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We started accepting change of residency requests without policy termination to all Bowtie individual insurance plans in any countries/ regions except for those subject to sanction restrictions. Please refer to the following blog post for more details. If there are any enquiries, please contact our customer service team at 3008-8123.
Plan features
Here at Bowtie, your freedom and flexibility is one of our top priorities. Bowtie Term Critical Illness Insurance adopts a monthly premium payment method, allowing pure critical illness protection with maximized flexibility. The policy may be terminated at anytime with no dditional handling fee.
On average it takes about 45 years7 for a Savings Critical Illness Insurance Plan to breakeven, i.e. the Guaranteed Cash Value exceeds the Total Premium Paid. You would risk receiving a Cash Value much lower than the Total Premium Paid if you terminate the Plan prior to the end of the payment period. In other words, it is as though you are handcuffed to the Plan!
Here at Bowtie, your freedom and flexibility is one of our top priorities. Bowtie Term Critical Illness Insurance adopts a monthly premium payment method, allowing pure critical illness protection with maximized liquidity. The policy may be terminated anytime with no monetary loss.On average it takes about 45 years7for Savings Critical Illness Insurance to breakeven, i.e. the Guaranteed Cash Value exceeds the Total Premium Paid. You would also risk receiving a Cash Value much lower than the Total Premium Paid if you terminated the Plan prior to the end of payment period. In other words, it is as though you are handcuffed to the Plan!
Bowtie Term Critical Illness Insurance does not carry any savings component. For the same coverage amount, our premium is 19 times lower than that of general savings critical illness insurance products in the market.1
You might find some insurance plans covering as much as 70 types of critical illnesses, with most of them being rare diseases. Not only does the inclusion of such an extensive list increase the complexity of the product, the policy premium might also increase because of that.
A lump-sum will be paid out to you upon diagnosis of covered critical illnesses to help cover living expenses during your recovery.
The treatment of critical illnesses usually takes 2-3 years. If you have Bowtie Term Critical Illness - Multiple Cover, you’re guaranteed sufficient protection during the 2-year waiting period.
Bowtie Term Critical Illness
You can purchase more than one Critical Illness Insurance Plan at Bowtie, including Bowtie Term Critical Illness and Bowtie Term Critical Illness - Multiple Cover, and submit a claim for each policy if you are diagnosed with a critical illness. Bowtie imposes a limit on the total Sum Insured to each Insured Person only. Whether you are entitled to purchase two or more critical illness insurance policies from other insurance companies depends on the individual company policy.
Term Critical Illness insurance on the market typically covers $100,000 to $2.5 million. Bowtie provides an insurance coverage of $100,000 to $4 million for the life insured depending on their needs.
Yes, there is a 90 days waiting period following the Policy Effective Date. No benefit will be payable if the Insured Person suffers from any illness the sign(s) and/or symptom(s) of which are manifested within this period.
Carcinoma-in-situ (CIS), also known as Stage 0 Cancer, refers to histologically proven, localized pre-invasion lesion where cancer cells have not yet penetrated the basement membrane or invaded the surrounding tissues or stroma. The impact of CIS to the Insured’s everyday life is limited, and hence it is not covered under Bowtie Term Critical Illness Insurance. Our Cancer Fighter can be your first line of defence in providing reimbursement benefits to pay for the costs from all diagnosis and medical treatments. Our Bowtie Term Critical Illness Insurance can be the second line of defence in case the CIS progresses to later stages or even metastasizes to other organs, with the lump sum benefit payment acting as an income replacement so that you can focus on your recovery.
The major function of Bowtie’s VHIS and Cancer Fighter is to offer reimbursement benefits that can cover medical expenses, while Bowtie Term Critical Illness Insurance pays out a lump sum benefit as income replacement during your treatment and recovery period. Customers should choose suitable insurance products based on personal needs and considerations. We recommend a comprehensive coverage by purchasing Bowtie Term Critical Illness Insurance alongside VHIS and Cancer Fighter. In case a critical illness strikes, our products can provide the financial support on both medical and living expenses you need so that you can focus on your treatment and recovery without compromising your living standard.
The plan provides worldwide coverage. But both the Policyholder and the Insured Persons must reside in Hong Kong at the time of application. The coverage shall remain effective whether the Insured Persons plan to reside overseas temporarily or permanently. (except for places of residence affected by sanctions or war).
An extra loading might be applied to reflect the higher risks of the relocated countries. If you do not accept the premium adjustment, you can choose not to renew your policy. If the Insured Persons go out of town for travel, studying abroad or work temporarily, No extra premium loading will be applied to policies.
The Policyholder and the Insured Persons should contact Bowtie for any address/location updates. For any enquiries, please contact our customer service team at 3008-8123.
Only 3 major critical illnesses (Cancer, Heart Attack, and Stroke) can be claimed multiple times under the Multiple Critical Illness Benefit and the Major Critical Illness Benefit. Each of the other 35 covered critical illnesses can only be claimed once under the Multiple Critical Illness Benefit or the Major Critical Illness Benefit.
Multiple Critical Illness Benefit covers three major critical illnesses (Cancer, Heart Attack, and Stroke) and 35 other covered critical illnesses. Individual critical illnesses listed below are subject to additional requirements.
Cancer:
・a subsequent Cancer (any Cancer that has reappeared, metastasised, continued without remission, or a new primary Cancer) following any preceding Cancer claim(s) that we have paid, the Insured Person has received Active Treatment for it in the 12 months immediately prior (except for a new primary cancer).
Active treatment means Cancer directed surgery, radiotherapy, cytotoxic chemotherapy, targeted therapy or immunotherapy. It does not include any treatment given solely as palliative care or hormonal therapy.
Heart Attack:
・a subsequent Heart Attack following any preceding Heart Attack claim(s) that we have paid, demonstrates fresh diagnostic findings evidencing occurrence and diagnosis of a new event (E.g. a newly occurred and diagnosed death of a portion of heart muscle).
Stroke:
・a subsequent Stroke following any preceding Stroke claim(s) that we have paid, demonstrates fresh diagnostic findings evidencing occurrence and diagnosis of a new event (E.g. a newly occurred and diagnosed cerebrovascular accident or incident).and of new or increased neurological functional impairment.
Coronary Artery By-Pass Grafts or Other Serious Coronary Artery Disease:
・If Major Critical Illness Benefit or Multiple Cover Benefit has already been paid for Heart Attack, we will not pay a Multiple Cover Benefit for any Coronary Artery By-Pass Grafts or Other Serious Coronary Artery Disease
If you are in doubt as to whether a particular critical illness is eligible for a claim, please check with a registered medical specialist. However, Bowtie has the right to refer any dispute to our medical advisor and/or a Registered Medical Specialist appointed by us at our reasonable discretion for determination which shall be final.
Multiple Cover Benefit has a 2-year waiting period. Starting from the date of diagnosis of the last claim, only major critical illness diagnosed or major surgical procedure performed after 2 years will be eligible for claim (except for newly primary, recurrent, metastasised or continued Cancer after the first Cancer claim, where it exists within the waiting period, will be eligible for claim after the 2-year waiting period).
Benefits for Major Critical Illness Benefit and Multiple Cover Benefit will be paid directly to the policyholder. The Compassionate Death Benefit will be paid to the beneficiary.
If you would like to change the Sum Insured, you can notify us at least 30 working days before the next renewal date.
If you request to decrease the Sum Insured, we will typically fulfill your request.
If you request to increase the Sum Insured and we consider that your requested increase is only appropriate with the issuance of a new policy contract, we will generally reject your request and suggest that you apply for a new policy.
Bowtie’s Critical Illness Insurance is only renewable up to age 85, as Bowtie’s Critical Illness is designed to cover lost wages from being unable to work while undergoing treatment for a critical illness. After retirement, you will no longer work, and living expenses (excluding medical expenses) will in turn be relatively reduced, so you may not need a lot of money to cope with your daily life. Therefore, there may not be much demand for critical illness insurance after the age of 85. You may consider reducing the Sum Insured after retirement to lower the premium to an affordable level. If you wish to plan for critical illness medical expenses, we recommend that you consider taking out Voluntary Health Insurance Scheme (VHIS).
Bowtie Term Critical Illness Insurance has a cooling off period of 21 days. If you cancel the policy during the cooling-off period, we will refund all premiums previously paid.
That is not necessary. To apply, you only need to answer 6 underwriting questions about your health status, and you will obtain the underwriting results in as little time as 4 minutes. Start the underwriting process now!
Customer only needs to prepare their identification document and credit card to start the application process.
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