term life insurance drug overdose or Suicide?
term life insurance drug overdose or Suicide?
My dad smokes 2 packs a day and drinks a 6-12 pack of beer a day. We tried to get him help but he does not want it. Me and my brother talked and decided that the best thing to do is take out life insurance on him to pay for the funeral when that day comes. Would we be able to collect the insurance if my dad Overdoses or Commits Suicide. Not that we want this to ever happen but we also have to think about the future.
Best answer:
Answer by Casey Y
There is a 2 year contestability clause in life insurance contracts which basically says, if you die in the first 2 years, they can review EVERYTHING and potentially deny coverage. However, if you make it past 2 years, they cannot deny coverage, even for suicide.
If your dad really smokes 2 packs a day and drinks at least a 6 pack, get ready to pay some high premiums.
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