Bowtie Term Life

Monthly premium as low as $24 per every $1 million sum insured*
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Product Features
What is Bowtie Term Life?

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.

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 attainedage, 100% fair pricing
Bowtie saves you 28% on premium under the same amount of coverage, 100% fair pricing.

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

Insured age

18-65 years old
(the age of the last birthday)

The maximum renewal age

85 years old
(the age at the last birthday)

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)

Policy coverage period

Automatic renewal every year

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

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 - $5 million

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

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
2
days
For policy to be approved

Point solution

No insurance intermediary

Product information is transparent and clear, saving time to meet with insurance intermediaries

Online insurance with no medical examination required

Insurance is all issued online using technology to save time

Claims specialist at your service

No longer need to rely on insurance intermediaries to process claims as they are directly handled by claims specialists

Why do you all choose Bowtie?

FAQ

1.自願醫保標準計劃及靈活計劃有何分別?

根據食物及衞生局的自願醫保產品範本及單張,「標準計劃」的條款細則及保障表都必須符合自願醫保之10項最低要求,當中包括保證續保至100歲、不設終身保障限額、承保住院及訂明的日間治療、投保前已有病症、訂明的診斷成像檢測等。

自願醫保靈活計劃(Flexi Plan)以「標準計劃」的基本保障項目作為框架,額外添加一些其他保障項目,而「靈活計劃」同樣受食物及衞生局監管。你可以按此了解更多「標準計劃」及「靈活計劃」的分別。

2.自願醫保中的「未知的已有病症」有何限制?

「投保前未知的已有病症」是指投保人在投保前不察覺及理應不察覺的已有病症。自願醫保計劃會根據以下等候期與賠償比率對相關合資格費用作出賠償:

1.    首個保單年度,沒有保障;

2.    第二個保單年度,按保障限額賠償25%;

3.    第三個保單年度,按保障限額賠償50%;

4.    第四個保單年度起,按保障限額全數賠償。

3.哪些檢查屬於「訂明診斷成像檢測」?

自願醫保計劃下的「訂明診斷成像檢測」是指電腦斷層掃描(CT Scan)、磁力共振掃描(MRI Scan)、正電子放射斷層掃描(PET Scan)、PET-CT組合及PET-MRI組合。自願醫保會賠償相關檢測之7成合資格費用,當中3成由投保人支付。

4.哪些治療項目屬於「訂明非手術癌症治療」?

「訂明非手術癌症治療」包括放射性治療、化療、標靶治療、免疫治療及荷爾蒙治療。

5.自願醫保計劃是否涵蓋門診費用?

自願醫保門診保障範圍主要是入院前、出院後或日間手術前後的門診護理,賠償次數及賠償額設有上限。此外,於門診進行的訂明診斷成像檢測(即CT、MRI、PET、PET-CT、PET-MRI),亦會賠償7成的合資格費用。

部分保險公司的「靈活計劃」另加入「意外緊急門診」保障,意外受傷後24小時內前往醫院的急症室或門診部接受治療例如洗傷口、縫針等都可獲賠償。

6.自願醫保計劃是否涵蓋牙科治療費用?

自願醫保並不保障定期牙科檢查、洗牙、補牙等護理程序,但如果受保人因意外而需接受緊急口腔或牙科治療程序,則會按照「外科醫生費」賠償相關手術費。

7.自願醫保計劃會否限制醫院及醫生的選擇?


所有自願醫保計劃的認可產品之基本保障(例如房租及膳食、手術費、雜費等)均必須容許自由選擇醫院及醫生。但靈活計劃內的附加保障部分,則可能只適用於某些醫院及醫生聯網。

8.自願醫保的保障是否涵蓋香港以外的醫療服務?

是。除了精神科治療只限於香港。不過,保險公司在設計靈活計劃時,可限制附加保障適用於指定地區。

9.僱主已為我購買團體醫保(Group Medical),我仍需購買自願醫保嗎?

如果你認為團體醫保未能提供全面保障,你亦可以考慮購買一份個人醫保或自願醫保增加保障。僱主提供的團體醫保通常只提供基本保障,而且離職時一般會失效,你可以細閱有關之保單條款,看看所持有保障是否足夠。

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 are based off market practices, no benefit will be payable for the death 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.

1.是否需要住院,才可申請自願醫保索償?

不一定,除了住院期間之合資格醫療支出可獲賠償外,所有認可產品提供的保障必須包括日間手術(例如腸及胃內窺鏡)、於門診進行的訂明的診斷成像檢測及訂明的非手術癌症治療。

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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).
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.