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So with most employers the amount of voluntary group coverage you have is normally a multiple of annual income. So if someone is getting a raise every year does that restart a clock on a suicide clause.
Group Term and Suicide Clause?
- Thread starter Norwayguy
- Start date
- 9,744
Good question. What does the master policy say?
It has been many, many years since I worked the GTL market so don't hold me to this, and some of it may have changed.
My recollection is, the 2 yr (and in some cases 1 yr) suicide clock started the day the master contract was issued. Carriers thought it was too much of a hassle to track the time frame from the day the person was initially insured much less every time a higher benefit amount was involved.
The idea of GTL is simplicity in administration.
My recollection is, the 2 yr (and in some cases 1 yr) suicide clock started the day the master contract was issued. Carriers thought it was too much of a hassle to track the time frame from the day the person was initially insured much less every time a higher benefit amount was involved.
The idea of GTL is simplicity in administration.
Not certain, but I think it may depend on the state you are in. For example, unless it has changed, Louisiana had a law on the books specifically empowering carriers to hold individuals in group plans subject to the same two year contestability period as individuals with personal coverage. (Go online to "Justia U.S. Law").
No it does not.
Lee, was I at least in the neighborhood in post #3? I left Maccabees in 1986 and have written almost no GTL since then. Pretty sure my answer mirrored the way they handled the suicide clause but that was a VERY long time ago and I hate to mislead someone.
Don't know with certainty, have always found exceptions to the rules somewhere. But doubt very much if any carrier will place a suicide restriction on a enrollee for the additional amount of coverage provided due to a raise. But who knows, it may be out there somewhere.
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