Research findings have concluded that the suicide exclusion period on life insurance policies should be increased to three years.<\/p>\n
This recommendation was reported within a recent edition of CommInsure’s weekly Did You Know?<\/em> series, where\u00a0\u00a0CommInsure’s Executive\u00a0Manager Business Growth Services, Jeffrey Scott<\/strong>, considers the tragic facts about suicide in Australia.<\/p>\n Within the article,\u00a0called Suicide – the need for exclusion<\/em>, Mr Scott\u00a0refers to\u00a0recent research that:<\/p>\n Because of these findings, the research concludes\u00a0that suicide exclusion periods, which typically apply for the policy’s\u00a0first 12 or 13 months at present, should be increased to three years.<\/p>\n Mr Scott suggests\u00a0that\u00a0increasing\u00a0suicide exclusions to three years would eliminate any adverse anti-selection and\u00a0offer more options, over a longer period of time, for the individual to find other answers to their predicament.<\/p>\n In his article, Mr Scott also outlines a number of facts about suicide in Australia that make for sobering reading:<\/p>\n Mr Scott says that if this research recommendation is adopted by reinsurers and life insurance companies, we may\u00a0see longer exclusion periods being adopted for life insurance policies being issued in Australia, for both new individual retail and group insurance products.<\/p>\n\n
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