Does Life Insurance in Hong Kong cover death by suicide?


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.

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.”

Comparing term life insurance policies in terms of coverage for suicide

BowtieOther insurers
Coverage for Suicide
Suicide ExclusionCovered only after 1 year from the effective date of the policyCovered only after 1-2 year(s) from the effective date of the policy
10-year average annual premium #HK$852HK$870 – 4,550

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  • #Sample rates of a $1 million policy for a 35-year-old male non-smoker

Bowtie updated the suicide clause without raising premiums

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.

How much does Bowtie Term Life cost?

30-year-old male non-smoker^30-year-old female non-smoker^
  • ^Estimated premiums for a $4 million Bowtie Life Insurance policy
Want to know your premiums? Quote now!

  • The monthly premiums above are for reference only. The actual premiums are affected by time, inflation, underwriting, Insurance Authority levies and other factors.
  • 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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