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:
“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
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.