Life insurance comes with specific stipulations and criteria. Many family members or beneficiaries rely on the death benefit to cover expenses such as funeral costs. But what happens if the insured person is murdered? Can the death benefit still be expected?

The Death Benefit

The death benefit is the payout provided by a life insurance policy upon the death of the insured person. In cases of suspected murder, the insurance company will still pay the death benefit if the police rule the death a homicide. However, there are additional factors to consider.

Slayer Rule

Most insurance companies in Amsterdam, NY, follow a stipulation known as the "slayer rule." If a beneficiary is found to be involved in the murder, the death benefit will not be paid to them. Instead, it may be redirected to a trust or a contingent beneficiary. For more information about this rule, you can consult with an insurance company, such as Kinowski Agency Inc.

Longer Timeframe

When murder is suspected, there is often a longer waiting period before the death benefit is released. Insurance companies must ensure the beneficiary is not a suspect or involved in the crime. They typically wait until the police complete their investigation before paying out the benefit.

If the death is suspected to be a homicide, the company may also wait for an autopsy to confirm the cause of death. Depending on the circumstances, this process can take anywhere from a few days to several weeks or even months.

Insurance companies take every precaution to ensure that a murderer does not benefit from their crime. Experienced agents at Kinowski Agency Inc. can answer any additional questions you may have. Contact us today to learn more. We proudly serve the Amsterdam, NY, area.