Author
Bowtie Team
Updated on
2025-07-09
Disclaimer: This article is translated with the assistance of AI.
Recently, online media Channel C reported a group of sharply dressed individuals in Mong Kok’s Soy Street, approaching lone young passersby under the guise of a survey. They ask personal questions about smoking habits, education, and part-time jobs before luring targets into nearby commercial buildings to sell insurance plans. The Bowtie team shares 4 essential tips to safeguard yourself—even if you’re considering insurance, stay cautious!
How to Protect Yourself: Verify Licensed Agent Identity
Before signing any insurance contract, always verify the identity of the salesperson. Apart from requesting details of the insurance plan, ask for their full name and license number, and check it on the Insurance Authority website .
Under Hong Kong law, anyone selling insurance (i.e., providing advice for a fee, recommending suitable insurance products, or assisting with applications) must be a licensed insurance intermediary. If you encounter unethical sales practices, you can file a complaint with the Insurance Authority to protect your interests.
Protect Yourself: Understand Guaranteed vs Non-Guaranteed Returns
Reports often mention enticing return figures, such as “Pay just over HK$10,000 and get HK$2,000 monthly interest” or “Invest HK$1 million and get HK$2 million in returns, doubling your money.”
Sounds like a sweet deal, right? However, investors should carefully read the benefit illustration documents to distinguish between guaranteed and non-guaranteed returns, as well as projected returns over different years. This helps avoid unrealistic expectations.
Self-Protection Tip: Assess Your Insurance Needs
In some reports, even when a journalist mentioned a monthly salary of just over HK$10,000, the salesperson still recommended an insurance plan with a monthly premium of HK$4,000. That’s 20% to 40% of their income—hard to say if it truly fits their financial situation.
Before buying insurance, consumers should carefully evaluate their needs. Consider factors like whether you’re the main breadwinner or if you can afford the premiums long-term. Also, shop around! Use online insurance comparison platforms or visit insurance company websites directly to find a product that suits you best.
Take the reported HK$2.4 million life insurance coverage as an example. For a 20-year-old non-smoking male, insuring with Bowtie Term Life costs just HK$110 per month. Plus, until January 15, 2025, use the promo code “BLOGRIDER” to enjoy a 60% discount on the first-year premium!
Protect Yourself: Utilize the Cooling-Off Period
Common insurance products like life insurance and VHIS come with a cooling-off period , giving policyholders a chance to reconsider their purchase. During this period, even if you’ve paid, you can cancel the policy unconditionally and receive a full refund.
- * All Bowtie insurance products come with a 21-day cooling-off period.
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