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.”
|Coverage for Suicide||✔||✔|
|Suicide Exclusion||Covered only after 1 year from the effective date of the policy||Covered only after 1-2 year(s) from the effective date of the policy|
|10-year average annual premium #||HK$852||HK$870 – 4,550|
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:
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.
|30-year-old male non-smoker^||30-year-old female non-smoker^|