Mortgage, & Suicide

Nozebleed

Not quite sure best how to ask this question..What stance does a bank take when one of the mortgage holders dies by suicide. does the partner continue paying their mortgage or will the insurance come into play.

harvester of sorrow

Life insurance wont cover suicide.If thats what your asking.The other persons name on the mortgage will have to continue paying.

Nozebleed

thanks for the reply..im asking as a friend is in this situation but seems a little unsure of what happens. thanks again.

Henry Ford III

harvester of sorrow wrote: »

Life insurance wont cover suicide.If thats what your asking.The other persons name on the mortgage will have to continue paying.

Are you sure that's correct? My info suggests they will not pay out on "new" policies (less than 13 months old) only.

dricko_lim

harvester of sorrow wrote: »

Life insurance wont cover suicide.If thats what your asking.The other persons name on the mortgage will have to continue paying.

Life insurance wont cover for suicide in the first year only of a new policy, sometimes two depending on the provider. Other than that it'll pay out. Only refuse to cover initially to deter people who will take it out just to leave money when they kill themselves.

phormium

Policies differ, some older ones definitely pay out.

homer911

Nozebleed wrote: »

thanks for the reply..im asking as a friend is in this situation but seems a little unsure of what happens. thanks again.

I'm hoping your friend is not suicidal..

MeMeJK1

Sounds like your friends needs help other than information on mortgage payments. There is plenty of help out there. Please get him/her to reach out and get help!

http://www.nosp.ie/html/help.html
http://www.1life.ie/
http://www.samaritans.org/

[Jackass]

homer911 wrote: »

I'm hoping your friend is not suicidal..

Or yourself OP.

Very good post above and if you or a friend is in any kind of deep depression or slump, I can say on a personal note as someone who's dealt with depression for most of my adult life, that once you get treatment the world is a very very different place.

Hopeless is often the word people use to describe depression, as the tunnel vision and darkness makes the world seem like an impossible place and problems seem to be insurmountable, but believe me, when treated properly, any dark thoughts you may have had or any problems you had, when looked back upon once you get help and learn to deal with the illness, seem so much smaller and amaze you at how difficult it was then and how greatful you are to have gotten through it, as it is never as bad as you think it is.

Please PM me if you want to talk and also I personally have seen some fantastic doctors who quite frankly saved my life. I've experienced the rock bottom place that depression brings you, and I've never ever been happier in my life now and to meet me you would never even know I suffered from it at all, and in fact I am happier and have a more positive outlook on life than most people I know.

This may be COMPLETELY wide of the mark and you may be talking about a situation that has already occured, but just in case, I wanted to share that, for you or your friend.

BuffyBot

Talk to the bank/insurance provider.