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Unique features
As of 2020, the diagnosis rate of breast Carcinoma-in-situ among females aged 45 to 49 was 36.2% (per 100,000 female population)**.
The number of individuals aged 40 to 50 diagnosed with coronary heart disease has increased by almost 40%. When the coronary artery contracts by a certain percentage, it is likely that angioplasty surgery will be required*.
Medical expenses for early stage CI can vary significantly. For example, surgical fees for angioplasty can range from HK$100,000 to HK$300,000#. In addition, patients may need to continue taking medications and undergo regular checkups for up to 1 year following the surgery##. These factors can have an impact on patients’ work lives and impose further financial burdens.
Max 5 times*
for Early Critical Illnesses claims
Over 8,000 customers have already purchased Bowtie Term CI insurance
If you think you need Critical illness insurance, we recommend getting it as early as possible. When you're younger, you're statistically less likely to have health issues. This means you'll have a better chance of securing lower premiums and avoiding exclusions or loadings on your coverage during the underwriting process. This translates to a more affordable and comprehensive coverage.
Critical illness insurance can help cover lost income during treatment, allowing you to manage your family and your's daily expenses. That's why anyone who relies on their full-time job for income needs critical illness insurance. Click here to learn more.
The major differences between the three plans lies within (1) Coverage Scope (2) Number of Compensation.
|
|
Critical Illness |
Multiple-Cover |
Early Stage and Multiple Cover |
|
Coverage Scope |
Major Critical Illness |
Major Critical Illness |
Early Stage and Major Critical Illness |
|
Number of Compensation |
1 time |
Maximum 5 times |
Maximum 10 times |
Click here for the Definitions of Major and Early Stage Critical Illnesses and Surgical Procedures
^Early Stage Critical Illness Benefit: Pay an amount equivalent to twenty percent (20%) of the sum insured as Early Stage Critical Illness Benefit (the maximum amount per insured person per claim is HK$300,000)
The primary function of Bowtie VHIS and Cancer Insurance is to provide "reimbursement" for medical expenses, while ‘Bowtie Critical Illness Insurance’ provides a lump sum payment to cover living expenses if you are unable to work due to a critical illness. The two serve very different purposes. Here are our recommended combinations:
If you have any further questions, please contact our Product Specialists through WhatsApp!
Many people have purchased whole life critical illness insurance in the past. However, as time goes by, the coverage amount may no longer be sufficient. Therefore, many people choose to top up their protection with term critical illness insurance to get higher coverage at a more affordable price. You may want to consider this option as well.
If you have any further questions, please contact our Product Specialists through WhatsApp!
Term Critical Illness insurance is a pure protection product that focuses on providing coverage when critical illnesses is diagnosed within a specified period. Its premiums may be adjusted with age or upon renewal. Savings-linked Critical Illness insurance, on the other hand, combines protection with potential returns. If the insured person does not make a claim during the premium payment term, they can choose to surrender the policy at the end of the term and receive a cash value. However, for the same sum assured, Savings-linked Critical Illness insurance is generally more expensive. Click here to learn more
Critical Illness insurance is an insurance product designed to provide coverage for serious illnesses, including but not limited to cancer, heart disease, and stroke. If the insured person is diagnosed with a specified critical illness covered by the policy, they will receive a lump sum payment that can be used for any purpose.
Critical Illness insurance can be broadly categorized into two types:
Both types of CI insurance provide a lump sum payment upon diagnosis. However, the former combines protection with potential returns, while the latter focuses solely on providing protection. Bowtie Critical Illness insurance is a term critical illness product, which means it is generally more affordable* than savings-linked CI plans for the same sum assured.
*Based on the standard monthly premium for a 35-year-old non-smoking male for HK$1 million in coverage under the "Bowtie Multiple Critical Illness Insurance" plan; Savings-linked CI insurance: Data is based on the average of standard premiums for six savings-linked CI insurance plans (18-20 year premium payment term) offering multiple coverages in the market as of March 10, 2022.
Understand Critical Illness insurance in detail 👉🏻 Critical Illness Beginner's Guide
‘Bowtie Critical Illness Insurance’, ‘Multiple Cover Critical Illness Insurance’, and ‘Early Stage and Multiple Cover Critical Illness Insurance’ all come with a 21-day cooling-off period. If you cancel your policy within the cooling period, and have not received any claims payments or have any claims in progress, we will refund all premiums paid in full.
Bowtie only limits the total critical illness coverage amount an insured person can have with our company, not the number of policies.
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You can buy more than one critical illness insurance plan from Bowtie, including 'Bowtie Critical Illness Insurance', 'Multiple Cover Critical Illness Insurance' and 'Early Stage and Multiple Cover Critical Illness Insurance'. However, the total coverage cannot exceed the limit. If you are unfortunately diagnosed with a critical illness in the future, you can also apply for claims from each insurance policy separately. As for whether you can buy two or more critical illness insurance policies from other insurance companies, it depends on the individual company's policy.
Bowtie's limits on critical illness coverage amounts are as follows:
|
Age of Insured Individual |
Maximum Sum Insured For Critical Illness |
|
15 days - 45 years old |
HK$4,000,000 |
|
46 - 60 years old |
HK$2,500,000 |
|
61 - 65 years old |
HK$1,500,000 |
If you have sufficient budget, we recommend ‘Early Stage and Multiple Cover Critical Illness Insurance’ for the most comprehensive coverage.
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We've observed a recent upward trend in the incidence of early-stage critical illnesses and the recurrence rates of the three major critical illnesses. That's why Bowtie introduced ‘Early Stage and Multiple Cover Critical Illness Insurance’ to provide customers with adequate coverage, whether a condition is diagnosed before it develops into a major critical illness or if a critical illness recurs. For just a 12% increase in monthly premium*, you can upgrade from ‘Multiple Cover Critical Illness Insurance’ to ‘Early Stage and Multiple Cover Critical Illness Insurance’, making it a cost-effective choice.
If you have a limited budget, you can choose ‘Multiple Cover Critical Illness Insurance’ to ensure that you and your family can maintain your quality of life if one of the three major critical illnesses recurs.
If you have any further questions, please contact our Product Specialists through WhatsApp!
*For example, for a 35-year-old non-smoking male with a sum insured of HK$1 million, the premium for "Multiple Cover Critical Illness insurance" is HK$187, while the premium for “Early Stage and Multiple Cover Critical Illness insurance” with the same sum insured is only HK$211, an increase of 12%.
Yes! Group medical insurance provided by employers typically only covers medical expenses on a reimbursement basis and does not provide support for living expenses if you are unable to work due to a critical illness. Critical illness insurance, on the other hand, provides a lump sum payment that can help cover your living expenses during this time.
It's true that term critical illness insurance premiums increase as you age. However, the overall premiums are still significantly lower* than savings-linked critical illness insurance in the long run. When comparing the cost difference between the two, there are three key points to consider:
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Want to see Bowtie Critical Illness Insurance's "Future Premium Table"? (Bowtie Critical Illness Insurance/ Bowtie Multiple Cover Critical Illness Insurance / Bowtie Early Stage and Multiple Cover Critical Illness Insurance )
Based on the standard monthly premium for a 35-year-old non-smoking male for HK$1 million in coverage under the ‘Bowtie Multiple Cover Critical Illness insurance’ plan; Savings-linked CI insurance: Data is based on the average of standard premiums for six savings-linked CI insurance plans (18-20 year premium payment term) offering multiple coverages in the market as of March 10, 2022.
‘Bowtie Critical Illness Insurance’ have a 90-day waiting period, starting from the policy effective date. Any illnesses or conditions diagnosed or surgeries performed during this period that are related to signs and/or symptoms present during the waiting period will not be covered.
For Bowtie ‘Multiple Critical Illness Insurance’ and ‘Early Stage and Multiple Cover Critical Illness Insurance’, they have two different waiting periods: a 90-day waiting period after the new policy takes effect and a 2-year waiting period after each claim. Click here to learn more.
The 'Early Stage Critical Illness Multiple Coverage' feature provides coverage for carcinoma in situ, early-stage malignant tumors, and two types of angioplasty procedures. Each claim is subject to a 2-year waiting period and a payout of 20% of the sum assured.
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Claim Requirements for 'Early Stage Critical Illness Multiple Coverage'
The insured person must meet the following conditions to be eligible for multiple payouts:
Exclusions for 'Early Stage Critical Illness Multiple Coverage'
Important Notes for 'Early Stage Critical Illness Multiple Coverage'
The above situations are subject to a 2-year Multiple Coverage waiting period.
The "Multiple Coverage" feature is largely the same for both plans ( this article explains how "Multiple Coverage" works). However, with 'Bowtie Early Stage and Multiple Cover Critical Illness Insurance', you are entitled to an extra 5 claims for early stage critical illness diagnoses of 20% of sum insured, with a 2-year waiting-period between each claim.
However, the payout amount for "Multiple Coverage" under Bowtie Early Stage Multiple Critical Illness Insurance may be affected by "Early Stage Critical Illness" claims and waiting periods.
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If you have received an Early Stage Critical Illness benefit under Bowtie Early Stage and Multiple Cover Critical Illness Insurance, which is 20% of the sum insured, and you are diagnosed with a critical illness after the 2-year waiting period, you will receive a one-time lump sum payment equal to 100% of the sum assured.
However, if you have received an Early Stage Critical Illness benefit and are diagnosed with a critical illness within the 2-year waiting period, you will only receive a one-time lump sum payment equal to 80% of the sum assured.
The payout amount for "Multiple Coverage" under Bowtie Early Stage Multiple Critical Illness Insurance may be affected by "Early Stage Critical Illness" claims and waiting periods.
‘Bowtie Critical Illness Insurance’, ‘Multiple Cover Critical Illness Insurance’, and ‘Early Stage and Multiple Cover Critical Illness Insurance’ all guarantee renewability up to age 100. However, partial coverage will decrease with age starting from age 65.
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‘Bowtie Critical Illness Insurance’, ‘Multiple Cover Critical Illness Insurance’, and ‘Early Stage and Multiple Cover Critical Illness Insurance’ do not have a survival period. This means that the insured person will receive the payout upon diagnosis of a covered critical illness or completion of a covered surgery, as long as they meet the claim requirements, without any requirement to survive.
‘Bowtie Critical Illness insurance’, ‘Multiple Cover Critical Illness Insurance’, and ‘Early Stage and Multiple Cover Critical Illness Insurance’ all include a ‘Compassionate Death Benefit’, which is equal to 5% of the sum insured. This benefit will be paid to the policy beneficiary upon the insured person's death. It's important to note that for all 3 plans, 'Bowtie Critical Illness insurance’, ‘Multiple Cover Critical Illness Insurance’, and ‘Early Stage and Multiple Cover Critical Illness Insurance’ , this benefit is only payable if there are no outstanding or unpaid critical illness claims.
As a general rule of thumb, since recovery from a critical illness typically takes 2 to 3 years, it is recommended to have a critical illness coverage amount of at least 2 to 3 times your annual income.
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When deciding on the coverage amount, you can also consider the following factors based on your individual needs:
Want a personalized recommendation? You can use our ‘Personalized Recommendation’ tool designed by actuaries or contact our Product Specialists via WhatsApp
‘Bowtie Critical Illness Insurance’, ‘Multiple Critical Illness Insurance’, and ‘Early Stage Multiple Critical Illness Insurance’ all offer worldwide coverage. However, both the policyholder and the insured person must be residing in Hong Kong at the time of application. The policy will remain in effect whether the insured person moves abroad for a short or long period in the future (except for residing in locations affected by sanctions or war).
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However, depending on the potential risks associated with the insured person's new country of residence, we may charge an additional premium for certain locations. If the insured person is temporarily residing in another country or traveling, working, or studying abroad, no additional premium will be charged.
Please inform Bowtie of any change of address for both the policyholder and the insured person upon policy renewal. If you have any questions, please contact our Customer Service Department at 3008-8123.
Bowtie ‘Multiple Critical Illness Insurance’ and ‘Early Stage and Multiple Cover Critical Illness Insurance’ have two different waiting periods: a 90-day waiting period after the new policy takes effect and a 2-year waiting period after each claim.
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The two different waiting periods are:
Image Description: 2-year waiting period after each claim
*Specified critical illnesses or surgical procedures refers to where the policy clearly lists which early-stage critical illnesses and the Big 3 critical illnesses that are eligible for multiple claims.
Both ‘Bowtie Multiple Critical Illness Insurance’ and ‘Bowtie Early Stage and Multiple Cover Critical Illness Insurance’ offer "Multiple Coverage," providing up to five payouts for the three major critical illnesses (cancer, heart attack, and stroke). The benefit per payout will be 100% of the sum insured, with a 2-year waiting period between each payout.
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Under Bowtie Multiple Critical Illness Insurance, all other covered critical illnesses besides the three major ones are eligible for a single claim.
Claim Requirements for "Multiple Coverage" under Bowtie Multiple Critical Illness Insurance
The insured person must meet the following conditions to be eligible for multiple payouts:
Exclusions for "Multiple Coverage" under Bowtie Multiple Critical Illness Insurance
Important Notes for "Multiple Coverage" under Bowtie Multiple Critical Illness Insurance
The above situations are subject to a 2-year Multiple Coverage waiting period. Here are some examples:
^Active Treatment: Includes surgery, radiotherapy, cytotoxic chemotherapy, targeted therapy, or immunotherapy for cancer. It does not include any treatment given solely for palliative care or hormonal therapy.
'Bowtie Early Stage and Multiple Cover Critical Illness Insurance' also provides multiple claims for the 3 major critical illnesses (i.e. cancer, heart attack and stroke). However, the payout amount may be affected by the "Early Stage Critical Illness" benefit payout and the waiting period (2 years). Click here to learn about the differences in "Multiple Coverage" under Bowtie Early Stage Multiple Critical Illness Insurance.
You can easily withdraw from your policy by logging into Bowtie's online platform and selecting "Cancel Policy" at least 30 working days in advance. However, please note the following before withdrawing:
The minimum age to apply for ‘Bowtie Critical Illness Insurance’, ‘Multiple Cover Critical Illness Insurance’, and ‘Early Stage and Multiple Cover Critical Illness Insurance’ is 15 days old. The maximum age to apply is 65 years old.
Policyholders only need to answer a few underwriting questions about their health status and can get approval results in as fast as 4 minutes. Apply now!
Bowtie may request the latest medical reports (such as physical examination or blood test reports) or ask the insured to undergo a blood test to assist the underwriting department in assessing the underwriting risk based on the health status declared by the insured. The blood test fee will be borne by Bowtie.
You only need to prepare your identity document and credit card or debit card to begin the application process.
The minimum sum insured for ‘Bowtie Critical Illness Insurance’, ‘Multiple Pay Critical Illness Insurance’, and ‘Early Stage and Multiple Pay Critical Illness Insurance’ is HK$100,000. The maximum sum assured varies depending on the insured person's age:
| Age of Insured Individual | Maximum Sum Insured for Critical Illness |
| 15 days - 45years old | HK$4,000,000 |
| 46 - 60 years old | HK$2,500,000 |
| 61 - 65 years old | HK$1,500,000 |
Your coverage amount will remain the same after you purchase the policy. For instance, if you purchase a policy with a coverage amount of HK$4,000,000 before the age of 45, your coverage amount will still be HK$4,000,000 when you reach 85 years old.
Yes, but Bowtie will treat this "upgrade" as a new application, and you will need to go through the underwriting process again.
Since the 90-day waiting period for the new policy will be recalculated (meaning any illnesses, conditions, or surgeries occurring within 90 days of the new policy's effective date will not be covered), we recommend that you keep your existing ‘Bowtie Critical Illness Insurance’ policy active after the new policy takes effect. You can then choose to cancel the original policy yourself after the 90-day waiting period for the new policy has passed. This ensures that your coverage is not interrupted during the transition.
You can personally adjust your sum insured through our online platform.
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Steps to adjusting your sum insured (with image assistance)
Important Notes
Please note the following before adjusting your coverage amount:
*For the new application, the insured person must disclose their latest health status. We will treat the application as a new policy and it will need to go through the underwriting process again. We will assess whether the latest health status is insurable, and the underwriting result may be different from the existing plan. Once the new application is approved, you will hold two valid policies to reach a total coverage of HK$4,000,000.
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