HONG KONG SAR – Media OutReach – November 24, 2023 – Term life insurance allows the public to obtain higher life coverage at lower premiums as there is no savings component. However, the maximum insured amount of many online products is often lower. To solve this problem, Bowtie took the initiative to increase its maximum insured amount to HK$20 million since November 3, 2023, becoming the online life insurance provider with the highest coverage at Hong Kong.
The “weakness” of online term life insurance
Term life insurance is cost-effective, but the insured amount is often limited to a few million dollars, which may not provide sufficient protection for those with higher incomes. Due to the maximum insured amount of online term life insurance, they would have to apply to two different insurance companies separately to get coverage above HK$10 million, which was quite inconvenient.
Bowtie cooperates with reinsurance companies to increase coverage to 20 million Hong Kong dollars
After assessing customer needs, Bowtie decided to take improvement measures by partnering with two multinational reinsurance companies to increase the insured amount to a maximum of HK$20 million.
Now, if customers feel that the standard insured amount (see Table 1) does not meet their needs, they can apply for maximum life cover of up to HK$20 million after undergoing financial underwriting and medical exam.
|
Age |
Bowtie Term Life Insurance – Maximum Insured Amount Exceeded (medical examination not required) |
|
18 – 45 years old |
8 million Hong Kong dollars |
|
46 – 55 years old |
4 million Hong Kong dollars |
|
56 – 60 years old |
3.5 million Hong Kong dollars |
|
61 – 65 years old |
1 million Hong Kong dollars |
Table 1: Bowtie Term Life Insurance – Previous maximum insured amount (medical exam not required), amount subject to age restrictions.
How does financial underwriting determine the maximum insured amount?
The purpose of life insurance is to compensate for the loss of
income resulting from the death of the insured. Thus, during financial underwriting, Bowtie takes into account the work income of the insured (including monthly salary, bonuses and commissions) and age (see table 2) to determine the maximum insured amount after a medical examination .
Other sources of income such as dividends and rental income are not affected by the death of the insured and are therefore not taken into account.
|
Age |
Bowtie Term Life Insurance – Current Maximum Insured Amount
(Medical examination required) |
|
18-45 years old |
30 times labor income |
|
46-55 years old |
20 times labor income |
|
56-60 years old |
15 times labor income |
|
61-65 years old |
10 times labor income |
Table 2: Bowtie Term Insurance – Current maximum coverage (medical exam required) after product update.
The figures shown above are approximate calculations and Bowtie will treat each policyholder’s case individually.
Bowtie now offers the highest amount of coverage among online life insurance!
Bowtie Term Life offers life coverage of up to HK$20 million, making it the highest coverage among all online life insurance products in Hong Kong.
The HK$20 million life cover is not just a marketing gimmick. Bowtie believes that “Just fit is best”. We sincerely hope that this product update can help consumers so that their loved ones do not have to worry about financial burdens in the event of death.
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