Does Life Insurance in Hong Kong cover death by suicide?
Does term life insurance cover death by suicide?
Most term life products on the market cover suicidal death. However, insurance companies may include special provisions that limit the payment of benefits. For instance, benefits are only paid if “the insured (whether sane or insane) commits suicide after the first one to two (1/2) year(s) that the policy is in force.”
Bowtie updated the suicide clause
Bowtie strives to close the protection gap with our pure protection product so that policyholders can obtain greater life protection at a fair and affordable price. Heeding our customers’ feedback, Bowtie decided to remove most of the exclusions, rendering our term life insurance policy more appealing.
Therefore, on 15 September 2021, Bowtie removed five major exclusions altogether without raising premiums:
- HIV and AIDS;
- Drugs, suicide, and illegal activities;
- Participation in any armed forces or peacekeeping activities;
- Nuclear, biological, and chemical events, or nuclear, chemical, and biological terrorism;
- War and terrorism
At the same time, we improved the suicide provision, and the updated clause is as follows:
“The insured, whether sane or insane, commits suicide within one (1) year from the effective date of the policy.”
In other words, death by suicide one year after the policy is in force will be covered under the policy.
There is always a solution to every problem
Suicide Prevention Hotlines
- The Samaritan Befrienders Hong Kong: 2389 2222
- 24-hour Suicide Prevention Hotline Service: 2382 0000
- Caritas Family Crisis Support Centre: 18288
- Social Welfare Department: 2343 2255
- The Samaritans (Multi-languages): 2896 0000
- TWGHs CEASE Crisis Centre : 18281
- Hospital Authority Mental Health Direct: 2466 7350
- Emotional Support Hotline: 18111
- *Any content related to Bowtie products in this article is for reference and educational purposes only. Customers should refer to the detailed terms and conditions on the relevant product webpage.