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I'm Lucy, and I'd be happy to answer your questions today. I'm sorry for your loss.
You are correct. Colo. Stat., Section 10-7-109 clearly states that suicide is not a defense to paying out a life insurance policy. The courts that have since considered this issue, dating back to the 1930s, have interpreted it to mean that a person CANNOT contract away the statute's protections. See Officer v. London Guarantee & Accident Co., 74 Colo. 217, 220 P. 499 (1923); London Guarantee & Accident Co. v. Officer,78 441, 242 P. 989 (1925); Capitol Life Ins. Co. v. Di Iullo, 98 Colo. 116, 53P.2d 1183 (1935). That's almost 100 years of precedent. The outcome could be different if your cousin's fiance didn't live in Colorado, but since he did, they have to pay even though it's a suicide, as long as they had the policy for at least 1 year.
I do understand why your cousin is distraught and not prepared to deal with any of this at the moment. The statute of limitations on breach of contract is 3 years, so she has a little time to mourn, before deciding if she wants to pursue this.
It's important that you are 100% satisfied with my courtesy and professionalism. Thank you.