FWD Insurance Launches “Target Defender Cancer Insurance Plan”

An Independent Cancer Plan Offering Flexible Protection, Simple Application and Value-Added Hospital Incomes

HONG KONG, 2 September 2014 - FWD Hong Kong is pleased to announce the launch of the “Target Defender Cancer Insurance Plan” (“Target Defender”), providing flexible cancer protection with simple application for our customers at the time they need it. With a cancer benefit ranging from HK$200,000 to HK$1,000,000 to select from, customers can also opt for a 10- or 15-year premium payment period (Note 1) and get a 100% refund on the total premiums paid at the end of the 20-year policy term, provided no cancer benefit or death benefit has been claimed.

Mr Albert Chan, Chief Marketing Officer of FWD Hong Kong and Macau, said, “Cancer is a major critical illness in Hong Kong. Figures (Note 2) show that during the decade of 2001 to 2011, the number of cancers in Hong Kong was rising at an average annual rate of 2.3%, while the population grew only for 0.5% per annum. The increase in female patients of invasive breast cancer even reached 13.4% for year 2011. Yet thanks to continuous technological advancement, cancer is becoming more curable. Statistics indicate that over 67% of cancer patients were still living 5 years after confirmed diagnosis” (Note 3).

Albert continued, “Cancer is the top cause of claims, which accounted for over 80% of critical illness claims of FWD Hong Kong in 2012. We also see a growing trend of younger people being diagnosed with cancer. To answer to increasing needs, we have designed Target Defender to bring to our customers flexible, focused cancer protection with a very simple underwriting process — just answer three simple questions. No medical examination or health proof is required.”

“Target Defender is a standalone cancer protection plan that can be subscribed individually. Customers can choose for their protection level based on their age, affordability and protection portfolio. For instance, a young executive might like to go for a low-to-medium level of cancer benefit while a pre-retiree may need a higher level of protection. Those who already have medical insurance or even other critical illness plans in place can also enhance their protection portfolio with Target Defender as its lump sum payment of cancer benefit can help alleviate the insured from the burden of heavy medical bills.” Albert added.

What is more, a Daily Hospital Income Benefit (Note 4) of HK$1,500 per day will be available throughout 1 year upon the first confirmed diagnosis of covered cancer if the insured is hospitalised due to sickness or accident, for up to 30 days per life. A novel feature for critical illness plans, the benefit can help relieve the insured from the worry for income loss so that he/she can focus on fighting the illness. The benefit amount will even double if intensive care stay is needed.

Target Defender is available at the branch networks of the bank partners of FWD Hong Kong:
- Bank of Communications Hong Kong Branch, with Product Enquiry Hotline at (852) 223 95559 and;
- China Construction Bank (Asia), with Customer Service Hotline at (852) 277 95533.

Customers can also call FWD 24-hour customer service hotline at (852) 3123 3123.

FWD Insurance “Target Defender Cancer Insurance Plan” leaflet cover

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  1. The optional levels of sum insured range from HK$200,000 (per policy) to HK$1,000,000 (per life). The issue ages for the two optional premium payment periods are age 18 to 60 (10-year pay) and age 18 to 55 (15-year pay) respectively, per the age at the next birthday. The cancer benefit is only applicable to covered cancers per the Policy Provisions and shall be payable only once during the insured’s lifetime.
  2. Source: Summary of cancer statistics in Hong Kong in 2011, V2, November 2013, Hong Kong Cancer Registry, Hospital Authority, http://www3.ha.org.hk/cancereg/.
  3. Source: Cancer Facts & Figures 2012, American Cancer Society, http://www.cancer.org/.
  4. Only applicable to hospitalisation for more than 6 hours, provided that the Cancer Benefit has been paid or becomes payable. Even if the insured is insured by more than 1 policy of Target Defender, the maximum amount of Daily Hospital Income Benefit for each insured (per life) is still HK$1,500 per insured (maximum 30 days).
  5. The above product information is for reference only and is indicative of the key features of the basic plan. Please refer to the relevant leaflet and Policy Provisions for details and the terms and conditions.
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.

For more information please visit www.fwd.com.hk.

About Pacific Century Group
Pacific Century Group (PCG) was established in 1993 and has interests in property, financial services and other investments in the Asia Pacific region. PCG has a strong track record of holding and developing assets over the long term, and has a network of well-established connections in Asia.

Since its inception, PCG has consistently invested in the financial services sector. In February 2013, PCG successfully acquired ING Groep N.V.’s Hong Kong, Macau and Thailand insurance business. In 2010, PCG acquired the global asset management operations from AIG and renamed it PineBridge Investments. Since PCG’s acquisition, PineBridge Investments has received 13 industry awards. The company has US$71.4 billion in assets through its global network.

Media Enquiries:

Liza Wong
+852 2850 3986
Catherine Tse
+852 2850 2908
Jacqueline Choy
+852 2850 2177