Press release
Press release

FWD Hong Kong commits to covering unknown diseases in a first for the city

26 January 2021 | Hong Kong

First insurer in market to partner with Senior Citizen Home Safety Association to provide dementia support
 
In a first for the city1, FWD Hong Kong (“FWD”) has launched critical illness insurance plans in Hong Kong that offer protection for both defined and unknown diseases or injuries. The maximum benefit level exceeds 1,000% of initial sum insured. These new CXD Plans, “Crisis XDefender Signature” (“CXD Signature”) and “Crisis XDefender Signature Plus” (“CXD Signature+”), aim to meet the evolving needs of customers in Hong Kong. 
 
FWD has also partnered with Senior Citizen Home Safety Association (“SCHSA”) to provide dementia support services to customers of the two new CXD plans2, helping Alzheimer’s disease patients and their caregivers in a systematic way.
 
Coverage of defined and unknown diseases with over 1,000% of initial sum insured  
While traditional critical illness insurance plans cover only defined/listed diseases, the new CXD Plans extend their protection to undefined/unknown diseases with simple claims criteria3. The new plans also offer multiple benefits for critical illnesses, namely cancer, heart attack and stroke, giving out as many as 5 times of extra benefit, up to 690% of the initial sum insured. The maximum benefit level of CXD Signature+ exceeds 1,000% of the initial sum insured (please see Appendix I). 
 
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau, said, “Patients of serious illnesses and injuries need a broad and varied range of physical and mental support throughout their recovery. The emergence of COVID-19 also reminds us of the potential threat unknown diseases can pose to public health. Our launch of the new Crisis XDefender plans are designed to provide customers with better coverage and more comprehensive protection.”
 
Innovative and comprehensive dementia support 
Statistics from Hong Kong Alzheimer’s Disease Association in 2019 show that 1 out of every 10 elderly citizens aged 70 or above has dementia4, and the number of patients is expected to grow significantly. With this in mind, FWD has partnered with SCHSA to provide CXD Plans’ insured customers complimentarily with a full-scale dementia support package such as 24-hour Care-on-Call Service (please also see Appendix II).
 
Maura Wong, Chief Executive Officer of SCHSA, said, “Over the past 25 years, SCHSA’s Care-on-Call Service has offered emergency tele-aid and all-rounded vigilance services to Hong Kong's elderly. Following our recent launch of ‘Care-on-Call Brain Health Navigator Scheme’, FWD is the first insurance company we've worked with to tailor our support services for patients and caregivers for its customers and their families."
 
Wide-ranging and tailored rehabilitation support
Our Lifestyle Management Program of the CXD Plans targets heart attack and stroke patients to help them recover through tailor-made rehabilitation programmes. FWD has also partnered with professional medical institutions to provide customers with a suite of value-added services, including second medical opinion and hospital admission support.

 

– Ends –

 

 

From today until 31 March 2021, new policy holders of CXD Signature and CXD Signature Plus can enjoy up to 3 months of premium discounts in the second policy year (policies should be issued on or before 30 April 2021).

CXD Signature and CXD Signature Plus are underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability). The above information does not contain the full terms and benefits of the policy, key product risks, and major exclusions. For details, terms and conditions of CXD Signature and CXD Signature Plus, please refer to respective product brochures and policy provisions downloadable at https://www.fwd.com.hk/~/media/Files/FWDHK/pdf/protect/health-accident/critical-illness/Crisis-XDefender-Supreme/CXDSP-Brochure-EN-outline.pdf. 

 Notes:

  1. Per a comparison made on 31 Dec 2020 among the critical illness insurance plans of key insurers available in Hong Kong, Critical Medical Care Benefit, Extended Critical Medical Care Benefit, Lifestyle Management Program and Life Impact Benefit are all first in Hong Kong.
  2. Policy should be issued after age 35 at the next birthday of the insured.
  3. Life Impact Benefit (applicable only to Crisis XDefender Signature Plus): For instance, it will pay 50% of initial sum insured for cases of 10 or more consecutive days of hospitalisation which include 3 or more consecutive days in an intensive care unit.
  4. Source: From the statistics shown on HKADA website https://87bdf434-9adb-480e-b8f9-9239b0ceb722.filesusr.com/ugd/85d328_b717919797084345b3d5dfb9cf14a7ac.pdf

 

Appendix I

The maximum benefit level of CXD Signature+ can be up to 1,006% of the initial sum insured:

Applicable Plan(s)

Benefit Item

Benefit Level

(% of initial sum insured)

CXD Signature &

CXD Signature+

(launched on 11 Jan, 2021)

Crisis Benefit

100%

Benign Tumour Extra Benefit

Up to 15%

Multiple Benefit for Designated Crises (if applicable)

690% (consists of 5 times of benefit)

Cancer Booster Benefit

20%

Additional Coverage Benefit (if applicable)

75% (for insured whose issued age is 35 or below at next birthday) or,

60% (for insured whose issued age is 35 or above at next birthday)

Rehabilitation Benefit

1% (max. 6 times)

CXD Signature+

Extended Critical Medical Care Benefit

50%

CXD Signature+

Life Impact Benefit

50%
All Benefits are payable according to the definition of illnesses and the Policy Provisions; some of the Benefits are only applicable to designated insured illnesses. Please refer to the Policy Provisions for the details.
 
 
Appendix II
Innovative full-scale Dementia Support Package2
Eligible customers with diagnosed/suspected case of Alzheimer’s disease for the first time by a registered medical practitioner can be referred to SCHSA for enrolment to the Dementia Support Package for free. 
 
A Care-on-Call Smartwatch from Senior Citizen Home Safety Association is ready for each dementia patient and allows the patient to reach out for help through the 24/7 all-rounded Care‐on‐Call Service. The Package also offers training programmes within a 12-month period from enrolment to equip patients and their caregivers with a better understanding of the necessary care.
 
 
Appendix III
Example of monthly premium of Crisis XDefender Signature and Crisis XDefender Signature Plus (based on an insured non-smoking female who is a Hong Kong resident and at attained age 25):

 

Assumptions:

Premium Payment Term: 20 years
Initial Sum Insured: HKD 500,000

Crisis XDefender Signature

Crisis XDefender Signature Plus

Monthly Premium

(exclude insurance levy)

HKD 1,189

HKD 1,254

 

 

image

Paul Tse (middle), Chief Marketing Officer of FWD Greater China, Kelvin Yu (left 2), Chief Product Officer of FWD Hong Kong & Macau and Maura Wong (right 2), Chief Executive Officer of SCHSA, attended FWD press conference together with special guests Ronald Cheng (left 1) and Johnny Hui (right 1).

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About FWD Hong Kong & Macau
FWD Hong Kong & Macau is part of the FWD Group, the primary insurance business of investment group, Pacific Century Group. FWD Group spans Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.

FWD Hong Kong has been assigned strong financial strength ratings by international rating agencies. It offers life and medical insurance, general insurance, employee benefits, and financial planning. FWD Macau provides a suite of life and medical insurance.

By creating fresh customer experiences with easy-to-understand products supported by digital technology, FWD aims to become a leading pan-Asian insurer that changes the way people feel about insurance.
 
For more information about FWD Hong Kong & Macau please visit  www.fwd.com.hk  and  www.fwd.com.mo.

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