Discussion Anyone else considering taking out a fat life insurance policy before they ctb?

[StrugglingSienna]

First, I know you're immediately going to tell me that life insurance policies have suicide exemptions. You're right, but based on my research, here in Texas and the rest of the US, the suicide exemptions lapse after 2 years in Texas, 2-3 years in the rest of the US. Meaning, if you're a young, "healthy" person like me in the US, you would be able to take out an affordable life insurance policy with a large death benefit, and, as long as you're able to push back your ctb date by 2-3 years, you can then ctb my any means you wish, leave a suicide note, etc, and they will have to pay out anyways.

I don't know if I can stand living for another 2 years, but I don't know, if I can then this would make me feel quite at peace with my death. I was taught in the Boy Scouts to leave a place better than I found it, and while I will still destroy my family emotionally no matter what, I could at least leave enough money to put my parents into early retirement, put my little brother through college, give him enough money to buy a starter home, and then there will still be plenty of $100 bills left over for them to all wipe their tears off with.

Maybe I'm being naïve. Maybe they will still find a way to deny my death benefit even if I follow the law and the policy to the letter. But this idea sounds pretty fucking tempting to me.

 

[locked*n*loaded]

It's great if you can do that. Go for it. If I had anyone to "enrich" I'd do that, too. It's a contract and if it says that the claus for suicide lapses in 2 years, then it does. The insurance company would lose in court if they didn't fulfill their end of the contract.

 

[grapevoid]

I have 2 life insurance policies and both had a 2 year contestability period for death benefits if death is by suicide. Those have long passed but yes the insurance is required to pay out after that time. The only way they could deny the claim is if they can prove some kind of fraud. I'd guess there isn't much push back after the contestability period.

 

[davidtorez]

Unfortunately in Australia it's not like that. Suicide is not included at all for any time period for the insurance pay out. I looked into it for my brother as he's suffering alot financially

 

[Aprilwithcake]

This is the way to go about imo

 

[StrugglingSienna]

Yeah, okay, well, I guess I have to do this now. Might have just found a way to trap myself here for 2 more years. Fuck. At least I'll have time to get to know some of you better.

 

[DOHARDTHINGS24]

Unfortunately in Australia it's not like that. Suicide is not included at all for any time period for the insurance pay out. I looked into it for my brother as he's suffering alot financially

I don't know what super you have, but there's a death pay out to beneficiaries, if that's helpful. Mine has an app with a tonne of info. I haven't looked into it properly & I don't think you can add to your insurance etc, but if you work, there could be significant gains in super. And the ATO wipe most or all ATO related debts on the spot, rather than burdening next of kin. Hope that is useful...

 

[davidtorez]

I don't know what super you have, but there's a death pay out to beneficiaries, if that's helpful. Mine has an app with a tonne of info. I haven't looked into it properly & I don't think you can add to your insurance etc, but if you work, there could be significant gains in super. And the ATO wipe most or all ATO related debts on the spot, rather than burdening next of kin. Hope that is useful...

I don't work anymore due to my disability. But I do have some super accumulated from the years that I did work. I'd probably have to change the beneficiaries though. Thanks for the reminder

 

[ididnotconsent]

Yeah, okay, well, I guess I have to do this now. Might have just found a way to trap myself here for 2 more years. Fuck. At least I'll have time to get to know some of you better.

Do you live with your parents? Sometimes the insurance agency sends out a nurse to your house to check blood pressure, ask questions and whatnot.

And yes I've thought of this, but it sounds like a huge fucking hassle. If i lived alone, i probably would do it.

 

[DOHARDTHINGS24]

I don't work anymore due to my disability. But I do have some super accumulated from the years that I did work. I'd probably have to change the beneficiaries though. Thanks for the reminder

It's definitely worth checking.
You can look for lost super through mygov if you've lost track. But be careful changing beneficiaries, there's rules about binding & non-binding beneficiaries & stuff that's complicated if there's likely to be a dispute. If no dispute likely, you can "probably" change online or in the app of whoever your super is through.
I dunno any more than that, I've sorted some of mine & left some in the too hard pile.
Because too hard
Good luck.