A sad incident for local families and Metrolink trains.
Our deepest condolences go out to the family and loved ones of Ronald Perry , who took his own life last week by jumping in front of a Metrolink train at the Irvine station (see news article here). It is a tragic incident and we at BMR Insurance are deeply saddened by the entire ordeal. To everyone involved in the incident, from the victim himself to the conductor of the train, we send our sympathy.
The issue of suicide raises a couple of issues we wanted to address for our own clients and loyal blog-followers regarding life insurance. Life insurance is a tricky topic to address, as there are many hidden clauses and discrepancies within life insurance policies that could be mind-numbingly confusing. For today, we will be focusing on issues, such as suicide, that could possibly invalidate one’s life insurance policies.
One of the most common ways one can erroneously invalidate his of her life insurance is by withholding information during the application process. BMR Insurance urges all applicants of life insurance to be honest! If insurance companies find discrepancies later down the road, they could choose to invalidate your policy, wasting years of your financial investment.
It is also a common misconception that suicide automatically rules out any chances of beneficiaries being able to cash out on the victims’ life insurance policy. Usually in life insurance policies there is an exclusion clause dedicated solely to suicide incidentals, which stipulates that if the insured individual commits suicide within two years of insurance issue date, then the insurance policy is hereby invalidated. After the two year mark, however, insurance companies can choose to pay out a fraction of the premium to the beneficiaries. All insurance policies vary, so BMR Insurance suggests that you check with your insurance agent in order to fully understand what is and is not included in your premium.
For a free insurance consultation, please contact BMR Insurance today at (714) 838-1911. If you or a loved one is dealing with issues of suicide, please seek help immediately! 1-800-SUICIDE is a free national hotline available 24/7 with professionals trained to help individuals through their issues and to prevent suicide.
