The bill proposes to repeal the existing section 376.620 of Missouri law and replace it with a new section that modifies the terms under which life insurance policies can exclude or restrict liability for death by suicide. The new language allows life insurance policies to exclude coverage for suicide occurring within two years from the date of issue, as opposed to the previous one-year period. This exclusion applies to the entire policy as well as to any additional death benefits or increases in coverage, but only for the amount of the additional benefits. Furthermore, the bill mandates that any life insurance policy containing such exclusions must also stipulate that if the insured dies by suicide within the two-year period, the insurer is required to refund all premiums paid for the excluded or restricted coverage. This change aims to clarify the terms of life insurance policies regarding suicide and ensure that consumers are aware of their rights in the event of such a tragedy.

Statutes affected:
Introduced (4078H.01): 376.620