According to reports, the number of people committing suicide grew by 20% in 2016 compared to the previous two years (2015 and 2014).
The rise in suicides has been attributed to tough economic conditions.
Insurance advisor Karina Namhing says other insurance providers have reported more than 30% suicide deaths, which is quite scary.
Suicide is actually more prevalent with business owners, which is frightening. That is why there are so many underwriting criteria.— Karina Namhing Director, Advice and Intermediary Insurance Services
Namhing highlighted the fact that a lot of people don't know that there is two years suicide clause across the industry.
The two years suicide clause simply means a life insurance company will not pay death benefits if the policyholder commits suicide within a specific period of time after their policy takes effect. However, after those two years are up, the suicide clause is no longer applicable.
There is a reason why there is a two years suicide clause because it is more common than what people think it would be.— Karina Namhing Director, Advice and Intermediary Insurance Services
702's Gugs and Sizwe also spoke to clinical psychologist Dr Eddie Wolf about why people feel the need to commit suicide.
Listen below to hear how Dr Wolf put into context the reason people commit suicide:
This article first appeared on CapeTalk : Suicide is prevalent among business owners - insurance advisor