FWD launches revolutionary critical illness insurance – Life Impact Reliever protects the insured against critical life-impacting situations
Hong Kong, 18 January 2018 – FWD commissioned the Public Opinion Programme of the University of Hong Kong to investigate “The Hong Kong Working Population’s Opinion on Livelihood Security (Note 1)”. Half of those surveyed could maintain their standard of living for no more than six months if they were suddenly unable to work for two weeks or more, while 10% could do so for only a month at the most. It was also found that about 80% (79%) of the respondents had only one source of income - salary to sustain a living, reflecting the insufficient financial well-being of the Hong Kong workforce to support their living when hit by unexpected life impacting events.
Critical accidents are not rare; working adults not equipped to cope with unexpected adversity.
The survey shows that it is not unusual for working adults in Hong Kong to encounter critical adversity. With a working population of 3.05 million (Note 2) people from age 20 to age 55, nearly 1.5 million of them would be unable to maintain their usual standard of living for more than six months when hit by an unexpected disease or injury, and 280 000 people could only sustain themselves for a month or less.”
Karie Pang Kai-lai, Assistant Director of the Public Opinion Programme at the University of Hong Kong explained, "Results also include the following findings:
- About 20% (19%) of the respondents said that their relatives or friends had experienced at least two critical life-impacting situations (Note 3) in one single medical event;
- 68% of respondents financially support parents, children or partners;
- 21% work part-time or freelance;
- 45% of respondents had bought a or covered by employer’s critical illness insurance plan;
- 63% of respondents considered the clause “covers future unknown diseases” to be an important or very important factor when purchasing insurance, and 74% identified “claim criteria based on life impacting situation” as important or very important.”
Working Population’s Inadequate Financial Resources to Cope with Unexpected Adversity Calls for Support from Insurance
Paul Tse, Chief Marketing Officer of FWD Hong Kong and Macau, said, “Increasing health consciousness and longer life expectancy are widely observed across the Pan-Asian region. With health and protection as our key strategic focuses, FWD is keen on exploring new protection areas and formulating diversified and crucial protection for our customers.” Paul continued, “The new survey revealed strong demand for innovative health insurance. Over 60% of those interviewed agreed that it was important or very important for an insurance plan to cover unknown diseases, while over 70% would want their insurer to take into account the impact of an injury or disease on their life when assessing their claim”.
Revolutionary critical illness insurance solution to be future-proof and not limited by a list of defined illnesses
Protect the insured against critical life-impacting situations
Timon Templeton, Group Head of Product Proposition, FWD Group said, “FWD believes that insurance should be able to continuously respond to the changing needs of societies and the people in them. For this reason, we keep refining and transforming our health and protection offerings. Life Impact Reliever is a brand new critical illness insurance plan designed to respond to socio-economic changes in a sustainable manner.” In addition to covering critical illnesses, Life Impact Reliever revolutionarily covers the insured against life-impacting situations including illnesses, injuries and unknown diseases. As long as the insured customers meet two of four straightforward criteria and are unable to work for 8 weeks in a row, the plan will pay out 100% of the sum insured to support their daily living.
Paul added, “Life Impact Reliever extends critical illness insurance beyond lists of defined illnesses, and can also covers conditions caused by serious sports injury and pregnancy-related complications, both are of increasing concern in Hong Kong.”
Hong Kong Rock Climbing Team coach Lai Chi-wai became a paraplegic after a motorcycle accident in 2011. Lai began to look at insurance in a new way and wondered what type of plan could have supported him after the accident.
“Some health situations are not related to illness. Sports injuries, for example, can be tragically life-changing, but are rarely covered under conventional insurance plans. FWD’s Life Impact Reliever is a breakthrough in protection that measures how adversity impacts the insured's quality of life, rather than confining coverage to a list of illnesses,” Lai said. Due to his accident Lai Chi-wai was unable to continue his athlete and coaching career. The professional rock climber’s wife was pregnant and his parents relied on him to support them. Facing huge medical expenses, his savings ran out within a month and he had to sell all his assets, including property and motorcycles, to make ends meet.
Lai had planned to get insurance protection before the accident, but his sporting background meant he was subject to high premiums and more complicated terms and conditions.
Paul is confident that Life Impact Reliever will be an ideal solution for anyone looking for relevant and affordable protection. He added, “Most people are aware of the significance of having a health insurance portfolio but are hesitant to take action due to the complexity of applicable terms and conditions. Life Impact Reliever is a vivid example of how we are trying to fulfil our vision to change the way people feel about insurance with easy to understand, transparent and flexible protection solutions that are highly relevant to peoples’ daily living.”
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The above product information is for reference only and is indicative of the key features of Life Impact Reliever. For a complete explanation of the terms and conditions of Life Impact Reliever, please refer to its Product Brochure and Policy Provisions.