AIA - Prime Life Type: Whole Life Coverage: $50,000 Policy Year: 1994
General Provisions > Suicide: Death from suicide within one year from the Issue Date or date of reinstatement, whichever is later, whether the Insured is sane or insane, shall limit the Company's liability to the return of premiums paid without interest.My Layman interpretation: Suicide is claimable after one year. It does not matter if you are not mentally sound. However, I am not sure what it is meant by "shall limit the Company's liability to the return of premiums paid without interest". Base on my latest Policy Value Quotation, have about $18,000 Gross Policy Cash Value. Does that mean that this amount will be forfeited and I can claim only $50,000? Able to claim from death due to suicide?: Yes (After 1 year) NTUC Income - Living Benefit Type: Term Coverage: $100,000 Policy Year: 2008
Definition of Dread Disease and Exclusions: This Benefit shall not be payable if the disease is caused by any of the following: (i) Self inflicted injury or illness Exclusions: This Benefit shall not be payable if the insured whether sane or insane, dies by his or her hands within one year from: ...My Layman interpretation: Suicide is a self inflicted injury. Although the clause "This Benefit shall not be payable if the insured whether sane or insane, dies by his or her hands within one year from" seems to introduce a possibility of allowing a claim from suicide, I would believe that I cannot claim from suicide. Able to claim from death due to suicide?: No Tokio Marine – Towards My Legacy Type: Limited Pay Whole Life Coverage: $60,000 Policy Year: 2008 General Provisions > Suicide: Death of a Life Assured by his own act (whether or not he was sane at the time): - (a) within one year from the Issue Date; or (b) within one year from the date of last reinstatement, will make the Policy void. My Layman interpretation: Straight forward. Suicide is claimable. Able to claim from death due to suicide?: Yes (after 1 year) Aviva MINDEF Group Insurance Type: Term Coverage: $100,000 Policy Year: 2013
Exclusions:
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No Benefit is payable under Daily Hospital Cash Benefit for hospitalisation directly or indirectly due to self-inflicted injuries (including due to suicide/attempted suicide) and/or pregnancy/maternity reason.
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No Benefit is payable under Death, TPD and/or Advance Payment Benefit in respect of any death, loss, injury or disability caused directly or indirectly, wholly or partly, by suicide or any attempted suicide or self-inflicted injury or illness while sane or insane within the first 12 months from the date of inception or reinstatement of a lapsed policy.
Suicide We will terminate this Policy and will not pay any Benefits if the Life Assured, whether sane or insane dies by suicide within one (1) year from the Date of Issue of this Policy or the most recent date of Reinstatement, or the effective date of any increase in Sum Assured, whichever is later.My Layman interpretation: I purchased this policy this year and any myth that suicide is excluded for new policies is proven invalid. Able to claim from death by suicide: Yes (after 1 year)
I have covered five different policies from five different insurers purchased in different years. Except for NTUC Income, four of my policies will cover death from suicide. I will like to emphasis that I am not a qualified adviser and all the opinions here are my own. I may ask my agent about it when I meet her but I am in no hurry because I do not and will not want to make such a claim. Let me open another can of worms. Did you realise that I specifically indicate death by suicide? While reading my policies, I came across some of them with clauses stating that they will not accept claims for Total Permanent Disabilities from self inflicted injuries. In short, if you survive a suicide and is left paralysis, you will not be able to make a claim.
Hi Derek
curious, why do you have different life insurance?
Hi Cherry,
Kind of a long story. I wanted to bump up my coverage with a term and limited paying life, and a agent recommended me NTUC Income and Tokio Marine respectively.
After several years, I wanted to increase my coverage further and chose Aviva SAF and AXA direct term as the premium was the lowest. I only bought AXA early this year. If I had known that Aviva SAF is going to change their terms, I would have increase my coverage with Aviva instead.
Hi Derek,
Thanks for enlightening us :)
For the ntuc plan, it says “This Benefit shall not be payable if the insured whether sane or insane, dies by his or her hands within one year from: …”. I think it means that you can claim after 1 yr, or rather, you cannot claim within 1 yr if you commit suicide.
In other words, all of your policies allow the insured to claim death benefit as long as you are dead after 1 yr from suicide.
Thanks LP.
I think “(i) Self inflicted injury or illness” refer to disease.
This will mean all my policies pays in the event of suicide.