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Bowtie Term Life

Monthly premium as low as $24 per every $1 million sum insured*

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What is Bowtie Term Life?

Bowtie Term Life is a term life insurance. As long as you pay your monthly premiums, you will receive the life insurance coverage. In the event that the insured person dies while the plan is in force, we will pay the sum insured as the death benefit to the beneficiary.

Do you need Bowtie Term Life Insurance?

Provide financial support for your spouse, children and parents

Example 1

Family of 4 with 2 children

Home mortgage loan- $4.5 million
Spouses and children’s living expenses (3 persons) - $1.8 million
Education fund - $400,000
Funeral cost - $50,000

Insured amount

$6.75 million

Example 2

Family of 2 (no children)

Rent - $700,000
Spouses and parents’ living expenses (3 persons) - $1.8 million
Funeral cost - $50,000

Insured amount

$2.55 million

Example 3

Single

Parents living expenses (2 persons) - $1.2 million
Car loan- $150,000
Funeral cost - $50,000

Insured amount

$1.4 million

A Life Insurance plan just fit for you

Higher coverage with same amount of premium

Bowtie Term Life provides pure life protection without a savings element. Bowtie offers a 40x coverage amount under the same amount of premium compared to general savings life insurance products in the market.

Premium

Affordable premium, simple cost structure

Monthly premium as low as $24 per every $1 million sum insured
The insurance coverage is automatically renewed every year and the premium is determined according to the actual underlying risk at the attained age, 100% fair pricing
Bowtie saves you 28% on premium under the same amount of coverage, 100% fair pricing.

Product comparison

Regular term life insurance
$
134
Average monthly premium
Pure Protection
Policy Term
Generally 5 years, 10 years, 20 years
Automatic renewal after the end of each policy period
Premium payment period
The premium for the policy term remains unchanged and premium will be adjusted at the time of renewal
Monthly/annual payment form
Termination consequences
There is no monetary loss. If the premium for the month or year has been already paid, the policy will still be effective until the next premium due date
Application method
Insurance can be purchased online or through an insurance intermediary
A medical examination may be needed
Bowtie Term Life Insurance
$
40
Average monthly premium
Pure Protection
Policy Term
1 year
Automatic yearly renewal
Premium payment period
The insurance coverage is automatically renewed every year and the premium is determined according to the actual underlying risk at the attained age
Monthly payment
Termination consequences
There is no monetary loss. If the premium for the month has been paid, the policy will still be in effect until the next month
Application method
Direct online application
3 Simple underwriting questions, no medical examination required
Regular Savings life insurance 
$
1,615
Average monthly premium
Pure Protection
With savings component
Average guaranteed return in 30 years is approximately 0.78%
Policy Term
Whole Life (up to 100 years old)
Premium payment period
Limited-pay i.e. all premiums must be paid within a certain period
(For example within 10 years, 15 years or 20 years)
Termination consequences
The policy cash value upon termination may be less than the total premium paid
Application method
Typically applied through an insurance intermediary
May need a physical examination
Benefit coverage

Benefit items

8m

Up to 8 million life insurance coverage

Age 85

Renewable until age 85

Benefit coverage

Death benefit coverage
(100% of sum insured)

Claim method

If the insured person dies, Bowtie will pay the death benefit to the beneficiary in a lump sum

Minimum Sum insured

HK$200,000

Maximum Sum insured

HK$8,000,000(18-45 years old)
HK$4,000,000(46-55 years old)
HK$2,000,000(56-60 years old)
HK$1,000,000(61-65 years old)

Important Product Information

Product Category
Term Life Insurance Plan – we will pay in lump sum to the Beneficiary in the event of death of the Insured Person
Issue Age
age 18 – age 65
Period of Cover
1 year – Guaranteed annual renewal up to age 85
Waiting Period
N/A
Renewal
  • Upon renewal, there shall be no re-underwriting. No additional rate of premium loading or case-based exclusions shall be imposed by reason of any change in the Insured Person's health conditions.
  • Upon renewal, we reserve the right to revise Policy Terms and Conditions, including the prevailing standard premium schedule.
Cooling-off Period
21 days
Within the cooling-off period, you may cancel the Plan and receive a full refund of premium
Policy Cancellation
You may request cancellation of the Plan by giving at least 30 days prior notice.
Tax Deduction
N/A
The information on the page is for reference only, please refer to the full and detailed Policy Terms and Conditions.

Seamless application process

So long as you can submit all required documents, you won’t believe how fast it can take

3
lines
Simple questions to complete underwriting
4
minutes
To complete application
5
days
To proceed policy

Why is Bowtie so fast?

No insurance intermediary.
Zero commission.

You don't need to go through an intermediary, all our product details and prices are listed on our website.

100% Online.
No medical exams.

Application and underwriting are all done online on our website in as fast as 4 minutes.

Claims specialist at your service

No agents or intermediaries doesn't mean no service. Our claims specialists are here to assist with your claims applications through our live chat or hotline.

Why do you all choose Bowtie?

FAQ

1. How much coverage does term life insurance generally provide?

Term life insurance on the market typically covers $200,000 to $10 million. Bowtie provides an insurance coverage of $200,000 to $8 million for the life insured depending on their needs.

2. Can “I buy more than one life insurance policy?

You can purchase more than one life insurance policy from different companies. Whether you are entitled to purchase two or more life insurance policies from the same company depends on the individual company policy. Bowtie only imposes restrictions on the total life sum insured amount of the insured.

3. What documents do I need to prepare when applying for Bowtie term life insurance?

Customer only needs to prepare his identification document and credit card to start the application process.

4. Do I need to undergo a physical examination when applying for Bowtie term life insurance?

No need. Insured persons only need to answer 3 simple underwriting questions about their health conditions and approval results can be obtained in only a few minutes.

5. Can I change the beneficiary during the insurance period?

You can add, delete or change beneficiaries at any time during the effective period of the policy.

6. Does Bowtie term life insurance have a cooling-off period?

Bowtie term life 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.

7. Are there any exclusions in Bowtie Term Life Insurance?

The exclusions for Bowtie term life insurance include deaths caused directly or indirectly by AIDS, drugs, illegal acts, participation in armed forces, nuclear, biological and chemical activities, war or terrorism etc. Click here for a detailed explanation of exclusions.

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Remarks:

Bowtie life Insurance Co. Ltd (“The Company”,”Bowtie”) is a limited liability company incorporated in Hong Kong. Bowtie Term Life is underwritten by our company and only intended for sale in Hong Kong. The above information is for reference only. For detailed terms and conditions of the product, please refer to the policy.

Part of the insurance statistics quoted above is obtained from public information and is processed by Bowtie using mathematical calculations, which is for general education and reference purposes only.

*Calculated based on the standard premium for 18 year old non-smoker female
^ The data is the average value of the internal rate of return on the guaranteed cash value of 8 savings life insurance products (20 year premium payment period) on the market on July 1, 2020.
1. Calculated based on the standard premium of a 35-year-old non-smoking female insured with a sum assured of $1 million; term life insurance: data is the standard premium of term life insurance (20-year coverage) on the market on July 1, 2020(Includes term life insurance that can be applied online and 8 other term life insurance products); saving life insurance: data is the standard premium of 8 saving life insurance products (20-year premium payment period) on the market on July 1, 2020.
2. The total premium of Bowtie Term Life Insurance in 20 years is 28% lower than the average total premium of term life insurance (20-year coverage) in the market.
3. Calculated based on the standard premium of a 35-year-old non-smoking female insured with a sum assured of $1 million; the data is the average of the standard premiums of term life insurance (20-year coverage) in the market on July 1, 2020 (including the term insurance that can be purchased online) Life insurance and 8 other term life insurance).
4. According to the "Worldwide Cost of Living 2020" published by the Economist Intelligence Unit, the cost of purchasing non-urban units in Hong Kong is $157,967 per square meter. This example assumes that the policyholder’s residence area is 40 square meters, that is, the purchase price of the unit is $6.319 million.The mortgage balance is assumed to be 70% of the property price, or $4.423 million (approximately $4.5 million).
5. According to the "Household Expenditure Survey" conducted by the Census and Statistics Department in 2014/15, the average monthly expenditure per capita in Hong Kong is $9,253. This example assumes 60 months of living expenses, that is, each dependent needs $555,000 (about $600,000).
6. According to the JUPAS website, the annual tuition fee for the bachelor's program of the eight universities in Hong Kong is $42,100. Based on the 4-year academic system, the university tuition fee for each student is $168,400. This example assumes that the policyholder has 2 children, and the total required university tuition fee is $336,800 (approximately $400,000).
7. According to Topick's report, the average funeral costs in the market is used as a reference, and the above data is determined according to the actual situation in the market.
8. According to the "Worldwide Cost of Living 2020" published by The Economist Intelligence Unit, the cost of renting a non-urban unit (1 bedroom) in Hong Kong is $12,308. This example assumes 60-month rent, which is $738,000 (approximately $700,000).
9. Assume the cost of buying a car is $250,000, and the loan balance is 60% of the car price, which is $150,000.