With a term assurance policy, you are covered for a period between 5 to 35 years, depending on the tenure you choose. These policies don’t have a saving/investing element and offer monthly or yearly premium payment throughout the term of the policy.
Suicide as the cause of death:
If the cause of your death was proved to be suicide, the insurance company may refuse to pay out the death benefit to your beneficiaries.
If you omitted to tell the insurer an important fact when taking out the insurance, the company may decide to refuse your claim. Examples of this include deliberately withholding information about a pre-existing medical condition, giving the incorrect age or falsifying information about family medical history.
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