FWD Insurance launches "TheOne Medical Solution"

A high-end medical solution offering lifetime protection of up to HK$100 million and market’s first waiver of annual deductible for 16 critical illnesses

HONG KONG, 1 April 2014 — FWD Hong Kong announced the launch of “TheOne Medical Solution” (“TheOne”), a comprehensive, innovative and flexible medical solution providing the insured with a Lifetime Limit1 of up to HK$100 million till the age of 100.

Mr. Albert Chan, Chief Marketing Officer, FWD Hong Kong and Macau, said, “As life expectancy of our aging population increases, we also see a growing trend of younger people being diagnosed with cancer or other critical illnesses, which leads to an earlier and longer need for medical treatments in general. TheOne is designed to help alleviate the insured and their families from the huge financial and psychological burden caused by illnesses and prolonged treatments, as well as offering comprehensive coverage, innovative benefits and flexible options to match the varied needs in different life stages.”

A study2 projected that the total healthcare costs in the Asia-Pacific region would increase by 8.2% annually for the coming years till about 2020. TheOne thus provides three high-end plan levels to select from, including the Standard Plan, Superior Plan and Premier Plan, each with a different Annual Limit ranging from HK$8 million to HK$16 million and a Lifetime Limits from HK$40 million to HK$100 million. The Areas of Cover range from Asia to Worldwide. Moreover, each of the three plans provides three options of Annual Deductibles, HK$0, HK$40,000 or HK$80,000. TheOne offers 9 different plan options to fit each insured’s specific needs. To help the insured better prepare for retirement, the insured is entitled to a one-time reduction of his/her Annual Deductible3 at the policy anniversary of age 50, 55, 60 or 65 (at next birthday), as well as a guaranteed policy renewal till the age of 1004.

According to the Hong Kong Cancer Registry’s findings for cancer statistics5, 1 in 4 men and 1 in 5 women in Hong Kong would develop cancer before the age of 75. The “First-dollar Coverage - Deductible waived for Designated Critical Illness6” is a first-to-market benefit that will waive the Annual Deductible7 of HK$40,000 or HK$80,000 for 16 critical illnesses, including cancer, heart attack, stroke and kidney failure, providing full coverage that allows for the insured to focus on fighting the disease.

Depending on the selected plan level, an Additional Annual Limit8 of HK$1 million to HK$2 million will be set to cover the insured’s expenses in excess of the Annual Limit on organ and bone marrow transplantations, chemotherapy and radiotherapy, and/or kidney dialysis.

Hospitalization needs often come unexpectedly, and the private-room capacity of Hong Kong hospitals are always in short supply. For hospitalization in a below-private-room facility of a private hospital in Hong Kong, TheOne will pay the insured a daily hospital cash of HK$1,500 for up to 30 days per policy year.

Albert added, “The launch of TheOne further enriches FWD’s diversified healthcare solutions offering, and aims to better serve the distinct needs of our customers throughout their life journeys.” To encourage proactive health management, those insured by the Superior and Premium Plans will be reimbursed HK$2,000 to HK$6,000 for their health screening expenses every two years with no limitation on screening items9.

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The above product information is for reference only and is subject to terms and conditions. Please refer to the policy provisions for more details.

  1. Lifetime Limit refers to the maximum aggregate amount of benefits payable under all insurance policies and supplemental benefits (if any) issued by FWD Life Insurance Company (Bermuda) Limited (“FWD”) covering the insured during his/her lifetime, regardless whether the insurance policies are still in force.
  2. Source: “Health Protection Gap in the Asia-Pacific region will hit USD197 billion in 2020”, Swiss Re, 28 November 2012, www.swissre.com/reinsurance/insurers/life_health/20121128_HPG_Japan_en.html.
  3. The application should be made within 31 days immediately before or after the relevant policy anniversary. This right can only be exercised once per lifetime of the insured and is irrevocable.
  4. Guaranteed policy renewal till the age of 100 is subject to the continual availability of TheOne offered by FWD, terms and conditions applicable, benefits, and premium rates at the time of renewal. Renewal premiums are not guaranteed and the premiums for each renewal are determined based on the age (at next birthday), and the premium table applicable at that time when the policy is renewed. Premium table is subject to change based on factors including but not limited to the inflation of related medical expense, FWD’s medical claim experience and persistency of policies from time to time. FWD reserves the right to revise the benefit payable, terms and conditions and premiums at any time.
  5. Source: “Summary of cancer statistics in Hong Kong in 2011”, Hong Kong Cancer Registry, Hospital Authority, November 2013, v2, www3.ha.org.hk/cancereg.
  6. First-dollar Coverage – Deductible waived for Designated Critical Illness is only applicable to policies with Annual Deductible and is subject to the Annual Limit and Lifetime Limit. FWD shall not waive the payment of any balance of Annual Deductible if the confinement is related to a designated crisis whose symptoms appear or relevant diagnosis or surgery occurs within the first 90 days from the policy date or the last policy reinstatement date. Please refer to the Schedule of Benefit of TheOne Medical Solution brochure, Policy Provisions, and Policy Schedule for the details and definition of Designated Critical Illnesses.
  7. Annual Deductible shall mean the part of eligible expenses which shall be borne by the policy owner or the insured and which has to be deducted from the reimbursable sum.
  8. Additional Annual Limit: When the benefit is payable under Organ and Bone Marrow Transplantation, Chemotherapy and Radiotherapy and Kidney Dialysis, FWD shall increase the Annual Limit for that policy year. This benefit is only available once per policy year. The amount of Lifetime Limit shall remain unchanged. Please refer to Policy Provisions for details.
  9. Heath screening benefit is only applicable to the insured who is aged 18 (at next birthday) or above and the waiting period of this benefit item is 2 years.

About FWD Hong Kong
FWD Group is the insurance business arm of the private investment group, Pacific Century Group. Swiss Re Group invested in FWD Group in December 2013, with a shareholding of 12.3%. FWD’s business spans Hong Kong, Macau and Thailand, offering life insurance services, as well as general insurance, employee benefits and financial planning services in Hong Kong. In addition, FWD 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.

In Hong Kong, the life insurance operating entity, FWD Life Insurance Company (Bermuda) Limited is assigned strong financial strength ratings of “A-” by Standard & Poor’s, “A3” by Moody’s and “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 more than US$65 billion in assets under management through its global network.

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