Sorry, that just doesn't exist. It's an exclusion in every single life policy out there
this post was submitted on 21 Jul 2023
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Nope, just checked, every single life insurance policy cancels out in case of suicide. So you might as well erase that as an option now, try your best to forget about that thought completely, and try to stay positive about that fact because the silver lining is that your family would be happier with you around than money anyway. Speaking from experience.
I wonder if that will ever change with the right to die movement? I could see a way it could work - euthanasia for selected new conditions only. You can’t get motor neurone disease, then take out life insurance and die by assisted suicide just to collect the insurance payout. But if you’ve have the policy for 10 years and then develop a horrific illness and chose to end your life on your terms, then fair enough?
Sort of related, do insurance companies pay out if the death is your fault, but not suicide? Drink driving for example - if you break the law and endanger everyone around you by driving drunk, is that so different from ending your life due to depression?
Two things, internet stranger. One is some advice, the other is an answer to your question. I hope you take the advice.
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Things might be rough now, but suicide is a permanent solution to a temporary problem. You are more valuable to your family than the money would be, and the loss of you will be more devastating in the long term than the struggle to get by. I encourage you to discuss these thoughts with a professional if it's within your means, or a trusted loved one if it's not. I'm not sure of the reasons behind your difficulty finding work, but in many parts of the world, including the US, you can qualify for disability payments for mental illness if that is a contributing factor.
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It's not entirely true that policies don't pay out in the event of suicide. While there are typically clauses in most policies that will not pay out in the event of a suicide in the first year or two after initiating the policy (mainly to discourage what you are proposing), after that period the cause of death is generally irrelevant.