Term Critical Illness
5 Star Products

Term Critical Illness (“Term CI”) Insurance mainly covers the top 3 critical illnesses (cancer, heart disease, stroke) with fixed coverage term of 1, 5 or 10 years. A fixed lump sum benefit is payable if the insured is diagnosed with a pre-defined illness.

Although the structure of Term CI is relatively simple, the coverage of the products in the market can be quite different. Some only cover the top 3 critical illnesses, while others also cover early stage or minor illness (e.g. carcinoma-in-situ, angioplasty) and/or other major illnesses. As more new Term CI products are launched, the coverage available is becoming wider, with some products even allowing multiple claims. Nonetheless, consumers should also check the terms and conditions of Term CI products, such as maximum coverage age and required survival period after diagnosis, to determine if the product meets personal needs.

10Life actuaries analyse and score the Term CI products based on their overall coverage. If the product scores 9 or above, it can be rating as a "5 Star Product", indicating its superior protection over similar products in the market.

award

HK$1M Sum Assured - Coverage Rating

In alphabetical order by company name
Category
award
HK$1M Sum Assured - Coverage Rating
Category
In alphabetical order by company name
AIA
AIA Simple Care Essence
Bupa
Bupa Safe Critical Illness Insurance Scheme + Extended Major Critical Illness Benefit (Plan 8)
Generali
LionGuardian PlusOne
OneDegree
InfiniCare Infinity Plan
OneDegree
InfiniCare Boost Plan
Prudential
Health Critical Illness Term 2
Zurich
Swiss Care Critical Illness Insurance Plan
Zurich
Swiss Care Critical Illness Insurance Plan
Zurich
Swiss Care Critical Illness Insurance Plan

10Life Term CI Scoring Methodology

Cancer, heart disease and stroke account for about 90% of critical illness insurance claims in Hong Kong, while other major illnesses account for the remaining 10%. In calculating the score, 10Life actuaries consider whether the product provides adequate coverage and whether the terms are favourable to the consumer. The Overall Term CI Coverage Score includes the following factors:
Cancer Coverage
Heart Disease Coverage
Stroke Coverage
Other CI Coverage
General Terms
What is the difference between medical insurance and critical illness insurance?
Although both types of insurance offer health protection, their coverage and benefit payout are completely different. Medical insurance offsets the hospitalisation expenses of the insured via reimbursement. As for critical illness insurance, if the insured is diagnosed with a pre-defined illness, a fixed lump sum benefit is payable, and the insurance company usually does not limit the use of the payout.
The more critical illnesses covered, the better the plan?
While some critical illness insurance plans cover more than 100 diseases, about 90% of the critical illness claims come from cancer, heart disease and stroke. Therefore, instead of focusing on the quantity, you should understand the needs and the definitions of the covered critical illnesses to choose a suitable plan.
Why is the definition of critical illness the key to claim success?
The definitions of covered illnesses often vary among different products, even for common major diseases like cancer. For example, “non-life-threatening cancers” is specifically excluded in certain products. As a result, when choosing critical illness insurance, you should understand the definitions thoroughly as they may affect your claims in the future.
What is the difference between whole life and term critical illness insurance?

Whole life critical illness insurance carries savings component. If the full sum assured has not been claimed, a cash value is available at policy surrender. It usually provides wider coverage with higher number of diseases, multiple claims and life time coverage.

On the contrary, without savings component, term life critical illness insurance offers pure protection and is renewable every fixed term (e.g. 1, 5 or 10 years). The maximum coverage is generally up to age 80.

How much critical illness insurance is enough?
A key purpose of critical illness insurance is to hedge against the risk of lost income due to a major illness. Due to the potential lengthy treatment and recovery time, from a risk management standpoint, some advisors suggest 24 to 36 months of your salary as the coverage amount. However, as everyone's needs are different, it is best to consult with a licensed advisor.
Is 10Life’s scoring methodology credible?
Our scoring methodology is transparent and available to public. You can read it on our website. The overall scoring considers factors that matter to the consumer. At the same time, you should understand your personal needs and determine if Term CI insurance can meet your needs.
Do insurance companies pay any sponsorship fee to be awarded the “5 Star Product”?
10Life promises to put consumers first. Any Term CI product with an overall score of 9 or above is awarded “5 Star Product”. The score is not affected by commercial factors.
Apart from the above 5 Star products, how can I see other Term CI products?
10Life has analysed a great number of Term CI products in the market. You can compare their coverage and features through the 10Life Insurance Decoder decoder.
Disclaimer

10Life Product Comparison and 10Life Insurance Ratings are developed by 10Life Financial Limited, an authorised insurance broker with Insurance Authority 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 and should not be constituted as any insurance, financial, investment or other professional advice or solicitation to buy 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. You should only rely on information authorised by insurance companies and/or seek independent advice from licensed intermediaries before purchasing any insurance products or making any insurance decisions. While best 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 arising from using 10Life Information or for any claims and/or losses caused thereby, and no warranty or guarantee is made 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.

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