6000+ people have already chosen Bowtie Term CI
It is true that the premium for Term CI insurance will increase as the insured gets older. However, in the long run, the overall premium is still much lower than that of a Saving CI insurance4. When calculating the premium difference between the two, there are three points to keep in mind:
First, considering the huge difference in early premiums (e.g. before age 45) between the two options, simply investing the difference in products such as bank deposits or bonds may ultimately generate much higher compound returns than buying savings critical illness insurance. This is why the "Buy Term Invest the Rest" (BTIR) concept is becoming more and more popular.
Second, critical illness insurance may not be necessary after retirement. Critical illness insurance is designed to support your living expenses when you lose income due to the illness. However, retirees do not have full-time work, so even if they suffer from a critical illness, they will not lose income, and medical expenses can be covered by medical insurance (such as Bowtie Pink). Therefore, it may not be necessary to continue paying for Term CI insurance after the age of 65.
Third, if someone does not have enough budget but insists on buying Saving CI at the expense of “sufficient protection”, such a decision may come with substantial risks, as they may regret the decision when they actually suffer from a critical illness. We recommend that you first obtain basic protection through Term CI and then consider complementing your financial plan with other products.
Absolutely! Like other major traditional insurance companies in Hong Kong, Bowtie must also comply with strict regulations from the Insurance Authority regarding solvency. Under the regulations, Bowtie must set aside sufficient reserves to meet its claims obligations, so the probability of insolvency is extremely low.
In addition, the Insurance Authority requires insurance companies to engage in reinsurance, which is essentially "insurance for insurers." Bowtie must transfer some of its risks to reinsurers, who will assist in paying claims, so Bowtie's policyholders do not need to worry.
Absolutely not! Although Bowtie operates on a "no salespeople" model, we do have dedicated claims specialists who will provide one-on-one assistance to ensure a smooth claims process. They can, among other things, assist with claim applications, progress updates, approvals, and provide clarifications. It is also very easy to obtain assistance - customers can call our claims hotline at 3001 5670, WhatsApp our CS team at 3008 8123, chat with us online, or even visit our customer service center at G/F, Queen's Centre, 58 -64 Queen's Road East, Wan Chai, Hong Kong
Over the past few years, our customer satisfaction (CSAT) rating has consistently exceeded 90%, indicating that our customers are highly satisfied with our service.
As an insurer with pure online operations, Bowtie allows you to complete the entire insurance process - from application to policy servicing to claims - online. Our online operation helps to reduce our operational and administrative costs. Additionally, since Bowtie does not have insurance intermediaries, we are able to offer coverage at lower premiums.
Despite being an online insurer, Bowtie offers the same level of service as traditional insurance companies. We have a customer service center, claims specialists, and a medical team to provide pre- and post-sales support.
Group medical insurance provided by employers usually only offers basic coverage, as such relying solely upon its coverage may not be sufficient to cover the heavy expenses associated with critical illnesses. Critical illness insurance is designed to support the insured's living expenses when they stop working due to illness and lose income, in other words, it can provide a lump sum payout to provide financial support during this difficult time.
When designing our critical illness insurance and setting premium levels, Bowtie has already considered future underwriting expenses and referred to substantial industry data provided by our reinsurers. Additionally, our customers are generally younger and have lower risk, so we do not anticipate a significant increase in expenses or premiums.
Most customers choose "Multiple Cover ," and we also recommend this option. As the recurrence rate of the three major critical illnesses is increasing5, Bowtie Term CI - Multiple Cover provides up to 5 payouts, even if cancer recurs, the policy offers comprehensive coverage6 and greater peace of mind for customers.
If your budget is very limited, purchasing Bowtie Term CI is still better than having no coverage, but you should understand the risks involved and make the decision that suits you the best.
Generally, since the treatment and recovery from a critical illness can take 2 to 3 years, the coverage amount for critical illness insurance is recommended to be at least 2 to 3 times your annual income.
Many people have previously purchased savings-based critical illness insurance, but over time, the coverage amount may not provide sufficient protection. Therefore, they may eventually choose to top up their protection with term-based critical illness coverage to obtain greater coverage at a more affordable price.
When deciding on the coverage amount, the insured can also consider the following factors based on their specific needs:
Want to know more about "basic coverage"? Check out this article to learn how to calculate the coverage amount for critical illness insurance!
Bowtie Critical Illness is designed to protect the insured's living expenses when they stop working due to illness and lose income. CIS is the earliest stage of cancer, and the cancer cells have not spread and are not invasive, so the impact on the insured's life is relatively low. Therefore, CIS is not covered by Bowtie Critical Illness Insurance.
We aim to reduce unnecessary coverage and make premiums more affordable, while maintaining a reasonable level of coverage in the long run.
The main purpose of Bowtie Voluntary Health Insurance and Bowtie Cancer Fighter are to provide "pay-as-you-go" reimbursement for medical expenses, while the role of Bowtie Critical Illness Insurance is to provide a lump sum payout to protect the insured's living expenses when they stop working due to illness and lose income. The functions of the two policies are very different, and our recommended combinations are as follows:
(i) With Group Medical Insurance/other personal health insurance → Bowtie Pink + Bowtie Term Critical Illness
The insured can offset the deductible with their group medical insurance/other personal health insurance to purchase Bowtie Pink at a lower premium, which provides full reimbursement at a more affordable price to alleviate the relevant medical expenses. Bowtie Critical Illness Insurance can then cover the various living expenses that the insured incurs during their illness. For more information on how the deductible works, please refer to this article.
(ii) Without Group Medical insurance/other personal health insurance → Bowtie Voluntary Health Insurance Flexi Plan + Cancer Fighter + Term Critical Illness
The coverage amount of the Flexi Plan is lower, with no deductible, and the premium is also cheaper. However, the Flexi Plan has a benefit limit that may not be sufficient to cover cancer treatment, while Cancer Fighter can complement it by reimbursing cancer-related medical expenses. Similarly, Bowtie Critical Illness Insurance can provide support for the insured's living expenses.
Yes. There is a waiting period of 90 days after the policy becomes effective. Any illness diagnosed with signs and/or symptoms or surgery related to causes or triggers that occur during this waiting period will not be covered.
The policy coverage is applicable worldwide, but both the policyholder and the insured must reside in Hong Kong at the time of application. Regardless of whether the insured person will move overseas (excluding the residence affected by sanctions or war) for a short or long period of time in the future, the policy will remain in effect.
However, depending on whether there is a potential higher risk in the country where the insured person moves to, we may charge loadings (additional premiums) for individual regions of residence. If the insured person temporarily moves to another country or travels, works, or studies abroad, no additional premium will be required for the relevant policy. If there is any change of address, the policyholder or the insured person must inform Bowtie at the time of renewal. If you have any inquiries, please contact our customer service department at 3008-8123.
Yes, you can purchase more than one critical illness insurance policy from Bowtie, including Bowtie Critical Illness Insurance and Critical Illness Insurance (Multiple Cover). If you are diagnosed with a critical illness, you can make a claim for each policy.
Bowtie only limits the total amount of critical illness coverage for insured persons at our company. As for whether you can purchase two or more critical illness insurance policies from other insurance companies, it depends on the individual company's policies.
Click here to buy an extra critical illness insurance policy now to increase your protection!
Yes, that's correct! Bowtie Critical Illness Insurance is designed to protect the insured's living expenses when they stop working due to illness and lose income. Since there is no income after retirement, the living expenses (excluding medical expenses) will also decrease accordingly, so the demand for critical illness insurance may not be too high after the age of 65. This design reduces the overall product risk of Bowtie and keeps premiums at a more affordable level.
If you want to plan for the medical expenses of critical illness after retirement, we recommend purchasing Bowtie Voluntary Health Insurance, which most plans guarantee lifelong renewal.
The three major critical illnesses, including cancer, heart disease, and stroke, can be claimed multiple times. As for the other 35 insured critical illnesses, they can only be claimed once at most. The maximum number of claims for all insured illnesses is five, and each claim amount is 100% of the sum insured.
Cancer: Except for new cancers, if the insured person experiences a cancer recurrence, they must have undergone active treatment^ within 12 months before the cancer recurrence diagnosis to be eligible for a second claim.
Heart disease: After the first claim for heart disease, subsequent claims for heart disease must be for newly diagnosed and occurring incidents (such as newly diagnosed and occurring heart muscle necrosis), and the insured person must provide new diagnosis proof.
Coronary Artery By-Pass Grafts or Other Severe Coronary Artery disease: After the first claim for heart disease, the Bowtie Term Critical Illness (Multiple Cover) will not cover any subsequent coronary artery bypass surgery or other severe coronary artery disease.
Stroke: After the first stroke claim, subsequent claims for stroke must be fresh diagnostic findings evidencing occurrence and diagnosis of a new event and of new or increased neurological functional impairment;
^Active treatment: Cancer directed surgery, radiotherapy, cytotoxic chemotherapy, targeted therapy or immunotherapy. It does not include any treatment given solely as palliative care or hormonal therapy.
The Bowtie Term Critical Illness (Multiple Cover) has a waiting period of 2 years, during which any illness diagnosed or serious surgery performed will not be covered. The waiting period of 2 years is calculated from the payable date of the last claim regardless of whether it was under the Term Critical Illness Insurance or Term Critical Illness Insurance Multiple Cover, and each claim must be at least 2 years apart.
Customers only need to prepare their identification document and credit card to start the application process.
No, you do not need to undergo a medical examination. The applicant only needs to answer a few underwriting questions about their health condition, and the approval result can be obtained in as little as 4 minutes. Apply now!
Yes, Bowtie Term Critical Illness has a cooling-off period of 21 days. If you cancel the policy within the cooling-off period, we will refund all the premium paid.
If you need to change the sum insured amount, you can notify us at least 30 working days before the next policy renewal date. In general: If you request a decrease in coverage, we can process your request directly on the existing policy. If you request an increase in coverage, a new application may be required.
The claim for Term Critical Illness and Critical Illness (Multiple Cover) will be paid directly to the policyholder. The Compassionate Death Benefit will be paid to the beneficiary.
For Bowtie Critical Illness, only one-time claims will be paid. After receiving the claim, the policy will be terminated, and you need not pay premiums anymore.
For Bowtie Critical Illness Insurance (Multiple Cover), which provides up to 5 claims, each for 100% of the sum insured, the policy will automatically renew each year until age 85 as long as you continue to pay premiums. The coverage will remain valid during this period, and even if you develop a recurrence of any of the three major illnesses, you can still receive claims.
Bowtie will not adjust your premiums based on your past claims records with Bowtie.