FWD Insurance Launches “Fearless Cancer Protection Plan”
Fitted for the young generation with easy entry and affordable premiums
HONG KONG, 8 December 2014 - FWD Hong Kong is pleased to announce the launch of the “Fearless Cancer Protection Plan” (“Fearless”), covering early-stage cancer all the way through to post-cancer treatments. The plan is suitable for the young generation with easy entry and affordable premiums, and also designed for existing customers with an option to fortify their critical illness protection portfolio.
Mr Albert Chan, Chief Marketing Officer of FWD Hong Kong and Macau, commented, “Cancer is the top critical illness that accounted for 30.5% of all registered death in Hong Kong in 2012 (Note 1). It is also a top cause of claims in FWD Hong Kong which made up over 76% of critical illness claims we handled in 2013. We also find that the illness coverage of Hong Kong people, particularly among the young generation, might not be sufficient.”
Albert said, “Seeing the surging needs for protection against cancer, Fearless is a comprehensive and affordable cancer plan that we designed to help the youngsters to get their healthcare protection with easy entry, fixed payment periods and premium refund mechanisms. It is also added to our already extensive suite of medical and critical illness insurance solutions as an option for customers to fortify their critical illness coverage with additional protection particularly against cancer.”
The younger the insured is when subscribed to Fearless, the lower the premium rates would the policy be subject to. What is more, the premiums are payable for only 10 years, 15 years or 20 years (Note 2) at customers’ choice with a policy term till age 85. For instance, for a 25-year-old (at next birthday), non-smoking man choosing a sum insured at HK$500,000 (Note 3) and a 20-year premium payment period, the premium would be less than HK$480 a month (Note 4). The plan also gives out special bonuses (if any) (Note 5) and a full or partial premium refund upon policy maturity date or policy surrender (Note 6).
“We call this new cancer plan Fearless as we want to highlight the importance of having healthcare protection early for a worry-free living. With proper protection in place, customers can enjoy the passions in their lives and take the opportunities ahead of them without fear.” Albert continued, “Customers should opt for a suitable level of sum insured in consideration of their personal and family status and existing protection portfolio. As an indication, the treatment cost for colorectal cancer, Hong Kong’s most common cancer, can reach HK$350,000 a year (Note 7).”
Fearless adopts easy application – No more than 4 simple questions to answer and no medical examination or health proof is required (Note 8). The plan provides up to 2 times of limited advanced payment for carcinoma-in-situ or early stage cancer benefit, each amounting to 20% of the sum insured (Note 9) without affecting the premium refundable upon policy maturity or surrender.
In addition to the sum insured and special bonuses (if any), Fearless offers post-cancer treatments benefits (Note 10) to support the insured on health recovery as the body heals from a tough battle. Covered expenses include Chinese medicine consultations, dietician consultations, counselling services and physiotherapy, for 2 years from the first confirmed diagnosis of cancer.
The plan also comes with a series of value added referral services (Note 11) which are available upon confirmed diagnosis of cancer. They include a second medical opinion from a top U.S. medical institution, and family care services such as home-cleaning, child and pet care, Chinese soup services.
The policy owners of Fearless also have the flexibility to apply for an additional cancer plan for the insured when the latter reaches age 40 and/or age 65 (age at next birthday for both)(Note 12), irrespective of his/her health condition by then and no evidence of insurability will be required!
FWD Insurance “Fearless Cancer Protection Plan” leaflet cover
The above product information is for reference only and is indicative of the key features of the plan. For a complete explanation of the terms and conditions, please refer to the Product Leaflet and Policy Provisions.
The respective issue ages for the 3 premium payment period modes are: Age 1 to 65 for 10 years, age 1 to 60 for 15 years and age 1 to 55 for 20 years. All ages refer to the age at next birthday.
The sum insured ranges from HK$180,000/ US$22,500 (per policy) to HK$10,000,000/ US$1,250,000 (per life). The latter is subject to the aggregate maximum sum insured per life of all designated critical illness policies, which is determined by FWD’s prevailing rules and regulations.
Premium rates are not guaranteed and FWD reserves the right to review and revise the premium rates from time to time.
When the policy has been in force for 10 years or more, a special bonus (if any) will be payable under the policy upon the payment of the cancer benefit or death benefit under the policy, or surrender or maturity of the policy. Special bonus is not guaranteed and is determined by FWD from time to time at its absolute discretion. A proportionate special bonus, if any, will also be paid upon payment of the carcinoma-in-situ or early stage cancer benefit, and special bonus (if any) payable thereafter shall be reduced on a pro rata basis accordingly.
If no cancer benefit or death benefit has been paid or become payable under the policy, a designated percentage of the total premium paid (without interest) and special bonus (if any) would be refunded to the policy owner when the policy is surrendered or matured. Please refer to the refund of premium table as shown in the Product Brochure for details. If any carcinoma-in-situ or early stage cancer benefit is payable or has been paid, the premium refundable will not be reduced by Limited Advanced Payment but the special bonus (if any) thereafter shall be reduced on a pro rata basis accordingly.
Only applicable to Hong Kong residents whose aggregate sum insured under Fearless does not exceed HK$2,000,000/ US$250,000 (subject to the aggregate non-medical check–up limit of FWD and its relevant underwriting requirements).
The maximum of 2 claims (per insured) of carcinoma-in-situ or early stage cancer benefit must be carcinoma-in-situ or early stage malignancy of specific organs occurring in two different specific organs and each claim offers an advance payment equivalent to 20% of sum insured and is subject to a maximum of HK$240,000/ US$30,000 per insured of each claim (‘Limited Advanced Payment’). After this benefit is paid in advance, the cancer benefit payable will be reduced by Limited Advanced Payment and the special bonus (if any) thereafter shall be reduced on a pro rata basis accordingly, but the sum insured and premium of the policy remain unchanged. If the insured has more than 1 policy with a similar or related benefit, the total payment of carcinoma-in-situ or early stage cancer benefits shall not exceed the maximum amount of HK$240,000/ US$30,000 per life for each claim.
FWD would only reimburse the reasonable and customary charges incurred for the post cancer treatment benefit to treat covered cancer within 2 years from the first date of confirmed diagnosis of cancer, provided that cancer benefit has been paid or become payable. It is subject to HK$600 / US$75 per visit per insured (1 visit per day) and maximum aggregate number of 20 visits per life. Even if the insured is insured by more than 1 policy of Fearless, the maximum post cancer treatment benefit (per life) is still HK$600 / US$75 per visit per insured and 1 visit per day (subject to the maximum aggregate number of 20 visits per life).
Services are provided by third party providers and are not guaranteed renewable. All relevant fees and charges (if any) of these services shall be borne by the insured. FWD shall not be responsible for any act of failure to act on the part of the providers. Details of the services may be revised from time to time without FWD’s prior notice.
The policy owner has the right to apply for a new cancer protection plan within 31 days immediately before or after relevant policy anniversary which immediately comes on or after the respective ages of 40 and/or 65 (age next birthday) of the insured without providing further evidence of insurability on the insured (the aggregate maximum of the sum insured under such new policies shall be the initial sum insured of original policy or HK$1,000,000/ US$125,000 per life, whichever is lower), provided that no benefit has been paid or becomes payable under the original policy, and no loading premium and/or additional individual exclusions exist when the original policy is issued. This right shall be subject to the plan available at the time of application and such terms and conditions of FWD and the aggregate maximum sum insured per life of all designated critical illness policies, which is determined by FWD’s rules and regulations. This benefit is irrevocable after execution.
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About FWD Hong Kong
FWD is the insurance business arm of the private investment group, Pacific Century Group. FWD’s business spans Hong Kong, Macau, Thailand and the Philippines offering life insurance services, as well as general insurance, employee benefits and financial planning services in Hong Kong. FWD also has a brand presence in Indonesia. FWD’s strategic focus is to leverage technology to enhance customer experience, deliver innovative products, and invest in talent to create a leading pan-Asian life insurer that changes the way people feel about insurance.
The life insurance and general insurance operating entities of FWD Hong Kong have been assigned strong financial strength ratings by international rating agencies. FWD Life Insurance Company (Bermuda) Limited is rated “A3” by Moody’s and “A” by Fitch. FWD General Insurance Company Limited is rated “A” by Fitch.