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What is critical illness insurance? Do you need critical illness insurance at a young age? Help you choose the right insurance

2022-10-02T22:13:08.678Z


Everyone wants to have a healthy body, enjoy a carefree life with love, and plan an ideal future. However, critical illnesses are often unavoidable. If unfortunately diagnosed, the unpredictable medical expenses will cause huge costs to yourself and your family.


Everyone wants to have a healthy body, enjoy a carefree life with love, and plan an ideal future.

But critical illnesses are often unavoidable. If you are unfortunately diagnosed, the unpredictable medical expenses will cause huge financial pressure on yourself and your family, and may even delay the best time to receive treatment.

Therefore, many young people who have just joined the society choose to take precautions when they are in good health and purchase critical illness insurance as soon as possible to provide protection for themselves and their families.

However, there are many types of critical illness insurance on the market. What principles should be used when choosing?


What is critical illness insurance?

When the insured is diagnosed with the insured critical illness, the insurance company will pay a one-off financial support according to the insured amount in the policy terms. Way.

Therefore, one of the main functions of critical illness insurance is to provide protection for the insured during the period of loss of working ability and income, so as to relieve their financial pressure and recuperate from illness.

To choose the most suitable critical illness insurance for you, consider the following factors before purchasing.

No. 1: Premium Threshold Savings Critical Illness Insurance VS Regular Critical Illness Insurance

There are many differences between savings-type critical illness insurance and fixed-term critical illness insurance, resulting in different premiums. One of the factors is that fixed-term critical illness insurance generally does not include investment or savings components, and the premiums are mostly used for insurance protection; the structure of savings-type critical illness insurance It is relatively complex, and the savings component has the potential to increase wealth.

Therefore, even under the same protection (including but not limited to the sum insured, insured critical illnesses and protection items, etc.), the premiums of the relative savings-type critical illness insurance are higher than the premiums of the regular critical illness insurance.

According to a survey1, the monthly premiums for savings-type critical illness insurance range from HK$2,900 to HK$3,400, while the monthly premiums for term critical illness insurance range from HK$119 to HK$222.

Depending on the insured's financial ability and financial habits, if you are sure that you can make long-term contributions, you can consider savings-type critical illness insurance.

Regular critical illness insurance is suitable for people who want to allocate assets flexibly, especially young people, who can get more flexible critical illness protection at a low premium threshold.

Generally speaking, the younger you are, the lower the premium you need to apply for an insurance policy. The first-year monthly premium of FWD "Critical Illness 2-in-1 Plan" is as low as HK$402, and the insured amount is as high as HK$2.5 million3.

The whole process of online insurance can be guaranteed without going through cumbersome medical examinations.

Step 2: Policy autonomy to match the ideal policy according to needs and budget

Compared with the traditional insurance plans in the past, young people in the new generation prefer insurance products with simple combinations, transparent premiums, and high autonomy. In addition, the funds for free use are limited, so they hope to obtain critical illness protection within a limited budget.

A policy that allows you to combine the coverage you need and fit your budget is more ideal.

Most of the critical illness insurance in the market mainly covers the three major diseases of cancer, acute myocardial infarction and stroke.

However, as the incidence of critical illnesses among the younger generation continues to rise, insurance companies continue to increase the types of illnesses to expand coverage.

Many young people choose to take precautions when they are in good health and purchase critical illness insurance to protect themselves and their families.

According to the statistics, the three major diseases account for about 90% of FWD's critical illness claims in 20204, so the "Critical Illness Protection Plan" is based on this. 100% 5.

In addition, the insured can also choose the Additional Rider Critical Illness Benefit (covering an additional 59 designated critical illnesses)5 and additional medical coverage6 for 3 major diseases to prepare in advance for potential health threats.

No. 3: Additional Rehabilitation Support Professional Team to assist in returning to a healthy life

Critical illnesses make patients and their families physically and mentally exhausted. Apart from financial support, they also need rehabilitation assistance and psychological care.

To regain a healthy life, the professional advice of medical staff is equally important, so critical illness insurance with rehabilitation support can help strengthen the protection backing.

Although the premiums of the "Critical Illness Protection Plan of Choice" are affordable, the follow-up services are still perfect.

When the insured is diagnosed with one of the three major diseases and receives compensation, the plan will provide a series of professional medical management and rehabilitation services free of charge7. First, after meeting with a clinical psychologist or a cardiologist, a suitable The project becomes your personal rehabilitation plan, and an appointment can be made through a dedicated rehabilitation nurse, so that the insured can focus on the treatment and rest in peace (this service will start and last within 6 calendar months from the date of payment of the 3 major diseases benefit payment). 6 months).

When necessary, you can seek a second medical opinion from the top medical institutions in the United States.

In the process of treatment and rehabilitation, the plan not only tailor-made professional health proposals for the insured to help them recover as soon as possible, but also specifically assists their living needs.

Sign up now for a limited time offer

Apply for "Critical Illness Protection Plan" before October 14 to enjoy 8-month premium waiver for the first year, click here for quotation and details now!

Subject to terms and conditions.

The above products are underwritten by FWD Life Insurance (Bermuda) Limited (Incorporated in Bermuda with limited liability) (“FWD Life”).

The above information does not include the full terms of the policy and is subject to the terms and conditions of the relevant plans. For product features, benefits and full terms, exclusions and major product risks, please refer to the FWD website, related product brochures and policy terms.

For the actual premium discount, please refer to the FWD online insurance platform offers, this online sales platform is operated by FWD Financial Limited ("FWD Financial").

Before applying for insurance, please make sure you understand the features of the relevant products and meet your needs.

The above content is sponsored and published by FWD Financial Limited, an insurance agent appointed by FWD Life.

Information provided by FWD Financial and FWD Life.

HK01 has not been authorized by FWD Financial and FWD Life to conduct and/or provide any insurance-related products and/or services, and will not provide any insurance advice or advice.

Readers should make their own assessment of all data contained in the content of this article or seek independent expert advice.

This advertisement is intended for use in Hong Kong only and should not be construed as selling, lobbying for the purchase or offering of FWD Life insurance products outside Hong Kong.

The sales and application procedures for this promotion must be conducted and completed in Hong Kong.

1. Remarks: The monthly premium for this critical illness benefit is based on a 35-year-old non-smoking male with a sum assured of HK$1,000,000.

The monthly premium coverage of term critical illness insurance is based on 5 different annual renewals and 10-year plans in the market including self-selected 2-in-1 plans (annual renewal) (premium is not guaranteed and is rounded to the nearest whole number) Term critical illness online insurance plan that covers 3-38 critical illnesses.

The monthly premium coverage of Critical Illness Savings Insurance is based on 5 different Lifetime Critical Illness Savings Insurance plans in the market, which cover 56 to 62 critical illnesses.

The above information is based on comparisons made by FWD on 31 August 2021.

The premiums do not yet include the premium levy charged by the Insurance Authority.


2. The above premiums are calculated based on the optional 2-in-1 plan (i.e. optional critical illness protection plan with additional critical illness benefits and additional medical coverage for 3 major diseases), based on a 30-year-old non-smoking male, with a renewal period of 1 year , the monthly premium after discount of the sum assured of HK$1,000,000 is calculated.

All premiums are non-guaranteed and do not include the premium levy charged by the Insurance Authority and are rounded to the nearest whole number.


3. If the actual age of the insured is 60 to 69 years old, the maximum sum assured is HK$1.5 million.


4. Source: FWD 2020 Claims Report


5. The product has a 90-day waiting period.

FWD Life will pay 3 major illness benefits and critical illness benefits (if applicable) only if the insured has the first symptoms and conditions of the relevant disease and undergoes a diagnosis or surgery related to the relevant disease within the first 90 calendar days from the policy effective date. )


6. The additional medical benefit for the 3 major diseases is within two years from the date of the first confirmed diagnosis of cancer, acute myocardial infarction or stroke that has been compensated under the 3 major diseases benefit, when the eligible expenses reach all the After the total original sum assured or HK$500,000 of the policy with additional medical coverage for the 3 major diseases, whichever is lower, you can receive reimbursement for the subsequent eligible expenses incurred for the 3 major diseases in the form of actual reimbursement, up to a maximum of The limit is 100% of the total original sum assured of all policies with additional medical benefits for 3 major illnesses under the regular critical illness series or the additional amount for all the 3 major illnesses attached to each insured under the periodic critical illness series The claim amount of the medical insurance policy is the lower of HK$1,000,000


7. This service is currently provided by Hukang Group ("Hukang") and its medical network team. FWD Life reserves the right to adjust this service at any time without prior notice, and reserves the right of absolute decision.

FWD also disclaims all responsibility (if any) for the acts, omissions or mistakes of Mutual Health and its medical network team.

While the policy is in force and the insured is alive, when the 3 major illness benefits are payable, we will provide the insured with one-time Lohas rehabilitation service, and the charges will be waived once for each insured, and Must start within 6 calendar months from the date of 3 major illness benefits payment.

This service is only available in Hong Kong area.

(Information and photos provided by customers)

Source: hk1

All news articles on 2022-10-02

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