Finance Articles

Suicidal Tendencies and Finance Management

This could be a very depressing article, but we cannot neglect the issue just because we find it uncomfortable to talk about. Let?s face it then, suicides due to financial dead-ends are happening all around us today. We read about them in the tabloids, watch them on television and listen to them over the radio. More than being jilted by a lover, being financially distraught is the leading cause for suicide today. The logic behind it is that the surviving members would get the insurance money and their lives could be bettered to at least some degree. But is suicide really a solution, or another problem in itself?

It is not necessary to even begin discussing about the social and legal hassles that a family has to face if a member has committed suicide. There could be litigation, social ridicule, and to top it all, the life insurance policy may not actually pay. At the risk of sounding heartless, one must point out that the funeral costs could be a bomb. They could be the straw that broke the camel?s back for a family that is already overburdened by debt and not getting the claims from the life insurance company.

In most cases when suicide cases are unsuccessful, there could be a glimmer of hope. Firstly, the family members could become more cognizant of the state of mind of the depressed individual and provide for psychological counseling. But if the unsuccessful suicide attempt leaves some injury or handicap behind, then the family would have to pay medical bills, which could also not be covered by the medical insurance as the injuries were self-inflicted. The person could be without a job, and facing monstrous medical bills to pay.

Let us see what the instances in which companies do cover suicides are and whether they actually cover suicides or not. There are some people who rush out and buy insurance policies just when they are contemplating suicides, and then go ahead and kill themselves when the policy is obtained. Such claims are never paid. Most insurance companies would not cover suicides at all. But there are some companies that would cover suicides if they are committed at least two years after the policy is purchased. This is based on the psychological principle that even if a person has bought a policy thinking that he/she would commit suicide two years later, there could be so many changes in life within this timeframe that the mentality of the person could change. Mostly such people would not buy the policy at all as there are no foreseeable benefits. There are also some policies that do not have any restricting stand on suicides, but then these policies are incredibly expensive.

If a person has been unsuccessful in a suicide attempt and has suffered some injury, then the health insurance is to be considered. Medical insurances would pay for whatever psychological counseling the person needs to have. But some families would not claim this benefit at all, considering the taboo subject that psychological counseling has become in today?s world. This is contrary to the edict of the world of psychological counseling that their patients? mental states should not be revealed in public.

Injuries from failed suicide attempts would not be covered by medical policies, as these injuries are self-inflicted. This would make the situation drastically grave as the survivor would have to pay for the hospital bills, rehabilitation costs, doctor?s bills, home care attendants and all other potential medical necessities.

Adam Heist is an expert in the field of loan and runs a highly popular and comprehensive Secured Loan Uk web site. For more articles and resources on loan related topics and much more visit his site today.

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