All About Bipolar: Life insurance and suicide
Posted By atorturedsoul on May 26, 2009
Twenty percent of people with bipolar disorder commit suicide. That’s 1 out of 5. Does your life insurance policy cover suicide?
I know this sounds like a terrible question, but think about it rationally. Families are devastated by suicide. In the wake of such a tragedy, would you really want your family to be burdened with the expense of a funeral and burial?
Someone who is suicidal isn’t going to consider this so it is important to plan ahead. Life insurance is important for everyone but it is especially important for someone with a mental illness. Not all policies will cover suicide and most that do will only pay after a lengthy waiting period and even then it may only pay a portion of the benefits. Will your policy pay in the event of a suicide? Will it only pay a portion? Is this portion large enough to cover burial? If you can’t answer these questions, you need to find out now.
We all want to think that we will never commit suicide but it is a considerable risk for anyone with bipolar disorder. While it may seem embarrassing to ask about suicide clauses when seeking life insurance, it is something you should strongly consider. Have you been diagnosed with bipolar disorder? Start seeking out a life insurance policy that covers suicide. Do you have a family member who has been diagnosed with bipolar disorder? Encourage them to find insurance that includes coverage for suicide. If they won’t look for a policy, a family member (spouse, parent, grandparent, or sibling) should consider having them insured.
This is an important issue and you should strongly consider taking out a policy immediately. Read the fine print and ask questions. Don’t wait until you become suicidal and then seek coverage. It’s very unlikely that it would pay. If you have just been diagnosed, find coverage now. If you have been diagnosed in the past, check your insurance policies to see if they cover suicide.
In case the unspeakable happens, don’t leave your family with a financial burden. Be sure you’re covered.
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About the author
Never really thought about taking life insurance that covered suicide. I was almost sure that most people would not accept this. Then again there was heavy Melbourne weather and we got some coverage over that. Natural causes may not be the drive for insurance companies though. I find it hard to believe a forced death will be looked upon happily. Doesn’t hurt to try I guess.
Suicide Prevention in Your Life