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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Replying to @Lexialex @JoelFarran
Unfortunately the sales side of the business can be legendarily scummy, since the salesperson's incentive is always to try to sell the policy for as much money as possible My job used to be looking for red flags to try to get such salespeople's license pulled
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But, I mean, in the event someone actually dies and it looks like it might be murder, the insurance company has every reason to cooperate with the cops to find out if it is so they can avoid paying the $2 million
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