SEOUL, May 24 (Korea Bizwire) – 4 out of 100 South Koreans subscribed to life insurance policies died from suicides, the biggest cause of death for those in their teens to 30s, an institute’s tally showed Tuesday.
A close study of life insurance payments in the 2012-2014 period showed that of 177,706 deaths of policyholders, 7,490 (4.2 percent) were from suicides. Researchers at the institute said the number of suicides is likely higher since deaths from suicides were applied limitedly, leaving out many forms through which people take their own lives.
The statistics should resonate with insurance firms, which on Monday were ordered by the government to promptly pay insurance money related to suicide deaths. Companies had resisted giving payments for people killing themselves, citing unclear clauses in the policy. According to industry estimates, insurers have yet to pay 246.5 billion won (US$208.1 million) for suicide-related deaths.
The tally said the number one cause of deaths for those in their teens was suicide by leaping off from buildings. The third-biggest cause was from self-suffocation.
For those in their 20s, hanging was the biggest cause of death, followed by jumping to one’s death. For people in their 30s, self-suffocation was the top cause of death.
While the suicide rate was less for older groups, it still ranked within the top 5, the tally showed.