Life insurance is not something you think of when you are young and free. It becomes a necessity as you get older and start your own family. You should want them to be protected if you were to die and become unable to take care of them. If you have a life insurance plan with Rickey McGill Insurance Agency, you are likely under the impression that your Arlington, TX family is fully protected and will get a large payout if you pass. This may not be the case. The following are three deaths that may not be covered under your life insurance plan.

1. Death While Committing an Illegal Act

If you are committing an illegal act while you pass away, there is a good chance that your life insurance company will not pay out to your family. For instance, if you die in a car crash while stealing a car or while using illegal drugs. There are sometimes exceptions to this rule if you were unaware that you were committing an illegal act when you passed away.

2. Suicide

Check your life insurance plan to see if it includes a suicide clause. Most life insurance plans do. This means that your family will not get a payout if you commit suicide. If you are considering suicide, you should also seek resources immediately to help you.

3. Certain Homicide Cases

If you are killed as a result of a homicide, the life insurance company will investigate the case. If the beneficiaries of your policy aren’t found to be liable for the murder, they won’t be paid out. This is often called the "Slayer Rule" in the life insurance industry. In many cases, a contingency benefactor will get the settlement instead. The payment could also go to the policyholder’s estate and be doled out as part of the will.

Contact Us Today

At Rickey McGill Insurance Agency, we provide Arlington, TX residents with top-notch life insurance services. Contact us immediately if you have any questions or concerns about your level of life insurance coverage.