Photo from Pexels | RDNE Stock project
The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of a lawyer or you may directly contact and consult Alburo Alburo and Associates Law Offices to address your specific legal concerns, if there is any.
Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
AT A GLANCE:
Section 183. The insurer in a life insurance contract shall be liable in case of suicide only when it is committed after the policy has been in force for a period of two (2) years from the date of its issue or of its last reinstatement, unless the policy provides a shorter period: Provided, however, That suicide committed in the state of insanity shall be compensable regardless of the date of commission.
Therefore, based on Section 183 of the Insurance code, suicide is covered by life insurance, subject to certain conditions.
According to the aforesaid provision, the insurer in a life insurance policy shall be liable in case of suicide only if the policy has already been in force for a period of two (2) years.
Take note that the two (2) year period may be shortened if the policy provides for a shorter period. However, the two (2) year period cannot be extended as this will no longer be in favor of the insured.
In case the suicide was committed in the state of insanity, the life of the insured shall be compensable regardless of the date of the commission of the suicide.
It is important to note, however, that suicide shall not be compensable if it is an excepted risk in the life insurance.
RELATED ARTICLES:
Click here to subscribe to our newsletter
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries regarding legal services, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/ 0917-5772207/ 09778050020.
All rights reserved.