Death by Suicide: Does Life Insurance Pay Compensation or Not?
Based on Point (a) Clause 1 Article 39 of the 2000 Insurance Business Law which stipulates as follows:
Insurance companies are not required to pay insurance benefits in the following cases:
The insured person commits suicide within two years from the date the first premium is paid or from the date the insurance contract continues to be valid.
Thus, referring to the above regulation and the case you mentioned, the insurer is not required to pay the insurance benefit for the following reason: Within two years from the date the insurance contract continues to be valid, the insured person commits suicide. Therefore, if your family member renewed the contract in 2020 but died in 2021, the insurance benefit will not be paid.
Respectfully,
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