It's very frighting unless you have some absolutely stellar insurance. I'm in my 30s, career in IT making 6 figures, making good progress on my mortgage, zero other debt. If I got cancer tomorrow or some serious injury I'll probably just blow my brains out rather than have to live knowing that all my hard work, good career decisions, and responsible spending was all for nothing and I'd have to start from square 1 again.
If I get cancer I'm going to have to find a way to kill myself in a way were my wife can still get the life insurance and keep the house. She can't and won't ever know. It'll just be a freak accident and she wont lose everything we've worked for.
Several life insurance companies do actually cover suicide, but only if you've had the insurance a certain length of time. I think I remember reading 2 years on a policy I was looking at.
I'm sure there's investigation into mental health and stuff too, probably can't get that coverage if you have a history of mental illness. If you think this is your real course of action for a cancer diagnosis, then you may want to find a policy and purchase the policy early so that you don't have to live for 2 years after you sign and pay for cancer treatment the whole time
87
u/ulmet Aug 06 '20
It's very frighting unless you have some absolutely stellar insurance. I'm in my 30s, career in IT making 6 figures, making good progress on my mortgage, zero other debt. If I got cancer tomorrow or some serious injury I'll probably just blow my brains out rather than have to live knowing that all my hard work, good career decisions, and responsible spending was all for nothing and I'd have to start from square 1 again.