【April 2018】Comprehensive Ratings of Hong Kong Lifelong Critical Illness Insurance Products

Competition among critical illness insurance products has always been fierce. Over the past few months, a number of insurance companies have launched new critical illness products. 10Life actuaries analysed the coverage, value for money and second-claim payouts for different combinations of the three major critical illnesses: cancer, heart disease and stroke. To date, 10Life has compared 33 whole-of-life critical illness insurance products on the market.
 

• FWD’s “身心衛” mainly targets mental and emotional conditions, such as autism and attention deficit hyperactivity disorder, giving it a novel positioning. As we understand it, this product is usually offered as a rider attached to “危疾全守衛﹙優越版﹚”, so we compared the combination as a whole.
   
• Prudential’s “守護健康危疾加護保” provides an additional payout for surgery to remove benign tumours. This is certainly an eye-catching selling point, but it is important to note the definition of benign tumour removal surgery and the actual payout amount.
   
• Tahoe’s “一生愛你危疾保障計劃”, as its name suggests, provides multiple coverage of up to 1,320% of the original sum assured — in other words, it covers 10 serious illnesses, including up to four cancer claims. How many serious illnesses can a person endure in a lifetime and survive, only to fall ill again?
   
• MassMutual’s “PrimeHealth Saver 1000” also features multiple coverage, amounting to 1,000% of the basic sum assured, and covers 10 serious illnesses.
   
• AIA’s “加裕智倍保” offers multiple cancer payouts of 260%, congenital illness coverage for children, family member coverage and more. Its advertisement is exceptionally well made — on a cinematic level.
   

Below are the overall ratings for whole-of-life critical illness insurance products (April 2018):

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Critical illness insurance products have different market positions, and insurance companies regularly introduce new features. However, claims data shows that cancer, heart disease and stroke account for over 90% of claims, so their coverage is well worth comparing carefully.

If users would like to learn more, they can browse the “Product Decoder” in the 10Life app, or “Ask a question anonymously” in the app to receive immediate replies from multiple licensed advisers.

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.