Phone-application eligible products increased to 18 basic plans and 19 riders to better support customers in strengthening their protection safely amid the epidemic
HONG KONG, CHINA - Media OutReach - 7 April 2020 - In response to the second phase of temporary facilitative measures introduced by the Hong Kong Insurance Authority ("IA"), FWD Hong Kong ("FWD") has extended the non-face-to-face application measures to 33 additional protection products, including term life, medical, critical illness, personal accident and disability income plans (Table 1), on top of the 4 Qualifying Deferred Annuity Policy (QDAP) and Voluntary Health Insurance Scheme (VHIS) plans covered in the first phase, and with immediate effect until 30 June 2020. The new arrangement allows customers to have a wider choice of phone-application eligible products to meet their needs while minimising the risk of infection during face-to-face meetings.
The IA has recently launched phase 2 of temporary facilitative measures in view of the continuing COVID-19 pandemic, widening the types of life insurance products that can be distributed through non-face-to-face methods to minimise the risk of infection during the selling process for both customers and insurance intermediaries. Validity of the temporary measures have also been extended till 30 June 2020.
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau, welcomed the new measures, "As the pandemic develops with increasing number of confirmed cases, we see a rising awareness and need for health protection insurance, yet the risks of face-to-face meetings during policy application might cause customers to put their plans on hold, affecting the timeliness of getting fortified protection for themselves and their families. The temporary facilitative measures provide customers with an additional channel to secure their coverage. In response to the new measures, we have significantly widened the choice of eligible products to a total of 37 plans for which customers can simply apply via phone calls and get covered as early as possible."
During the effective period, Financial Need Analysis (FNA) will be waived with the cooling-off period extended from 21 days to 30 days, allowing customers to have more time to review the coverage and amend if needed.
Table 1 -- Eligible products under FWD's Phone Application Measures (Applicable to new application on or before 30 June 2020):
- Journey Deferred Annuity Plan (QDAP)
B. VHIS (including policy conversion)
- vCore Medical Plan
- vCare Medical Plan
- vCare Supreme Medical Plan
C. Term Life
- Convertible Level Term Insurance
- Elite Term Plan Series
D. Crisis Insurance
- Crisis Ease 80
- Life Impact Reliever (HK)
E. Medical Insurance
- Balance Refundable Hospital Income Plan
- CANsurance Cancer Protection Plan
- CANsurance Full Medical Plan
- Embrace Medical Plan (with or without booster)
- TheOne Medical Solution
F. Accident Insurance
- Total Care Accident Protection Plan
G. Disability Income
- Income protection
H. Attachable Riders
- ADD Rider
- CANsurance Cancer Rider
- CANsurance Full Medical Rider
- Elite Term Rider
- Embrace Medical Rider (with or without booster)
- Family Accident Insurance Rider
- Family Hospital Cash Benefit Rider
- Flexi Disability Income Rider
- Flexiterm Rider
- Hospital Benefit Rider
- Hospital Cash Benefit Rider
- Level Term (to age 65)
- Level Term (to age 80)
- Mind+ Critical Illness Protection Rider
- Parent Risk Benefit Rider
- Personal Accident Rider
- TheOne Medical Solution Rider
- Total Care Accident Protection Rider
- Waiver of Premium Rider
Remark: Phone application is only applicable to customers with Hong Kong permanent ID card and customers must be in Hong Kong. For enquiries about details of the special measures, please contact your FWD insurance agent. FWD reserves the right of final decision related to the above special measures and arrangement.
About FWD Hong Kong & Macau
FWD HongKong offers life and medical insurance, general insurance, employee benefits,and financial planning. Its life insurance and general insurance operatingentities have been assigned strong financial strength ratings by internationalrating agencies -- FWD Life Insurance Company (Bermuda) Limited is rated "A3" byMoody's and "A" by Fitch; and FWD General Insurance Company Limited is rated"A" by Fitch. FWD Macau provides a suite of life and medical insurance.
FWD HongKong & Macau is a part of the FWD Group, the insurance business ofinvestment group, Pacific Century Group. FWD Group spans Hong Kong & Macau,Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.
By creating fresh customerexperiences with easy-to-understand products supported by digital technology,FWD aims to become a leading pan-Asian insurer that changes the way people feelabout insurance.
For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.