Author Bowtie Team
Updated on 2025-06-11
Disclaimer: This article is translated with the assistance of AI.
As we age, folks over 60 might start facing various health challenges that often require medical care. Wondering what insurance options are available and how to budget your premiums? The Bowtie team recommends the best products and provides easy premium estimates to help you plan ahead!
Health Risks You May Face at 60 or Older
Seniors may face the following health risks:
The physical functions of seniors inevitably decline over time. According to the Department of Health (Elderly Health Service), seniors aged 60 or above may face the following health risks:
| Health Risk | Examples |
| Musculoskeletal Issues | Frozen Shoulder , Gout , Osteoarthritis , Osteoporosis |
| Cancer | Breast Cancer , Cervical Cancer , Colorectal Cancer |
| Cardiovascular Disease | Coronary Heart Disease , Hypertension , Stroke |
| Digestive System Issues | Constipation , Indigestion |
| Infectious Diseases | Food Poisoning , Influenza , myiasis, Scabies, Ringworm |
| Mental Health Issues | Anxiety , Depression |
| Respiratory Diseases | Chronic Obstructive Pulmonary Disease |
| Urinary System Issues | Prostate Problems , incontinence |
| Vision and Hearing | Age-related Macular Degeneration , Cataracts , vision/hearing decline |
| Other Diseases | Diabetes , Cognitive Impairment , Parkinson’s Disease |
Insurance Options for Individuals Aged 60+ at Bowtie
Facing various health risks, seniors can consider purchasing insurance to proactively manage them. In fact, if you’re 60 or older, you can still get these insurance products at Bowtie:
- Bowtie VHIS
- Bowtie Term Life (only for those aged 65 or below)
- Bowtie Term CI (only for those aged 65 or below)
Health Insurance Options for Individuals Aged 60+
When health issues arise and you need hospital checks or treatments, that often means dealing with medical bills. Getting the right health insurance can transfer some or all of that risk to the insurer, so you don’t have to shoulder the full cost yourself.
If you’re 60 or above, you might want to consider the Bowtie VHIS Flexi Plan , and for just an extra $200 a month, add on the GHK Wellness Package or the CUHKMC Wellness Package . This combination has some great perks:
Affordable Premiums
For example, take a 60-year-old non-smoking man insuring the Bowtie VHIS Flexi Plan (Basic) and adding the GHK Wellness Package or CUHKMC Wellness Package—the total monthly premium is just $1,037, which is quite manageable.
Full Reimbursement for Designated Medical Packages*
Beyond the Bowtie VHIS Flexi Plan (Basic) itself, which offers up to $600,000 annually for eligible medical expenses, adding the GHK Wellness Package or CUHKMC Wellness Package means you get full reimbursement* for specific medical packages:
| Bowtie VHIS Flexi Plan Additional Coverage | Full Reimbursement Scope |
| GHK Wellness Package |
|
| CUHKMC Wellness Package |
|
No Deductibles
Many high-end health insurance plans with higher coverage or full reimbursement come with a deductible (also known as out-of-pocket or co-payment), which could range from a few thousand to tens of thousands of dollars that you’d have to pay yourself. But with the Bowtie VHIS Flexi Plan plus the GHK Wellness Package or CUHKMC Wellness Package, you enjoy full reimbursement* without any deductibles.
Free Comprehensive Health Check
Whether you add the GHK Wellness Package or the CUHKMC Wellness Package, you’ll get an annual free health check. Plus, every year, you receive 1,500 BowtiePoints (worth HK$1,500), which you can redeem for services like cancer screenings, cervical checks, kidney tests, vision care ^ , nutrition services ^ , and more.
Enjoy a free annual health check worth $4,220. This includes a comprehensive health check valued at $2,720, and you can use your 1,500 BowtiePoints (where 1 BowtiePoint = $1) to redeem services like the Vision Care Eye Protection Plan and professional nutritionist guidance:
| Bowtie VHIS Flexi Plan Additional Coverage | Annual Basic Health Check | Optional Check Items |
| GHK Wellness Package |
|
|
| CUHKMC Wellness Package |
|
|
- * Full compensation for specified medical packages is subject to the annual policy limit of the Bowtie VHIS Flexi Regular plan.
- # Applicable only to persons aged 18 or above.
- ^ Applicable to Bowtie GHK Wellness Package.
60-69 Years Old: Bowtie VHIS Flexi Regular + GHK Wellness Package / CUHKMC Wellness Package – Monthly Premium (Non-Smokers)
| Age | Non-Smoking Males | Non-Smoking Females |
| 60 Years Old | $1,084 | $1,033 |
| 61 Years Old | $1,144 | $1,082 |
| 62 Years Old | $1,210 | $1,135 |
| 63 Years Old | $1,273 | $1,196 |
| 64 Years Old | $1,346 | $1,263 |
| 65 Years Old | $1,420 | $1,341 |
| 66 Years Old | $1,507 | $1,425 |
| 67 Years Old | $1,591 | $1,514 |
| 68 Years Old | $1,681 | $1,605 |
| 69 Years Old | $1,761 | $1,689 |
| Total Premium for 60-69 Years Old | $168,276 | $159,396 |
Do Individuals Aged 60+ Need Life Insurance?
Besides VHIS, those aged 60 or above might also consider life insurance as a mainstream product. Whether seniors need life insurance depends on their needs and budget, including whether family members still rely on them for support, if they have retired, and if they have sufficient budget.
Since life insurance provides a lump-sum death benefit to the policy beneficiaries, seniors should consider purchasing it in these situations:
Seniors as the Financial Pillar of the Family
If a senior’s sudden passing would cause a financial shock to the family, seriously affecting their quality of life, then it’s worth considering life insurance.
Seniors Want to Plan Wealth for Children or Grandchildren
If a senior’s financial situation and budget allow, they could use life insurance as a tool to name children or grandchildren as beneficiaries. In the event of the senior’s unfortunate passing, the payout can serve as a living or education fund for their descendants.
Bowtie Term Life is a term life insurance without any savings component. For the same coverage amount, it can save you 28% on premiums**, with annual renewal guaranteed until age 100, and no financial loss if you stop paying or cancel the policy.
Bowtie Term Life accepts seniors aged 65 or below for coverage. Note that the maximum coverage for a 60-year-old is $3.5 million, while for those aged 61 to 65, it’s $1 million.
Additionally, on top of Bowtie Term Life , we offer an optional rider called “Last Wish Rider,” which provides an additional lump-sum payout of $300,000 to policyholders who have been diagnosed with a terminal illness and confirmed to have less than 12 months to live, allowing them to fulfill their final wishes in their last days.
- ** 20 years of Bowtie Term Life total premiums are 28% less than the market average for term life insurance (20-year coverage period), based on standard premiums for a 35-year-old non-smoking female with $1 million coverage; data is the average of standard premiums for term life insurance (20-year coverage period) as of July 1, 2020 (including those available for online purchase and an additional 8 term life insurance products)
Bowtie Term Life + Last Wish Rider Monthly Premiums for Ages 60-69 (Non-Smoking Males)
| Age | Term Life Insurance ($1 million coverage) | Last Wish Rider | Total Monthly Premium |
| 60 years old | $472 | $104 | $576 |
| 61 years old | $533 | $118 | $651 |
| 62 years old | $602 | $133 | $735 |
| 63 years old | $678 | $150 | $828 |
| 64 years old | $763 | $168 | $931 |
| 65 years old | $856 | $189 | $1,045 |
| 66 years* | $951 | $209 | $1,160 |
| 67 years* | $1058 | $233 | $1,291 |
| 68 years* | $1183 | $260 | $1,443 |
| 69 years* | $1332 | $293 | $1,625 |
| Total Premiums for Ages 60–69 | $123,420 | ||
Bowtie Term Life + Last Wish Rider Monthly Premiums for Ages 60-69 (Non-Smoking Females)
| Age | Term Life Insurance ($1 million coverage) | Last Wish Rider | Total Monthly Premium |
| 60 years old | $258 | $57 | $315 |
| 61 years old | $290 | $64 | $354 |
| 62 years old | $328 | $73 | $401 |
| 63 years old | $375 | $83 | $458 |
| 64 years old | $433 | $96 | $529 |
| 65 years old | $503 | $111 | $614 |
| 66 years* | $579 | $128 | $707 |
| 67 years* | $670 | $148 | $818 |
| 68 years* | $778 | $171 | $949 |
| 69 years* | $904 | $199 | $1,103 |
| Total Premiums for Ages 60–69 | $74,976 | ||
- * Only applicable for renewal
Do Individuals Aged 60+ Need Critical Illness Insurance?
As for whether Critical Illness Insurance is needed, it depends on the elder’s employment situation and other needs. The principle of Critical Illness Insurance is that if the insured is unfortunately diagnosed with a specified critical illness outlined in the policy (such as heart disease, cancer, stroke, and so on), they can receive a lump-sum fixed compensation, and this compensation can be used for any purpose.
In cases where the insured also holds a medical insurance policy (assuming the medical insurance covers treatment expenses adequately), the Critical Illness Insurance policy mainly serves to protect the insured’s income loss due to inability to work during treatment.
Therefore, elders should consider purchasing Critical Illness Insurance in these situations:
Elders are not yet retired and rely on work for income
If elders still rely on work for income and are the main breadwinners for the family, stopping work would severely impact the family’s quality of life. In that case, they should consider purchasing Critical Illness Insurance. If they are unfortunately diagnosed with a specified critical illness, the policy can kick in, allowing them to focus on recovery without worrying about living expenses like rent, property mortgage payments, children’s education costs, and more.
Elders want to expand their medical coverage
Even if elders have already retired, Critical Illness Insurance can still be useful in certain situations. For example, if elders want to use the policy to expand coverage for critical illnesses, especially for things like Chinese and Western medicine consultations, physiotherapy, nutritionist consultations, or other emerging therapies. That’s because standard medical insurance policies (not cancer-specific ones) might not cover or fully reimburse these ongoing treatments.
Elders have other goals in mind
Additionally, if elders have other plans, such as traveling the world after an unfortunate critical illness diagnosis or using the Critical Illness Insurance for financial planning for their children or family—and if their budget allows—it can be a solid reason to get covered.
Bowtie Term CI Multiple Cover can provide multiple claim options (up to 5 claims in total), so even if there’s a recurrence, you’ll still get the appropriate coverage.
Bowtie Term CI accepts elders aged 65 or below for coverage, with guaranteed annual renewal up to age 100*; note that the maximum sum assured for a 60-year-old insured is $2.5 million, while for those aged 61 to 65, it’s $1.5 million.
- * Upon confirmation by the policyholder, Bowtie will convert the “Term CI Multiple Cover” and “Early Stage and Multiple Cover Term CI” to “Term CI” when the insured reaches age 86, and arrange for the policy to automatically renew from age 86 up to 100. This means early-stage critical illness coverage and multiple critical illness coverage will end on the policy anniversary immediately following age 85, and the policy will terminate after one severe critical illness claim—please refer to the “Term CI” policy terms and conditions, as well as product risks and key exclusions. If the insured develops a critical illness at a very advanced age, the total premiums paid might exceed the sum assured.
60-69 Years Old Term CI Multiple Cover Monthly Premium (Non-Smokers)
| Age | Non-Smoking Males | Non-Smoking Females |
| 60 Years Old | $1,640 | $1,326 |
| 61 Years Old | $1,798 | $1,400 |
| 62 Years Old | $1,958 | $1,488 |
| 63 Years Old | $2,128 | $1,606 |
| 64 Years Old | $2,300 | $1,724 |
| 65 Years Old | $2,474 | $1,842 |
| 66 Years Old* | $2,650 | $1,964 |
| 67 Years Old* | $2,826 | $2,088 |
| 68 Years Old* | $3,032 | $2,238 |
| 69 Years Old* | $3,240 | $2,388 |
| Total Premium for 60-69 Years Old | $288,552 | $216,768 |
- * Only applicable for renewal
Monthly Insurance Costs for Individuals Aged 60 and Above
Let’s take non-smokers aged 60 and 65 as examples. We’ll assume they’re purchasing simultaneously Bowtie VHIS Flexi Regular + GHK Wellness Package / CUHKMC Wellness Package, Bowtie Term Life + Last Wish Rider, and Bowtie Term CI Multiple Cover —and break down the total monthly premiums required^ for these three insurance products, just for your reference.
Monthly Premiums for 60/65-Year-Old Non-Smoking Men
| VHIS Flexi Regular + GHK Wellness Package / CUHKMC Wellness Package | Bowtie Term Life + Last Wish Rider | Term CI Multiple Cover | Monthly Premium Expenditure | |
| 60 years old | $1,084 | $576 | $1,640 | $3,300 |
| 65 years old | $1,420 | $1,045 | $2,474 | $4,939 |
Monthly Premiums for 60/65-Year-Old Non-Smoking Women
| VHIS Flexi Regular + GHK Wellness Package / CUHKMC Wellness Package | Bowtie Term Life + Last Wish Rider | Term CI Multiple Cover | Monthly Premium Expenditure | |
| 60 years old | $1,033 | $315 | $1,326 | $2,674 |
| 65 years old | $1,341 | $614 | $1,842 | $3,797 |
- ^ Bowtie VHIS Flexi Regular, Bowtie Term Life, and Term CI Multiple Cover monthly premiums are calculated based on a $1 million coverage amount.
FAQs
If I’m 60 or older and already have health issues, can I still buy insurance?
It depends on the diseases you have and the insurance products you’re applying for. For chronic conditions like diabetes or high blood pressure, insurers might add extra premiums, exclusions, or even deny coverage for health insurance. However, you may still be able to get life, accident, or cancer insurance.
Click here to learn more about underwriting guidelines for different conditions
If I’m not the insured, can I buy insurance for my parents who are 60 or older?
Yes, you can. You can be the policyholder and purchase insurance for your parents (as the insured) while paying the premiums. This setup also allows you to enjoy tax deductions under VHIS.
For more details, see VHIS Tax Deduction Full Guide
Do seniors aged 60 or above who have VHIS still need accident insurance?
If seniors already have VHIS, they might not need additional accident insurance like Bowtie Touch Wood Protector to avoid overlapping coverage. That’s because the VHIS Flexi Plan includes up to $8,000 per policy year for accident emergency outpatient services (treated in a hospital outpatient department).
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