Market-first 2-in-1 protection plan that offers additional medical coverage after lump sum benefit payment
FWD Insurance (“FWD”) today announced the launch of MyCover Critical Illness Plan (“MyCover”), its new hero product, on its one-stop digital platform. The first-in-market plan* offers customers 2-in-1 coverage for the three most life threatening diseases in the city (cancer, heart attack and stroke (“Big 3 Diseases”)), with flexible plan levels that provide medical coverage and extra crisis benefits for an additional 59 critical illnesses.
Kelvin Yu, Chief Product Officer for FWD Hong Kong & Macau, said, “Customers often have to purchase multiple insurance plans to secure comprehensive coverage for critical illness and medical protection. The market is looking for a simple one-stop solution that enables people to enjoy critical illness and medical protection in a flexible and affordable way. As the first of its kind in the market, MyCover serves our customers’ needs and empowers them to celebrate living.”
MyCover aims to provide customers with simple, flexible and affordable protection. Customers can choose the coverage on Big 3 Diseases or further extend the coverage to include an additional 59 diseases with a lump-sum payment of 100% of current sum insured as soon as they are diagnosed. It is also the first-in-market 2-in-1 plan allowing customers to upgrade their protection with an addition medical coverage up to 100% of the total initial sum insured (or up to HK$ 1,000,000) on reimbursement basis for eligible medical expenses within two years after the first confirmed diagnosis of the Big 3 Diseases and lump sum benefit payment.
MyCover Critical Illness Protection Plan is readily available on FWD’s one-stop digital platform: https://www.fwd.com.hk/online-insurance. The application process takes no longer than 10 minutes to complete and 30 minutes to approve. From today until 30 November 2021, new MyCover customers can enjoy a special offer of premium waiver for the first three months, and a 15% premium discount for the first three years**.
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*Per a comparison made by FWD on 31 August 2021 among the critical illness insurance plans of key insurers available in Hong Kong, Additional Medical Coverage for Big 3 Diseases is first in Hong Kong.
**Terms & conditions apply.
The MyCover Critical Illness Protection Plan is 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 MyCover Critical Illness Plan please refer to its product brochure and policy provisions downloadable at https://www.fwd.com.hk/-/media/documents/ifwd/mycover/mycover-sio-policy-brochure-en.pdf. The premiums mentioned do not include levy which is collected by the Insurance Authority.