Insurance

[Jason227]

I'm looking for well-known global insurance or wealth management companies that offer substantial payouts with relatively short waiting periods before taking effect. Specifically, I need to know if any of these policies still honor payouts in cases of suicide. I'm a foreigner residing in Korea.

 

[TheHolySword]

I don't know of any insurance companies that realistically provide anything like this. Especially for suicide. Insurance companies very famously do not like paying money out, they will try to find any reason to pay out the minimum (or nothing at all). In cases of suicide, many companies won't pay out for it all and others have 2 years or longer coverage requirements. And even still, if you fail to disclose any mental health issues or suicidal ideations they can refuse payout on a suicide. If you're looking for a large payout from suicide, it's a time commitment and you're taking the chance that it won't even pay out.

 

[MidnightCat]

I don't know of any insurance companies that realistically provide anything like this. Especially for suicide. Insurance companies very famously do not like paying money out, they will try to find any reason to pay out the minimum (or nothing at all). In cases of suicide, many companies won't pay out for it all and others have 2 years or longer coverage requirements. And even still, if you fail to disclose any mental health issues or suicidal ideations they can refuse payout on a suicide. If you're looking for a large payout from suicide, it's a time commitment and you're taking the chance that it won't even pay out.

That's basically it...

While some have clauses for it to be cover over 1 year...

Most of the time they'll cling to something in the contract to refuse payout. You can't really rely on them honouring without your relatives suing them, which to be honest... They won't probably be okay enough to do...

 

[Silently Dying]

I'm looking for well-known global insurance or wealth management companies that offer substantial payouts with relatively short waiting periods before taking effect. Specifically, I need to know if any of these policies still honor payouts in cases of suicide. I'm a foreigner residing in Korea.

When it comes to suicide, the policy must be in effect for two years before they will pay out.

 

[outofbounds]

I don't know how things work in Korea specifically, but as others have said, life insurance usually has a waiting period before it'll pay out for suicide. It may be useful to look into getting a job that has company paid life insurance. I haven't looked into this from the suicide angle, but the insurance company doesn't ask a lot of questions when your company signs you up, at least not where I live. Maybe you could get a more favorable policy that way?

 

[lionetta12]

I'm looking for well-known global insurance or wealth management companies that offer substantial payouts with relatively short waiting periods before taking effect. Specifically, I need to know if any of these policies still honor payouts in cases of suicide. I'm a foreigner residing in Korea.

Probably not the answer that you were hoping for, but you just have to go read all the fine prints of all the insurance companies that you are considering. Read their terms and conditions and their rules when it comes to suicide, it can differ a lot between companies. One company where I live let the policy kick in after having had the insurance for 1 year, while other companies don't pay out at all in the case of a suicide, it is all stated on their websites.

 

[danny10]

I am not an expert but in my opinion if your CTB looks like an accident, than they might pay something. For example if you go on a hike and jump off of a cliff, it could be ruled as an accident if there are no eyewitnesses. But make sure to leave enough time from when you subscribe for insurance. I mean if you get insurance and die the next day that would be flagged as suspicious. But if you die 2 years later, they might pay something.