Unfortunately you will hear suicidal individuals say the same thing.
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Replying to @Lexialex @JoelFarran
It does, actually, there's a two year suicide exclusion after you buy the policy (to keep people from just buying it for the purpose of killing themselves) but afterwards they legally have to pay out
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Replying to @arthur_affect @Lexialex
The laws are not necessarily consistent from state to state. Some states have more restrictive regs in place that provide insurance companies contestability options even after a certain period.
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Replying to @JoelFarran @Lexialex
I'm pretty sure all 50 states follow the model law about suicide exclusions, with the ones that deviate from it doing so to be more generous, not less (reducing it to one year or eliminating it entirely) (This used to be my job)
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Replying to @Lexialex @JoelFarran
Well it's the underwriter's job to keep you from taking out a policy at all whose face value actually is "more than you could ever earn", because it means you won't be able to afford the premiums long term and you'll get them in trouble for it
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Replying to @Lexialex @JoelFarran
I mean, fairly well? I used to work in the industry and believe me I don't have a rosy picture of the industry at all but the biggest problem with it is absolutely not a rash of massive claims being paid due to murders and suicides
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(It's the exact opposite, it's far too difficult for people who could benefit from having life insurance to afford it and qualify for it and meanwhile the industry makes most of its money preying on millionaires trying to dodge taxes)
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I mean, if nothing else, the cynical capitalist view of things is that the bad thing about insurance companies is their incentive is to try to avoid paying big claims as much as possible Even a small outbreak of suicides for insurance money would bankrupt them
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Replying to @arthur_affect @Lexialex
Some. But there will be future COVID-type exclusions. Call it a pre-ex condition or just another box to check in life & disability underwriting. If nothing else to reduce benefit payouts.They are probably lobbying hard for future reinsurance & stop clause provisions as we tweet.
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