Author
Bowtie Team
Updated on
2025-07-10
Disclaimer: This article is translated with the assistance of AI.
Critical illness insurance protects against severe health risks, but which specific conditions are covered? Bowtie offers a range of Term CI products with varying benefits. How do you pick the right one? Dive into this guide for a clear breakdown!
What Does Critical Illness Insurance Cover?
Critical Illness Insurance primarily protects policyholders against the risk of being diagnosed with specified severe illnesses listed in the policy (common examples include stroke, cancer, and heart conditions requiring “angioplasty” surgery ). If the policyholder unfortunately gets diagnosed with a specified critical illness, the insurance will provide a lump-sum payout based on the coverage amount and policy terms, with no restrictions on how the payout can be used.
The original intent behind critical illness insurance is to cover living expenses during the period when the policyholder is unable to work due to treatment for a severe illness. With a substantial lump-sum payout, it ensures that the policyholder can focus on treatment and recovery without worrying about income or financial burdens. Since insurance companies do not restrict the use of the payout, some people also use it to offset surgical treatments or medical expenses.
What Coverages Do Bowtie Term CI Series Offer?
Bowtie’s Term Critical Illness Insurance Series includes Bowtie Term CI, Bowtie Term CI Multiple Cover, and the most comprehensive Bowtie Term CI Early Stage and Multiple Cover. The coverage and payout details of these three products are as follows:
| Bowtie Term CI | Bowtie Term CI Multiple Cover | Bowtie Term CI Early Stage and Multiple Cover | |
| Coverage Scope | 42 Severe Critical Illnesses
4 “Additional Benefits” |
42 Severe Critical Illnesses
4 “Additional Benefits” |
4 Early-Stage Critical Illnesses
42 Severe Critical Illnesses 4 “Additional Benefits” |
| Number of Payouts | Severe Critical Illness: 1 time | Severe Critical Illness: 5 times | Early-Stage Critical Illness: 5 times
Severe Critical Illness: 5 times |
| Payout Amount per Claim | Severe Critical Illness: 100% of Sum Insured | Severe Critical Illness: 100% of Sum Insured | Severe Critical Illness: 100% of Sum Insured
Early-Stage Critical Illness: 20% of Sum Insured* |
| Waiting Period | 90 days | 90 days
Additional 2-year waiting period for Multiple Cover |
90 days
Additional 2-year waiting period for Early-Stage Cover |
| Survival Period | Not applicable | ||
| Monthly Premium (Male) 1 | $90 | $118 | $132 |
| Monthly Premium (Female) 2 | $132 | $160 | $180 |
- * Early Stage Critical Illness coverage provides compensation equivalent to 20% of the sum insured, with a maximum claim amount of HK$300,000 per insured person per claim. The total compensation is capped at 100% of the sum insured or HK$1,500,000 (whichever is lower). There is a waiting period for Early Stage Critical Illness coverage, and each covered early-stage illness has a maximum number of claims. Coverage for Early Stage Critical Illness will automatically terminate if any Major Critical Illness coverage has been paid or is payable (whichever occurs earlier). For details, please refer to the policy terms and conditions, as well as exclusions.
- 1 Basic premium for a 30-year-old non-smoking male with a sum insured of HK$1,000,000.
- 2 Basic premium for a 30-year-old non-smoking female with a sum insured of HK$1,000,000.
What Diseases or Medical Conditions Are Covered by Critical Illness Insurance?
Since critical illness insurance primarily protects against the risk of contracting severe diseases specified in the policy, what exactly are these specified critical illnesses? In fact, there is no standardized definition of critical illnesses in Hong Kong, whether by official bodies or the insurance industry. Therefore, each insurance company has its own definition of what constitutes a critical illness or medical condition.
Generally speaking, conditions such as cancer (malignant tumors), severe heart disease , stroke , paralysis , kidney failure , severe rheumatoid arthritis , blindness in both eyes, deafness in both ears, and severe burns are typically listed as specified critical illnesses by insurance companies. “Early Stage Critical Illness” often includes conditions like carcinoma in situ , as well as coronary artery narrowing requiring angioplasty surgery as recommended by a doctor. The specific stage or severity of a condition required to qualify for a claim depends on the policy terms of the underwriting insurance company.
Take the Bowtie Term CI series as an example. We provide a comprehensive “Definitions of Major and Early Stage Critical Illnesses and Surgical Procedures” as a reference. This allows potential policyholders to clearly understand the coverage scope before purchasing, and existing customers can also refer to it to know their rights and benefits.
How to Choose Bowtie Term CI Series Products?
Generous Budget
Generous Budget
If you have a generous budget, you should consider Bowtie Term CI Early Stage and Multiple Cover. It offers comprehensive protection against early-stage critical illnesses, recurrence, or new diagnoses of critical illnesses.
- Reason to Insure 1: Early-stage critical illnesses are becoming more common among younger people. Take myocardial infarction as an example; cases in people in their 30s and 40s are no longer rare 1 . The risk of early-stage illnesses progressing to severe conditions should not be underestimated.
- Reason to Insure 2: The number of new cancer cases has been rising in recent years 2 . Cancer has been Hong Kong’s “top killer” for many years 3 .
- Reason to Insure 3: The recurrence rate of critical illnesses is significant. For instance, recurrence rates for liver cancer, heart disease, and stroke are as high as 61.5%, 42%, and 35% respectively 4 .
Limited Budget
Limited Budget
If your budget is limited, you should still consider Bowtie Term CI Multiple Cover to protect against the risk of critical illness recurrence or new diagnoses.
- Reason to Insure 1: Early-stage critical illnesses are becoming more common among younger people. Take myocardial infarction as an example; cases in people in their 30s and 40s are no longer rare 1 . The risk of early-stage illnesses progressing to severe conditions should not be underestimated.
- Reason to Insure 2: The number of new cancer cases has been rising in recent years 2 . Cancer has been Hong Kong’s “top killer” for many years 3 .
- Reason to Insure 3: The recurrence rate of critical illnesses is significant. For instance, recurrence rates for liver cancer, heart disease, and stroke are as high as 61.5%, 42%, and 35% respectively 4 .
Tight Budget
Tight Budget
If your budget is tight, you should still consider Bowtie Term CI for basic critical illness protection.
- Reason to Insure 1: Early-stage critical illnesses are becoming more common among younger people. Take myocardial infarction as an example; cases in people in their 30s and 40s are no longer rare 1 . The risk of early-stage illnesses progressing to severe conditions should not be underestimated.
- Reason to Insure 2: The number of new cancer cases has been rising in recent years 2 . Cancer has been Hong Kong’s “top killer” for many years 3 .
If a Relative Has Been Diagnosed with CI…
If a Relative Has Been Diagnosed with CI…
If a relative (especially a close family member) has been diagnosed with a critical illness, you should consider Bowtie Term CI Early Stage and Multiple Cover for comprehensive protection against early-stage critical illnesses, recurrence, or new diagnoses.
- Reason to Insure 1: Certain cancers (like breast and colorectal cancer) are often linked to genetics 5 . Chronic conditions (like hypertension), which are risk factors for critical illnesses, may also be hereditary.
- Reason to Insure 2: Early-stage critical illnesses are becoming more common among younger people. Take myocardial infarction as an example; cases in people in their 30s and 40s are no longer rare 1 . The risk of early-stage illnesses progressing to severe conditions should not be underestimated.
- Reason to Insure 3: The number of new cancer cases has been rising in recent years 2 . Cancer has been Hong Kong’s “top killer” for many years 3 .
- Reason to Insure 4: The recurrence rate of critical illnesses is significant. For instance, recurrence rates for liver cancer, heart disease, and stroke are as high as 61.5%, 42%, and 35% respectively 4 .
Key Tips for Buying Critical Illness Insurance
Apart from premiums, there are several key considerations when choosing critical illness coverage, such as:
- Does the coverage and policy terms meet your personal needs?
- Is the coverage amount sufficient? Generally, it’s recommended to have 2-3 times your annual income.
- Do you need lifelong protection or coverage for a specific period? Note that the coverage duration affects premium costs.
- Does the policy include a “survival period” clause?
- Pay attention to “multiple claims” policy terms, such as whether it covers cancer recurrence in the same area.
- Assess if you need a savings-type critical illness plan. These often have higher premiums than term plans for the same coverage.
Bowtie Critical Illness Insurance Premiums
Monthly Premiums for Non-Smoking Men (HK$1M Coverage)?
| Age | Bowtie Term CI | Bowtie Term CI Multiple Cover | Bowtie Term CI Early Stage and Multiple Cover |
| 30 | $90 | $118 | $132 |
| 40 | $208 | $270 | $302 |
| 50 | $564 | $734 | $822 |
Monthly Premiums for Non-Smoking Women (HK$1M Coverage)?
| Age | Bowtie Term CI | Bowtie Term CI Multiple Cover | Bowtie Term CI Early Stage and Multiple Cover |
| 30 | $132 | $160 | $180 |
| 40 | $412 | $500 | $560 |
| 50 | $768 | $930 | $1,042 |
Sources
- 1 《Heart Attack Affecting Younger People?》am730
- 2 Hong Kong Anti-Cancer Society
- 3 Centre for Health Protection
- 4 Critical illness recurrence rate data from a reinsurer’s major disease survey conducted in Asia from 2008 – 2012 and Bowtie market research results
- 5 《Genetic Cancer Common in Breast and Colorectal Cancer: Genetic Testing to Identify High-Risk Cancer Genes》Ming Pao Health
- 6 《Hereditary Hypertension: Must-Know Prevention Tips》am730
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