Wednesday, 22 May 2019
BREAKING NEWS

Chubb Life launches critical illness policy in Hong Kong

Chubb Life, Chubb’s international life insurance business, has launched a critical illness policy in Hong Kong that provides critical illness protection for individual customers and their families.

The firm said it’s Embrace Care Critical Illness Protector provides a solution for customers looking for comprehensive critical illness protection across different stages, with extended benefits to their family members.

Chubb Life said it will allow multiple claims for major illness – cancer, heart attack or stroke – and offers the ‘first-in-market’ premium waiver benefit for spouse’s/child’s major illness.

With the family oriented benefit, the premium of basic plan will be waived for up to three years if the policyowner’s spouse (aged below 75) or child (aged below 18) is diagnosed with a major illness.

In the unfortunate event of the spouse or child passing away, the policyowner will be eligible for the three-year premium waiver.

Critical illness

Michael Ho, president of Chubb Life Hong Kong, said: “Critical illness can strike anyone without warning, and recovery can be a demanding process – physically, emotionally and financially.”

Customers can share 20% of the sum assured with their children (aged below 18) to provide financial protection against cancer.

The new offering provides protection across 134 illnesses at different stages, including 56 early-stage illnesses (e.g. the surgical treatment of angioplasty, atherectomy or minimally invasive direct coronary artery bypass grafting for coronary arteries, and carcinoma-in-situ), eight juvenile illnesses (e.g. severe juvenile rheumatoid arthritis and type 1 diabetes mellitus (Insulin-dependent diabetes mellitus)), five special illnesses (e.g. dengue haemorrhagic fever and severe asthma) and 65 major illnesses.

Illnesses arising from undetected congenital conditions can also be covered.

Multiple claims

Customers can make multiple claims for minor illnesses for up to 90% of the sum assured and with the feature of protection revival benefit. This means the protection level can be restored back to 100% of the sum assured upon diagnosis of a major illness or in the event of death before age 100, as long as the waiting period of one year is met.

It provides customers with added protection up to age 100 against major killer diseases in Hong Kong by allowing four additional claims on major illness for cancer, heart attack or stroke after the first major illness benefit is paid.

The maximum benefit amount of major illness claims can be as high as 500% of the sum assured.

Ho added: “We aim to bring the additional peace of mind and financial coverage to our customers so that they can focus on the recovery of their loved ones.”

In Asia, Chubb Life operates in Hong Kong, Indonesia, Korea, Taiwan, Thailand and Vietnam, and participates in a joint-venture in China. Chubb Life has been in Hong Kong since 1976 and launched its global wealth management business in Hong Kong in 2015.

Recently, International Adviser reported that Old Mutual Wealth, part of Quilter, will now consider life insurance cover for customers who have both heart disease, or cerebrovascular disease (e.g. stroke), and diabetes, a combination the industry typically declines.

Source: https://international-adviser.com/chubb-life-launches-critical-illness-policy-in-hong-kong/

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