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Critical illness insurance protection keeps evolving—is it really as simple as a lump-sum payout? Top 10 Whole-of-Life Critical Illness Insurance Ratings, Q4 2020
2020 was by no means an easy year. With several waves of the novel coronavirus outbreak occurring in Hong Kong, the general public became increasingly concerned about their health, which in turn drove up demand for protection insurance products. As the year draws to a close, looking back at this year’s whole life critical illness insurance products, in addition to providing a lump-sum payout, some products have also introduced ongoing cancer treatment coverage. “Ongoing cancer treatment coverage” means that the insured can receive additional payouts while undergoing cancer treatment, further offsetting treatment expenses (such as expensive targeted drugs) and easing their financial burden. This quarter, an insurance company also launched a new product of the same type to compete for a share of the whole life critical illness insurance market. Now, let’s take a look at the latest rankings:
Top 10 Whole Life Critical Illness Insurance (Male) - Whole Life Critical Illness Overall Score
| Ranking | Company | Insurance Product | 10Life Whole Life Critical Illness Overall Score | Single Critical Illness Coverage Score (55% of overall score) | Multiple Critical Illness Coverage Score (25% of overall score) | Guaranteed Return Score (20% of overall score) |
| 1 | 富通 FTLife | “守護168” Critical Illness Protection Plan (Enhanced Version) | 9.6 | 9.5 | 9.7 | 9.9 |
| 2 | 富通 FTLife | “守護168” Critical Illness Protection Plan 2 | 9.4 | 9.1 | 9.6 | 9.9 |
| 3 | Tahoe人壽 Tahoe | 泰衛您 Critical Illness Protection Plan | 9.2 | 9.0 | 9.7 | 9.4 |
| 4 | Chubb Life Chubb | 安心守護 Critical Illness Protection Plan | 9.2 | 8.8 | 9.4 | 10.0 |
| 5 | FWD FWD | Critical Illness Guardian (Superior Version) | 9.0 | 8.4 | 9.6 | 10.0 |
| 6 | YF Life YFLife | 首選健康保500+ | 8.9 | 8.8 | 9.7 | 8.3 |
| 7 | China Life China Life | Critical Illness Guardian (強護版) | 8.7 | 9.1 | 8.9 | 7.6 |
| 8 | Manulife Manulife | ManuBright Care 2 | 8.5 | 8.2 | 9.4 | 8.1 |
| 9 | 永明金融 Sun Life | 永明危疾 齊加保計劃2 | 8.4 | 8.1 | 9.6 | 8.1 |
| 10 | BOC Life BOC Life | 非凡守護危疾 保險計劃 | 8.2 | 8.0 | 8.0 | 9.3 |
| Notes: 1. Product information was updated as at 21 December 2020. 2. The insured is assumed to be a 35-year-old non-smoking male; a 20-year premium payment term (or the option closest to a 20-year payment term) and a basic sum assured of US$150,000. 3. 10Life collected publicly available information from insurance companies through various channels and calculated the above information using data and mathematical analysis. The figures are for reference only and do not take your personal needs into account; they absolutely do not constitute sales advice. Before taking out insurance, users should discuss suitable insurance plans with a licensed insurance adviser. | ||||||
Top 10 Whole Life Critical Illness Insurance ( Female) - Whole Life Critical Illness Overall Score
| Ranking | Company | Insurance Product | 10Life Whole Life Critical Illness Overall Score | Single Critical Illness Coverage Score (55% of overall score) | Multiple Critical Illness Coverage Score (25% of overall score) | Guaranteed Return Score (20% of overall score) |
| 1 | 富通 FT Life | “守護168” Critical Illness Protection Plan (Enhanced Version) | 9.6 | 9.5 | 9.7 | 9.9 |
| 2 | Chubb Life Chubb | 安心守護 Critical Illness Protection Plan | 9.3 | 89.0 | 9.4 | 9.7 |
| 3 | 富通 FT Life | “守護168” Critical Illness Protection Plan 2 | 9.2 | 8.8 | 9.6 | 9.9 |
| 4 | Tahoe人壽 Tahoe | 泰衛您 Critical Illness Protection Plan | 9.0 | 8.6 | 9.7 | 9.4 |
| 5 | YF Life YFLife | 首選健康保500+ | 9.0 | 8.8 | 9.7 | 8.5 |
| 6 | China Life China Life | 全衛您多重優越 Whole Life Critical Illness Insurance | 8.7 | 8.8 | 7.4 | 10.0 |
| 7 | China Life China Life | Critical Illness Guardian (強護版) | 8.6 | 9.0 | 8.9 | 7.3 |
| 8 | FWD FWD | Critical Illness Guardian (Superior Version) | 8.4 | 8.4 | 9.6 | 7.1 |
| 9 | 永明金融 Sun Life | 永明危疾 齊加保計劃2 | 8.3 | 7.8 | 9.3 | 8.3 |
| 10 | Generali Generali | 無限保 | 8.2 | 7.1 | 9.4 | 9.8 |
| Notes: 1. Product information was updated as at 21 December 2020. 2. The insured is assumed to be a 35-year-old non-smoking female; a 20-year premium payment term (or the option closest to a 20-year payment term) and a basic sum assured of US$150,000. 3. 10Life collected publicly available information from insurance companies through various channels and calculated the above information using data and mathematical analysis. The figures are for reference only and do not take your personal needs into account; they absolutely do not constitute sales advice. Before taking out insurance, users should discuss suitable insurance plans with a licensed insurance adviser. | ||||||
FTLife’s “守護168” (Enhanced Version) tops both the male and female rankings, with ongoing coverage for cancer, heart disease and stroke
Observant readers may notice that, compared with the previous quarter, many familiar names occupy the top ten in both the male and female categories. The new product, FTLife’s “守護168” Critical Illness Protection Plan (Enhanced Version) (referred to as “守護168” (Enhanced Version)), ranked first in both the male and female 10Life whole life critical illness rankings. Another new product, China Life’s Elite Care Critical Illness Insurance Plan, ranked 16th and 21st in the male and female rankings respectively.
Why has the newly launched FTLife “守護168” (Enhanced Version) taken the top spot? This product provides comprehensive critical illness coverage, covering a range of critical illnesses, early-stage illnesses and multiple claims, among other benefits, allowing the insured to receive a lump-sum payout. For the three major critical illnesses—cancer, heart attack and stroke—an additional monthly payout equivalent to 1% of the sum assured is provided following diagnosis, for up to 18 months. Unlike ongoing cancer treatment coverage commonly available in the market, insured persons under “守護168” (Enhanced Version) do not need to submit proof of active treatment to receive the monthly payout. As the product covers numerous benefits while maintaining competitive premiums, it has gained an advantage in the 10Life whole life critical illness insurance rankings.
Whole life critical illness insurance can provide a return of premiums if no claim is made
The saying goes, “If you are ill, it pays for treatment; if you are healthy, it is savings.” Another feature of whole life critical illness insurance is that it includes a savings element. If no claim is made, you may choose to surrender the policy and receive the premiums back. For products with a 20-year premium payment term (or the closest available term), some of the products in the Top 10 offer attractive guaranteed returns, with the guaranteed break-even period as short as 20 to 30 years. In the guaranteed break-even year, the surrender value is equal to the total premiums paid. You can visit the 10Life Product Decoder to learn about the guaranteed break-even years and the guaranteed internal rates of return (IRR) at 20 and 30 years for critical illness insurance.
Whole life critical illness insurance scoring criteria
10Life regularly reviews and rates nearly 50 whole life critical illness insurance products in the market. The scoring weightings comprise single critical illness coverage (55%), multiple critical illness coverage (25%) and guaranteed returns (20%). The difference in weighting between single and multiple critical illness coverage is because the likelihood of a first critical illness occurring is certainly higher than that of a second critical illness occurring. Both factors take the product’s payout multiples into account, while points are deducted for terms that are unfavourable to claims. Guaranteed returns are calculated based on the guaranteed return ratios in the 20th and 30th years. As market products are constantly evolving, 10Life updates its scoring methodology from time to time to keep pace with developments and reflect the level of protection products provide to consumers. For the benefit of new readers, 10Life calculates scores separately for males and females, as premiums, incidence rates and claims experience differ by gender. Readers who would like to learn more can refer to 《Whole Life Critical Illness Insurance Scoring Methodology》.
As every reader has different needs, remember that the scores should be used for reference only. When choosing an insurance product, readers should understand the features of different products and select insurance that suits their needs. If you have any questions, you can make an enquiry through the 10Life website and receive an immediate response from a licensed adviser.
[Compare Whole Life Critical Illness Insurance: Overall Score (Male)]
[Compare Whole Life Critical Illness Insurance: Overall Score (Female)]
[Compare Whole Life Critical Illness Insurance: Single Critical Illness Coverage (Male)]
[Compare Whole Life Critical Illness Insurance: Single Critical Illness Coverage (Female)]
[Compare Whole Life Critical Illness Insurance: Single and Multiple Critical Illness Coverage (Male)]
[Compare Whole Life Critical Illness Insurance: Single and Multiple Critical Illness Coverage (Female)]
[Compare Whole Life Critical Illness Insurance: Guaranteed Returns (Male)]
[Compare Whole Life Critical Illness Insurance: Guaranteed Returns (Female)]
This English version of this article has been generated by machine translation powered by AI. It is provided solely for reference purposes. In the event of any discrepancy or inconsistency between this translation and the original Chinese version, the Chinese version shall prevail.
10Life Editorial Team
Our team of professional content researchers focussing on insurance
10Life Editorial Team
Our team of professional content researchers focussing on insurance
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10Life Product Comparison and 10Life Insurance Ratings are developed by 10Life Financial Limited, an authorised insurance broker company licensed with the Insurance Authority under License Number FB1526. 10Life Product Comparison and 10Life Insurance Ratings are developed for generic customer segments using mathematical calculations based on product information, facts and data, and are not influenced by any partnerships with or fees received from insurance companies. Any information on 10Life Platform ("10Life Information"), including but not limited to Product Comparison, Product Ratings, Blog Articles are intended for general education purpose and reference only. None of the 10Life Information is intended, nor should they be considered or relied upon, as regulated advice, insurance, financial, investment or professional advice, recommendation, approval, endorsement, invitation or solicitation in respect of any insurance, financial or investment products. 10Life Information does not take into account your individual needs. Reading 10Life Information should not be considered as conducting a suitability assessment, and is not sufficient to form the basis of any decisions to purchase any insurance products. You should rely on information authorised by insurance companies, carry out your own research and/or seek independent advice from licensed intermediaries before purchasing any insurance products or making any insurance decisions. While reasonable effort is used when collecting, validating and updating 10Life Information from various channels, none of 10Life Group and its subsidiaries, affiliates, agents, directors, officers and employees will be responsible for any liability, claim or loss arising from or associated with you using 10Life Information. No warranty, representation or guarantee is given by 10Life Group and its subsidiaries on the accuracy, completeness and timeliness of the information. If you have any questions on 10Life Product Comparison and 10Life Insurance Ratings, please email us at enquiries@10life.com
