanket response to suicidal death claims in the UK, the presence of suicide exclusion periods underscores the importance of honesty and accurate disclosure during the application process.

Does life insurance cover suicidal death in the UK?

Even if a death occurs outside of the exclusion period, that doesn’t guarantee that you’ll receive a payout. Insurance companies will conduct thorough investigations into the circumstances surrounding the death, as they would with any other claim. If they find that vital information was withheld or misrepresented during the policy application process, such as concealing serious mental health issues or previous suicide attempts, they may refuse to pay out.

Furthermore, it’s worth noting that insurance companies have access to extensive resources and may employ investigators to gather additional information about the circumstances surrounding the death.

Ultimately, while suicide exclusion periods are a significant consideration in life insurance policies, they are just one aspect of a broader framework governing the handling of death claims. By providing comprehensive information during the application process and adhering to the terms of the policy, individuals can limit the risk of claim denials and ensure that their loved ones receive the intended financial support during very difficult times.

How does suicide affect life insurance?

 In 2021 suicide was the main cause for life insurance claims for men under 40.

“The provider’s claims figures show that suicide was the leading cause of a life insurance claim among men in their 20s and 30s, representing 30% of male life claims under the age of 30 and 24% of life claims for men aged 30-39 last year.”

Publication: Cover magazine, Title: Suicide leading cause of life insurance claims for men under 40: Aviva

The Insurance Surgery’s exclusive access to a mental health life insurance provider represents a significant breakthrough in the insurance industry, particularly for individuals living with mental health conditions who may have had suicidal feelings and thoughts. This partnership allows for better rates, offering better financial security to those who have faced such challenges.

As one of only four brokers in the UK with access to this specialist product, The Insurance Surgery is uniquely positioned to support individuals in need. Many people, despite having overcome mental health struggles, face significant hurdles when seeking life insurance. Past suicide attempts, even if they occurred years ago and are no longer indicative of the individual’s current state, can often result in steep penalties or outright denials from insurers.

However, with this exclusive access, The Insurance Surgery can provide tailored solutions that recognise an individual’s journey to recovery. By working closely with a trusted mental health insurance provider, we can offer fair and competitive rates to those who seek financial protection for their loved ones.

This partnership not only addresses the immediate financial concerns of individuals but also encourages inclusivity and understanding within the insurance industry. It sends a powerful message of support to those who have faced mental health challenges, demonstrating that they deserve access to the same essential protections as anyone else, without fear of discrimination due to past struggles. Choosing an insurance provider who truly understands the nuances of mental health can have benefits beyond sensitive, respectful communication. In some cases, you may be able to reduce the monthly premiums on your policy if you can prove to the insurer that you’re undergoing treatment that’s helping to balance your mental state. In other words, if you can prove you’re less of a risk for suicide, life insurance providers may be willing to lower the monthly cost of your policy. Of course, using a mental health specialist insurance provider is no guarantee of this, but more nuanced understanding from providers is certainly something to consider.

To speak to a protection specialist call us on 0800 083 2829 or start a live chat.

For more advice on suicide prevention, we have provided a list of charities that offer advice and support:

• Mind Charity – support and information for suicidal feelings:https://www.mind.org.uk/information-support/types-of-mental-health-problems/suicidal-feelings/treatment-and-support/
• Samaritans – chat anytime: https://www.samaritans.org/how-we-can-help/contact-samaritan/
• NHS – Help for suicidal thoughts: https://www.nhs.uk/mental-health/feelings-symptoms-behaviours/behaviours/help-for-suicidal-thoughts/