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Does Life Insurance in Hong Kong cover death by suicide?

Life insurance is a financial safety net your family (i.e. the beneficiary) can rely on in the event of your death. Typically, death benefits are payable to the beneficiary if the insured’s death is due to an illness or accident. But if the insured dies as a result of suicide, can the beneficiary receive the death benefit? Let’s find out different life insurance product's and Bowtie’s approaches to suicide cases.

Updated on 2024-05-27

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.

(Please note: For all life insurance policies issued on or after September 13, 2024, the suicide exclusion period will be changed to 2 years. Ensure that the personal information of the policy owner and the insured person is correct when submitting the application. If the submitted information is incorrect, you may need to resubmit the application. Please pay attention to the latest revised terms at that time. All terms and conditions are subject to the policy provisions of the issued policy. For a detailed explanation of the rationale behind this change, please refer to the accompanying article.)

There is always a solution to every problem

If you are emotionally troubled or encounter problems that cannot be solved temporarily, it is recommended to seek help from professionals.

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.

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Author

Bowtie Team

The Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong’s very first virtual insurer approved. Through the use of modern technology and medical expertise, Bowtie offers an agent-free, commission-free and more convenient online platform for customers to quote, apply and claim for Voluntary Health Insurance Scheme (VHIS) anytime anywhere. Bowtie is ranked first in the direct channel sales throughout 2021.

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The content of this article is provided by Bowtie Team and serves for reference only. It does not represent Bowtie's position. Bowtie assumes no responsibility for any loss or damage incurred by any person as a result of using, misusing, or relying on any information or content herein. 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 web pages.