MN HF770

Clarifies that mental sanity or insanity is not a factor in determining whether suicide occurred under individual or group life insurance policies.

Allows life insurance policies to exclude or restrict death benefits for suicide within one year of policy issuance, provided the exclusion is clearly stated in the policy.

Requires insurers to refund all premiums paid for coverage if a death benefit is denied due to suicide within one year of policy issuance.

Updates the definition of "suicide clause" in life insurance disclosure documents to reference a one-year waiting period instead of two years.

Effective January 1, 2024, applying to all policies issued or delivered on or after that date.