Press Release
Press Release 
Cancer, heart attack and stroke have always been the biggest killers in Hong Kong. Not only is it worrying to be diagnosed with such diseases, but also the trend of younger incidence of these critical illnesses and the risks of recurrence in the future. Other than the huge medical expenditures, patients might even lose the ability to work due to the illness, while their incomes could drop drastically and they might even fail to make ends meet, imposing heavy burdens on both health and finance.
Life is a long journey yet single – pay critical illness insurances will become invalid with just one claim, and the protection will no longer exist in case of recurrence or another critical illness. However, not everyone can afford the high premium of savings critical illness insurances. In light of this, Bowtie launches all-new “Bowtie Term Critical Illness Insurance – Multiple Cover”, providing multiple protections at a low premium with pure critical illness protection. With an affordable premium that is 14x lower1 than the savings critical illness insurances that offer multiple critical illness protection in the market, the product provides as many as 5 times of lump-sum payments2 with 100% of the sum insured each. The plan covers 38 types of critical illnesses counting 98% of critical illness claims3. The protection enables patients to focus on curing the disease and regain their normal life as soon as possible.
Unlike common diseases, patients of critical illnesses might need to undergo long-term treatment and lose the ability to work. The financial burden imposed by the disease can easily be overlooked when only medical protections are considered while choosing an insurance plan. If the patient is the breadwinner of the household, income shortage can even impact the livelihood of the family by putting a much heavier financial burden. While critical illness protection can help patients and their families to maintain a certain quality of life.
In fact, cancer recurrence rates should not be overlooked. According to research, the recurrence rates of ovarian cancer, lung cancer, colorectal cancer, and prostate cancer are as high as 72%4, 30-55%5, 30-40%6 and 48%7 respectively. The incidence of cancer among the 20-44 age group has also been on an upward trend since 20008 showing a growing number of cancer patients in younger age. With these facts in mind, Bowtie’s Term Critical Illness Insurance – Multiple Cover is designed to tackle the above problems through:
- Newly added multiple protections
- Cancer, stroke and heart attack, the three most common types of critical illnesses are entitled to multiple claims while 35 other critical illnesses are entitled to one claim each. The policy provides a maximum of 5 rounds of claims on covered critical illnesses with 100% of the sum insured each.
- Coverage includes 38 types of common critical illnesses, counting over 98% of claims
- Covering cancer, coronary artery by-pass grafts, heart attack, other serious coronary artery disease, stroke, benign brain tumour and kidney failure, etc.
- 4-layer “Bowtie Safety Net”
- Including terminal illness, total permanent disability, loss of independent existence and major medical treatments. Even injuries and diseases without prior cases are also covered.
- Pure protection with no binds
- With no saving components, the premium is 14x lower1 than the general savings critical illness insurance at the same sum insured.
- Adopting a monthly premium payment method, the policy is non-binding and could be terminated anytime with no monetary loss which can provide higher flexibility.
“With the visible gap between the protection of the existing critical illness products and the actual needs of consumers, we hope to eliminate this discrepancy by multiple protections and help our customers to cope with younger incidence of critical illnesses and the risks of recurrence. In line with other Bowtie product designs and beliefs, the Multiple Cover Term Critical Illness Insurance contains no saving components meaning every penny of our customers contributes to a pure protection.” said Michael Chan, Co-founder and Co-CEO, Bowtie.
To allow more customers to gain the peace of mind brought by multiple protections, new customers can enjoy 2-month premium waiver9 with the code【2022】on Bowtie Term Critical Illness Insurance and Bowtie Term Critical Illness Insurance – Multiple Cover starting from now until 31 March, 2022. The Bowtie Customer Service team is always ready to provide objective explanations to assist customers to make decisions that suit them the most.
For more information, please visit www.bowtie.com.hk/en/insurance/critical-illness
About Bowtie
The Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong’s very first virtual insurer approved under the Fast Track pilot scheme. Through the use of modern technology and medical expertise, Bowtie offers an agent-free, commission-free and more convenient online platform for customers to quote, apply and claim for health insurance plans certified by the Food and Health Bureau under the Voluntary Health Insurance Scheme (VHIS) anytime anywhere. Bowtie is backed by Mitsui & Co., Ltd , Sun Life Financial and supported by leading international reinsurers. Stay up to date at www.bowtie.com.hk.
- 1Calculated based on the standard premium of a 35-year-old male non-smoker under “Bowtie Term Critical Illness Insurance - Multiple Cover” with sum insured at HK$1 million. Savings critical illness insurance: Data from the average standard premium of six savings critical illness insurance products providing multiple protections (Premium payment terms of 18-20 years).
- 2Cancer, heart attack and stroke are entitled to multiple claims while other 35 covered critical illnesses are entitled to one claim each, totalling five times of claims. Each claim is 100% of the sum insured with a waiting period of two years between each claim.
- 3According to a critical illness survey in Asia region by an insurance company in 2008-2012, cancer, coronary artery by-pass grafts, heart attack, other serious coronary artery disease, stroke, benign brain tumour and kidney failure took 97% of the Hong Kong female critical illness claims. The remaining statistics are obtained by calculations using public information collected by Bowtie through different channels, for general educational and reference purposes only.
- 4The team has obtained the average by incorporating multiple medical reports, sources of statistics: Optimizing treatment in recurrent epithelial ovarian Cancer. Expert review of antiCancer therapy, 2017, 17.12: 1147-1158. Management of relapsed ovarian Cancer: a review. Springerplus, 2016, 5.1: 1-11. Cancer Facts & Figures 2018 Special Section: Ovarian Cancer. American Cancer Society. Ovarian Cancer Research Alliance
- 5According to Verywell Health, the recurrence rate of non-small cell lung cancer (NSCLC), the most common form of lung cancer is between 30% and 55%.
- 6According to Verywell Health, approximately 30–40% of colon cancer patients develop recurrence following surgery.
- 7A medical journal essay shows that the 10-year cumulative recurrence rate of the low-, mid- and high-risk prostate cancer patients are 17.9%, 31.9% and 47.9% respectively. Source: Prostate-specific antigen doubling time subsequent to radical prostatectomy is a predictor of outcome following salvage external beam radiation therapy: a single-centre experience. Scandinavian Journal of Urology, 2015, 49.3: 218-223.
- 8According to the statistics from The Hong Kong Cancer Registry, the cancer incidence rates of the 20-44 age group have been increasing steadily, increasing from 95.7 per 100,000 population in 2000 to 106.9 per 100,000 population.
- 9From now until 31 March 2022, new customers can enjoy 2-month premium waived (the 2nd and 4th month) for successful enrolment in any Bowtie Term Critical Illness Insurance, Bowtie Term Critical Illness Insurance - Multiple Cover with the code【2022】. “New customer” refers to the policyholder who has never held the policy of the same Bowtie insurance product nor been an insured person under the same Bowtie insurance product when purchasing the new policy.
這篇文章有用嗎？
The content of this article is provided by Bowtie Team and serves for reference only. It does not represent Bowtie's position. Bowtie assumes no responsibility for any loss or damage incurred by any person as a result of using, misusing, or relying on any information or content herein. Any content related to Bowtie products in this article is for reference and educational purposes only. Customers should refer to the detailed terms and conditions on the relevant product web pages.
