Term Life Insurance
MyTerm Term Life Insurance Plan
Coverage up to HK$4 million.
Choose $2 million Sum Insured or more and get FREE “Here we are for your health” sticker set, body checkup and 70% discount on first -year premium.
Terms and Conditions
Productive people like you have a greater demand for life protection
If you are the family breadwinner, you should consider purchasing life insurance; it could help to ease your family’s financial burden if you passed away. Life insurance can settle financial debts, such as a mortgage loan. Our term life insurance plan without savings elements, MyTerm, provides pure life protection at affordable premiums. It can support you on the road to success without causing any financial burden to you. FWD’s term life insurance is flexible and comprehensive; you can increase the Sum Insured for key life events, giving your loved ones additional protection.
Coverage up to HK$4 million
Simply answer 3 health questions online and you can enjoy a life protection with Sum Insured up to HK$4 million¹.
Simply answer 3 health questions online and you can enjoy a life protection with Sum Insured up to HK$4 million¹.
Term life insurance premiums are affordable, as low as HK$12 per month
Monthly premiums start from as low as HK$12², with renewable period³ options of 5, 10 or 20 years. The premium rate⁴ will remain level and is guaranteed within each of the renewable period³.
Monthly premiums start from as low as HK$12², with renewable period³ options of 5, 10 or 20 years. The premium rate⁴ will remain level and is guaranteed within each of the renewable period³.
Immediate support for the family
If the Insured’s advent of death is highly likely within 12 months as certified by a registered medical specialist, the Death Benefit can be advanced⁵ so there’s no delay in support for your family.
If the Insured’s advent of death is highly likely within 12 months as certified by a registered medical specialist, the Death Benefit can be advanced⁵ so there’s no delay in support for your family.
Evolve with your family’s growth
As your family evolves, your protection needs will increase. Our Life Celebration Booster Option⁶ lets you top-up your coverage for key life events before age⁷ 55, such as marriage and the birth of a child.
As your family evolves, your protection needs will increase. Our Life Celebration Booster Option⁶ lets you top-up your coverage for key life events before age⁷ 55, such as marriage and the birth of a child.
Easily convert to whole life protection
You can convert⁸ a part of or your entire Sum Insured to one of our designated whole life protection plans without the requirement of evidence of insurability before age⁷ 70
You can convert⁸ a part of or your entire Sum Insured to one of our designated whole life protection plans without the requirement of evidence of insurability before age⁷ 70
MyTerm is underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) ("FWD Life/ FWD"). This eCommerce Platform is operated by FWD Financial Limited ("FWD Financial"). FWD Financial is an appointed and licensed insurance agency of FWD Life.
Benefit Summary
HK$200,000
HK$4,000,000 (Issue age⁷ 19-51)
HK$2,000,000 (Issue age⁷ 52-61)
5 / 10 / 20 years
Age 19 - 61
Guaranteed renewable up to Insured’s age⁷ 100
To Insured’s age⁷ 100
This platform offers Monthly premium payment mode
Policy holder can contact FWD Customer Service to amend premium payment mode after policy is effective
Benefit items
Death Benefit is equal to
-
100% of the Sum Insured⁹
-
less any policy debts
If the Insured’s advent of death is highly likely within 12 months as certified by a registered medical specialist, Death Benefit will be advanced to the policy owner
Advanced Death Benefit⁵ is equal to
- 100% of the Sum Insured⁹
- less any policy debts
After MyTerm has been in effect for 1 year, you can exercise the Life Celebration Booster Option6 on or before age7 55 to purchase an add-on rider (“Life Celebration Booster”) without the requirement of evidence of insurability upon the occurrence of the designated Life Celebration Event(s):
- the Insured’s legal marriage;
- the birth of natural child of the Insured;
- the Insured’s adoption of child through legal means;
- the Insured’s purchase of residential property in Hong Kong;
- the Insured’s full-time employment within 1 year from the graduation from a university or a higher education institution (Bachelor’s degree or above)
The Sum Insured of Life Celebration Booster shall not exceed the lower of (i) 25% of the Sum Insured of MyTerm or (ii) HK$1,000,000
You can only exercise this option once per Insured under all policies of MyTerm issued by us
You can convert MyTerm to one of our designated permanent plan of life insurance without the requirement of evidence of insurability on or before Insured’s age7 70
Key product risks
This product is an insurance policy issued by FWD Life Insurance Company (Bermuda) Limited (Incorporated in Bermuda with limited liability) (“FWD”). The application of this insurance product and all benefits payable under your policy are subject to the credit risk of FWD. You will bear the default risk in the event that FWD is unable to satisfy its financial obligations under this insurance contract.
The application of this insurance product with the policy currency denominated in a foreign currency is subject to that foreign currency’s exchange rate and currency risk. The foreign currency may be subject to the relevant regulatory bodies’ control (for example, exchange restrictions). If your home currency is different from the policy currency, please note that any exchange rate fluctuation between your home currency and the policy currency of this insurance product will have a direct impact on the amount of premium required and the value of benefit(s) to be received. For instance, if the policy currency of the insurance product depreciates substantially against your home currency, there is a negative impact on the benefits you receive from the product. If the policy currency of the insurance product appreciates substantially against your home currency, your burden of the premium payment is increased.
The cost of living in the future may be higher than now due to the effects of inflation. Therefore, the benefits under this policy may not be sufficient for the increasing protection needs in the future even if FWD fulfills all of its contractual obligations.
Unless you tell us in writing before the next renewal that you do not want to renew, MyTerm (and the Life Celebration Booster, if any) will be automatically renewed at the end of each renewable period for another renewable period up to its expiry date based on its terms and conditions, provided that all premiums are paid when due. The premium rates upon renewal are not guaranteed and will be determined at our sole discretion based on factors including but not limited to the age of the Insured on his or her next birthday at the time of renewal, claims experience and policy persistency from all policies under this product. However, within each of the renewable period, the premium rate will remain level and is guaranteed.
Remarks
- Maximum Sum Insured for the Insured at age next birthday 52-61 is HK$2 million.
- Non-smoking female (attained age 18) applied for MyTerm (5-years renewable) plan with Sum Insured of HK$2,000,000. Premium excludes insurance levy collected by the insurance Authority.
- The renewable period after any of the renewal will be same as the initial renewable period or the number of year(s) from the date MyTerm is renewed to its expiry date,whichever is shorter. Expiry date refers to the policy anniversary immediately preceding the 100th birthday of the Insured.
- The premium rates upon renewal are not guaranteed and will be determined at our sole discretion based on factors including but not limited to the age of the Insured on his or her next birthday at the time of renewal, claims experience and policy persistency from all policies under this product. However, within each of the renewable period, the premium rate will remain level and is guaranteed.
- The maximum Advanced Death Benefit payable per Insured under all policies issued by us is HK$16,000,000 (or US$2,000,000). Upon payment of such benefit to the policy owner, the Sum Insured and the premiums will be reduced accordingly. If the Sum Insured becomes zero upon payment of the Advanced Death Benefit, the basic plan (and the Life Celebration Booster, if any) will terminate. Advanced Death Benefit is not applicable under specific circumstances. Please refer to the Exclusions section and policy provisions for details.
- To exercise Life Celebration Booster Option, you need to send a written request to us and provide us the proof of the Life Celebration Event(s) within 90 days from the occurrence of the designated Life Celebration Event(s). Life Celebration Booster Option is subject to our applicable rules, procedures, please refer to the policy provisions for details. The new term rider (“Life Celebration Booster”) is also subject to our applicable rules and requirements, including but not limited to:
- the maximum Sum Insured of Life Celebration Booster is the lower of
- 25% of the Sum Insured of MyTerm or
- HK$1,000,000;
- the expiry date of Life Celebration Booster is the policy anniversary immediately preceding the 100th birthday of the Insured, or the expiry date of MyTerm, whichever is earlier;
- the initial renewable period of Life Celebration Booster will be same as the initial renewable period of MyTerm;
- the initial premium of Life Celebration Booster shall be determined based on our applicable premium rates (which are not guaranteed and will be determined at our sole discretion) and the age of the Insured on his or her next birthday at the time Life Celebration Booster is issued;
- the currency and premium payment mode of Life Celebration Booster must be same as the attachable basic plan;
- Death Benefit, Advanced Death Benefit and conversion privilege are applicable to Life Celebration Booster, and subject to the relevant rules and procedures;
- No further Life Celebration Booster Option can be exercised for Life Celebration Booster.
- Age refers to the age of the Insured on his or her next birthday unless otherwise specified.
- To apply for conversion, you need to send a written request to us. Conversion is subject to our applicable rules, procedures and our choices of products then made available at the time of conversion, please refer to the policy provisions for details.
- If there is any change in Sum Insured, we will use the latest Sum Insured to determine the Death Benefit and Advanced Death Benefit.
Exclusions
If the Insured commits suicide within 13 calendar months from the policy date/policy rider date (if applicable) (or the reinstatement date, whichever is later), our legal responsibility will be limited to the total premium amount paid to us without interest, after deducting any policy benefits that we have paid and any outstanding amounts owed to us. This applies regardless of whether the Insured was sane or insane when committing suicide.
No Advanced Death Benefit will be paid where the Insured’s advent of death is highly likely within 12 months and caused directly or indirectly from any of the following:
- intentional self-inflicted injury, or attempted suicide, while sane or insane and while intoxicated or not; or
- Human Immunodeficiency Virus (HIV) related illness, including Acquired Immunization Deficiency Syndrome (AIDS) and / or any mutations, derivations or variations thereof, which is derived from an HIV infection; or
- any condition arising out of consumption of poisoning drugs, psychiatric drug, drug abuse, alcohol abuse, abuse of solvents and other substances unless prescribed by a Registered Medical Specialist for treatment.
The product information in this website is for reference only and does not contain the full terms and conditions, key product risks and full list of exclusions of the policy. For the details of benefits and key product risks, please refer to the product brochure; and for exact terms and conditions and the full list of exclusions, please refer to the policy provisions of the plan.
Please make sure you are eligible for this product before applying:
- I (and the Insured person if applicable) am a permanent HKID card holder with a Hong Kong residential address.
- Currently in Hong Kong at the time of making this application.
- I will not or have no intention to live or work outside Hong Kong or home country over 183 days in the coming 12 months.
- I am not a holder of the People’s Republic of China Resident Identity Card.
Not exactly what you need?
If you are looking for a product that offers broader benefit coverage and higher benefit limits. Please contact us for more information.
Frequently Asked Life Insurance Questions
What is life insurance?
Life insurance is mainly divided into term life insurance and whole life insurance. It's important, as beneficiary could receive death benefit during the benefit term upon the death of the insured, which provide protection to your loved ones.
Why is it important to buy life insurance?
The advantage of buying life insurance is to provide a financial support to family members or beneficiaries to ease their burden upon death of an insured person. Get covered instantly in just a few steps on FWD's website.
What is the difference between term and whole life insurance?
There are two main types of life insurance: Term Life, which provides protection for a specific term, and Whole Life, which provides lifetime protection.
Term life insurance, also known as pure life insurance without savings component, customer could get insured with a relatively high sum insured at a more affordable premium. However, term life insurance usually has fixed benefit/ renewable period, and premium will be adjusted upon renewal based on the age of the insured.
Whole life insurance generally has a savings or investment component, so premiums are higher. This type of life insurance has a fixed payment term, premium is fixed and guaranteed not to change while the policy is in force. After the payment term ends, the policy will continue to be in force, providing life-long life protection.
Who should buy FWD's MyTerm term life insurance?
This life insurance plan is suitable for those who want high life protection at affordable premiums, such as for those with property mortgage financial burden. Anyone from 19 to 61 years old (age next birthday) can buy online to get insured. If you have any questions about the plan, please contact us to know more.
Should I get life insurance at a young age?
Yes, as long as you are at age of 19 (age next birthday), you can get insured for the FWD's MyTerm. As your age increases, the premium will become higher with each passing year. The benefits of getting life insurance at a young age are that you can get covered sooner and enjoy lower premiums. Also, this plan is guaranteed renewable up to 100 (age next birthday), so you don’t need to worry that your application will be declined because of your health conditions when you get older.
How is FWD's MyTerm different from other term life insurance products in the market?
Compared with other term life insurance plans in the market, FWD's MyTerm comes with a 5, 10 or 20-year renewable term and a life celebration booster option, letting you top-up your coverage before the age of 55 (age next birthday). This helps you address the changing needs at different key life events, such as marriage, the birth of a child, purchase of a residential property, etc., and plan for the future.
How much life insurance cover do i need?
The calculation of the life insurance amount could be based on your life protection needs, which include family liabilities (e.g. property mortgage), salary replacement (e.g. children’s education fund, parents financial support etc.), minus the available financial assets.
If I already buy a whole life insurance plan, do I still need to buy term life insurance?
Insurance protection will change according to different life stage, review your needs regularly as original whole life insurance’s sum insured may not be enough to cover your life protection needs. Term life insurance could additionally fill your short-to-medium protection gap (e.g. property mortgage) with relatively low premium.
Is medical check-up necessary for buying FWD's MyTerm term life insurance?
You only need to answer 3 simple health questions for online application, no medical check-up or health proof is required.
Can I change my life insurance beneficiaries during the term of the policy?
If you want to change the insurance beneficiaries, the current policy owner can request in writing to change the policy beneficiaries when the policy is in effect. After the relevant information has been assessed and processed, the relevant record will be changed.
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