Life insurance coverage varies from policy to policy, and it is important to read the fine print before purchasing it. This will allow you to know what your policy does and does not cover.
Since life insurance essentially covers you against death, this means that there are certain types of death that will not be covered. The following are the most common types of death not covered by your life insurance policy:
• Suicide: Life insurance does not cover death due to suicide
• Death by participating adventure sports/ dangerous activities: When you play adventure sports, you are exposing yourself to dangerous activities deliberately. So, if you were to die because of this, it will not be covered by life insurance.
• Death due to substance abuse: If you were to pass away due to illegal activities like substance abuse, your nominees will not receive a death benefit.
• Death due to an act of war: If you were to visit a war prone area, get involved in an act of war, and die as a result, your sum assured will be withheld.
Thus, you cannot assume that your nominees will be paid the money no matter what.
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