New critical illness protection plan with relaxed underwriting requirements and all-round wellbeing support

HONG KONG SAR - Media OutReach - 4 October 2023 - AXA Hong Kong and Macau (AXA) today announced the launch of its new critical illness plan, CareForAll Critical Illness Plan ("CareForAll"), bringing peace of mind to the underserved communities facing health risks. With relaxed underwriting requirements, CareForAll aims to serve customers living with chronic disease, the silver-haired segment and critical illness survivors, enabling them to access critical illness insurance as needed.

With the launch of CareForAll, AXA aims to provide comprehensive coverage access to those living with diabetes and chronic conditions known as the "3-Highs"^[1], growing elderly population, and as well as survivors of cancer, heart attack or stroke. The coverage for this plan can reach up to HKD2 million and offers one-stop wellbeing support services, with simplified and easy underwriting requirements. Unlike conventional critical illness plans in the market, applicants only have to answer as few as three straightforward questions which mainly focus on their health conditions over the past two years. Moreover, there is no medical examination and medical report submissions required in the underwriting process for all applicants.
The number of elderly persons aged 65 and over is set to almost double, reaching to 2.74 million within the next two decades. By 2046, this demographic will make up more than one in three Hongkongers. Elderly people are highly prone to chronic diseases and critical illnesses, with 75% of those over 65 dealing with conditions like hypertension, diabetes, heart disease or cancer^[2]. Additionally, there is a concerning trend of younger population suffering from chronic disease such as diabetes and the "3-Highs" ^[3]. Unfortunately, individuals with existing chronic conditions or survivors of critical illnesses were often denied coverage by traditional critical illness protection plans due to stringent underwriting requirements or expensive premiums, leaving them and their families vulnerable and uncertain about their future.
A survey^[4] commissioned by AXA revealed that individuals aged 30 and above face different hurdles when purchasing insurance coverage. Specifically, 67% of respondents find it difficult to purchase critical illness insurance due to pre-existing conditions, while 71% believe that, considering their age and current health conditions, the relatively high premiums for critical illness insurance cause financial strain on them. Apart from premiums, age-related factors and complex underwriting requirements and procedures are the two primary reasons discouraging the respondents aged 50 and above from getting critical illness insurance coverage. The survey also found that younger individuals are marginalized when purchasing critical illness plans, as more than 30% of respondents aged 30-49 stated that they were denied coverage due to failed underwriting or risk assessment, a higher proportion compared to other age groups. As life expectancy increases and medical technology advances, over 70% of respondents worry that the current health insurance offerings have not adequately accommodated these changes, leaving some people in need without enough critical illness coverage.
Sally Wan, Chief Executive Officer of AXA Greater China, said: "As a leading global insurer, AXA has always been committed to innovation and forward-thinking in designing various products and services. We continuously strive to meet not only our customers' current needs but also prepare them for the future. With the increasing prevalence of chronic diseases, cancer, heart diseases, and strokes, coupled with the growing aging population, we are deeply concerned that more and more customers will face these health issues, resulting in a widening gap in their future health coverage. Therefore, AXA has introduced CareForAll Critical Illness Plan to 'Prevent the Preventable; Protect the Unprotected'."
CareForAll offers wellbeing all-round support to encourage customers to adopt a healthier lifestyle. With the aim to detect health issue early, the insureds can enjoy free medical check-ups in their first, third and fifth policy years. These check-ups are entirely voluntary and upon completion, they are rewarded with a bonus equivalent to 10% of premium rebate of that policy year, regardless of the results. Furthermore, customers can also participate in the AXA Goal (Lite), a step count programme, to earn a further 10% rebate each policy year by achieving a daily step count goal of 10,000 steps for at least 125 days in a membership year.
Janet Lee, Chief Life and Health Insurance Officer of AXA Hong Kong and Macau, said: "Customers with chronic disease, the silver-haired population and critical illness survivors deserve the same right to health coverage. Therefore, we are bringing our 'payer to partner' strategy to life by offering customer-centric and inclusive insurance solutions that address the pain points of the underserved segments of society. Looking forward, we will continue to monitor market demands and provide comprehensive products to be our customers' partner through various stages of their lives."
Key features of CareForAll Critical Illness Plan:

• Relaxed underwriting requirements and process: With as few as three health underwriting questions mainly focusing on applicants' health conditions in the past two years without the need for medical examinations.

• Up to 30% premium rebate by staying committed to the plan and the health programmes: If the customers completed the free medical check-ups provided in the first, third and fifth policy years, customer can enjoy a medical check-up bonus, which equals to 10% premium rebate of that policy year. If the customers reach the minimum number of achieved days in the AXA Goal (Lite) programmes, customers can enjoy up to 10% premium rebate each year. Starting from the 10^th policy anniversary and continuing with each subsequent policy anniversary, customers can enjoy CareForAll Loyalty Bonus which is equivalent to 20% of the annualized premium.

• Guaranteed renewability: Even if there are any subsequent changes in health condition, there is a guaranteed right to renew policy term until the insured reaches age 100, the premium rate^[5] will not be affected by the insured's age within each policy term.

• Reassuring "Appointment of Designated Person" option for families: Pre-designate a specific person in advance. In the unfortunate case if the policy owner suffers from a mental incapacitation event or loss of autonomy for independent living, this Designated Person can file the claim and receive benefit on customers' behalf for emergency financial support.

For more information about CareForAll Critical Illness Plan, please visit: https://www.axa.com.hk/en/care-for-all-critical-illness-plan
The above information is for reference only. For details on product features, content, terms and exclusions, please refer to the product brochure and policy provision.
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