With the highest per capita life insurance premium in the world, why Hong Kong still has such a big Mortality Protection Gap? (Updated Sep 2021)
10Life Team
Based on age 35 non smoking male and 1,000,000 (HKD) death benefit, 10-year renewal
Catergory | Product | First Year Premium (HKD) | AnnualPremium (HKD)6 | Death Benefit Multiplier2 | Guaranteed/ Projected return |
Premium Payment Period | Coverage Period |
|
Death occurs at 1st Year | Death occurs at 10th Year | |||||||
Term Life3,5 | FWD - My Term (Online Underwriting) | $5007 | $6807 | 2,000.0 X | 147.1X | X | 10Yr | 10Yr |
ZA - ZA Life Protection | $6968 | $8538 | 1,436.8 X | 117.2 X | X | 10Yr | 10Yr | |
Blue - WeCare Term Life Protection Plan2 | $7209 | $8829 | 1,388.9 X | 113.4 X | X | 10Yr | 10Yr | |
BOC Life - iProtect 10 Years Insurance Plan | $980 | $980 | 1,020.4 X | 102.0 X | X | 10Yr | 10Yr | |
HSBC Life - HSBC Family Protector | $68710 | $99610 | 1,455.2 X | 100.4 X | X | 10Yr | 10Yr | |
Whole Life4,5
(Protection Focus) |
AXA - LifeDelight Insurance Plan | $20,389 | $20,389 | 49.0 X | 4.9 X | ✓ |
10Yr | Whole Life |
Prudential - PRUlife Protector 2 | $27,400 | $27,400 | 36.5 X | 3.6 X | ✓ |
10Yr | Whole Life | |
Chubb - Custom Whole Life (100% Life Protection) | $28,314 | $28,314 | 35.3 X | 3.5 X | ✓ |
10Yr | Whole Life | |
FTLife - My Love Insurance Plan 2 | $34,020 | $33,720 | 29.4 X | 2.9 X | ✓ | 10Yr | Whole Life | |
China Life - Perfect Wealth (10-Year) Whole Life Plan | $35,070 | $35,070 | 28.5 X | 2.9 X | ✓ | 10Yr | Whole Life | |
Remarks: 1.Death Benefits refers to guaranteed amount and exclude any non-guaranteed amount. 2.Death Benefit Multiplier= Death Benefit/Premium paid, assuming death occurs at policy year 1 or year 5 respectively. 3.Term Life product assumptions: age 35 male non-smoker, first year benefit $1,000,000 HKD, 5 year premiums and 5 year renewal. 4.Whole Life product assumptions: age 35 male non-smoker, first year benefit $1,000,000 HKD, 5 year premium payment period (or closet) and whole life coverage. The annual premium is based on the death benefit multiplier. 5.Selected products are based on the same product type and assumptions with the top 5 ranked by death benefit multiplier. 6.The annual premium is 5-year average premium. 7.The first year premium of FWD My Term may enjoy a 50% off discount on 1st year premium and 30% off on 2nd year onwards in initial renewable period, upon entering the promo code "MYT50TL". Terms and conditions apply. 8.The annual premium of ZA Life Protection includes first year premium 20% off promotion, upon entering p romo code "Life20" on ZA website. Terms and conditions apply. 9.The annual premium of blue WeCare Term Life 2 includes first year premium 20% off promotion, upon entering promo code "FT220" on blue website. Terms and conditions apply. 10.The annual premium of HSBC Family Protector includes a 4-month premium waiver promotion in the first year, upon entering promo code "4MTHFR" onHSBC Life website. Terms and conditions apply. 11. The information above is provided by 10Life as of 2nd Sep 2021. All information is for reference only and does not constitute any insurance sales advice. 12. Insurance companies have the rights to amend the offers without prior notice. Readers should verify the offer details (if any) with the relevant insurance company before application. |
Based on age 35 non smoking male and 1,000,000 (HKD) death benefit1, 20-year renewal
Category | Product | First Year Premium(HKD) | Annual Premium(HKD)6 | Death Benefit Multiplier2 | Guaranteed Projected return |
Premium Payment Period | Coverage Period |
|
Death occurs at 1st Year | Death occurs at 20th Year | |||||||
Term Life 3,5 | FWD - MyTerm | $7157 | $9727 | 1,398.6 X | 51.4 X | X | 20Yr | 20Yr |
Blue - WeCare Term Life Protection Plan 2 | $10568 | $13078 | 947.0 X | 38.3 X | X | 20Yr | 20Yr | |
FWD - MyTerm Series | $1,430 | $1,430 | 699.3 X | 35.0 X | X | 20Yr | 20Yr | |
China Taiping - China Taiping Fortune Life Term Protector | $1,470 | $1,470 | 680.3 X | 34.0 X | X | 20Yr | 20Yr | |
China Taiping - iLife | $1,480 | $1,480 | 675.7 X | 33.8 X | X | 20Yr | 20Yr | |
Generali - Supreme Gold Plan | $1,690 | $1,690 | 591.7 X | 29.6 X | X | 20Yr | 20Yr | |
Whole Life
4,5
(Protection Focus) |
Sun Life - Vital | $12,029 | $12,029 | 83.1 X | 4.2 X | ✓ |
20Yr | Whole Life |
FTLife - “On Your Mind” Insurance Plan (Smart Version) | $13,533 | $13,533 | 105.6 X | 3.7 X | ✓ | 20Yr | Whole Life | |
Prudential - PRUlife Protector 2 | $14,750 | $14,750 | 67.8 X | 3.4 X | ✓ |
20Yr | Whole Life | |
Chubb - Custom Whole Life (100% Life Protection) | $19,015 | $19,015 | 57.8 X | 2.6 X | ✓ |
20Yr | Whole Life | |
FTLife - “On Your Mind” Insurance Plan (Supreme Version) | $19,029 | $19,029 | 75.1 X | 2.6 X | ✓ |
20Yr | Whole Life | |
AXA - Fortune Protector Life | $20,650 | $20,650 | 48.4 X | 2.4 X | ✓ | 20Yr | Whole Life | |
Remarks: 1.Death Benefits refers to guaranteed amount and exclude any non-guaranteed amount. 2.Death Benefit Multiplier= Death Benefit/Premium paid, assuming death occurs at policy year 1 or year 20 respectively. 3.Term Life product assumptions: age 35 male non-smoker, first year benefit $1,000,000 HKD, 20 year premiums and 20 year renewal. 4.Whole Life product assumptions: age 35 male non-smoker, first year benefit $1,000,000 HKD, 20 year premium payment period (or closet) and whole life coverage. The annual premium is based on the death benefit multiplier. 5.Selected products are based on the same product type and assumptions with the top 5 ranked by death benefit multiplier. 6.The annual premium is 20-year average premium. 7.The first year premium of FWD My Term may enjoy a 50% off discount on 1st year premium and 30% off on 2nd year onwards in initial renewable period, upon entering the promo code "MYT50TL". Terms and conditions apply. 8.The annual premium of blue WeCare Term Life 2 includes first year premium 20% off promotion, upon entering promo code "FT220" on blue website. Terms and conditions apply. 9. The information above is provided by 10Life as of 2nd Sep 2021. All information is for reference only and does not constitute any insurance sales advice. 10. Insurance companies have the rights to amend the offers without prior notice. Readers should verify the offer details (if any) with the relevant insurance company before application. |
Term Life Insurance | Maximum Sum Assured (HKD) |
China Taiping - China Taiping Fortune Life Term Protector | $16,000,000 |
ZA Insure – ZA Life Protector | $10,000,000 |
Bowtie – Bowtie Term Life | $8,000,000 |
HSBC Life – Family Protector | $7,000,000 |
Blue – WeCare Term Life Protection Plan 2 | $5,500,000 |
FWD – MyTerm | $4,000,000 (Note 3) |
Hang Seng insurance – eFamilyPro Life Insurance Plan | $3,000,000 |
- Insurance Authority, “Mortality Protection Gap Study”
- Swiss Re Sigma 2019/03, Insurance density: life insurance premiums per capita for Hong Kong USD$8204 (assuming HKD/USD FX @7.8)
- Maximum sum assured: insurance age 50 and below - HKD$ 4,000,000; insurance age 51 to 60: HKD$ 2,000,000.
- The content of this webpage is for reference only and not a financial advice. The above information is provided by 10Life and as of Sep 2, 2021.
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