Bowtie conducted online research and tried to analyze in detail how COVID-19 affects life insurance application / filing claims. At the end of the article, we will explain how Bowtie handles COVID-19 patient cases.
From the online search result, as of today, COVID-19 is NOT treated as an exclusion in life insurance. When an insured dies due to COVID-19, or due to vaccination, term life insurance will provide coverage for beneficiaries under normal circumstances.
Bowtie Term Life provides coverage on death due to COVID-19 or COVID-19 vaccination.
|Death due to COVID-19||Death due to COVID-19 vaccination|
|Sum Assured||Depends on the sum insured when applying the policy (Bowtie Term Life provides HK$0.2M to HK$8M sum insured for customers to choose.)|
|Learn More about Bowtie Term Life|
Application success or not is affected by “underwriting”.
Meanwhile, underwriting results are affected by the state and duration of illness, also the health condition (e.g. sequelae after recovery from COVID-19) of the individual insured.
Take Bowtie as an example, the insured has to complete the online underwriting process first. If the insured has suffered from COVID-19, they have to declare it in underwriting. According to the declared context, Bowtie’s underwriters will provide a “health questionnaire” to collect the information of the medical treatments the insured has completed, complications (if any), follow-up treatments, and so on. After that, Bowtie will decide if the policy application is successful or not.
💡 Bowtie Tips: It might take a longer time to proceed with the case than it normally does. But no worries, our underwriters will handle your case as soon as possible.
|Premium for 30-year-old non-smoker male^||Premium for 30-year-old non-smoker female^|
Click “Apply now”, you may go through Bowtie’s underwriting process without leaving personal information, and:
Don’t worry, even if you have completed the entire underwriting process, we will not charge you before you confirm to apply!