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How long is the suicide clause on Hong Kong life insurance?


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Q:

Dear personnel, As for transamerica Invidual Life insurance, how long is the suicide clause and the incontestability clause?

A:

Under most Hong Kong life insurance policies, including those offered by TransAmerica, the standard duration of both the suicide and incontestability clauses will be at least 2 years from policy inception.

Under a Life Insurance Incontestability clause, an insurer may not contest the validity of the insurance contract in respect to claims once the specified duration has been reached. If the duration of an incontestability clause is 2 years from policy inception, and a claim is made for an event that occurred 2 years and 1 day following the activation of the plan, then the insurer would be unable to contest the validity of the overall contract in respect of that claim.

Likewise, a Suicide Clause will normally last a minimum of 2 years from policy inception and will allow for suicide to be a covered benefit with respect to a death claim under a life insurance policy. In tandem with the incontestability provision these clauses ensure that a benefit is payable even if the insured were to commit suicide – an act which would otherwise be excluded from life insurance coverage without these specific clauses.

For more information about life insurance in Hong Kong, or to receive a free life insurance consultation, please contact CCW Global today

Answered on: 22 August, 2017 17:37


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