Hong Kong is the most active insurance market in the Asia-Pacific region, attracting the world's top insurance companies.
The world's top 20 insurance companies, 13 of which operate in Hong Kong and 6 are listed in Hong Kong.
Many insurance companies have branches or branches in Macau. Macau insurance is the same as Hong Kong insurance products, the rates are the same, and the investment team is the same. Under the influence of Hong Kong's closure, Macau has become the first choice for mainland residents to allocate overseas insurance policies. In the first quarter of this year, mainland visitors went to Australia to take out insurance premiums tripled year-on-year.
Hong Kong and Macao critical illness insurance has the advantages of increasing insurance coverage, multiple critical illnesses/exclusive continuous protection, leading product design, high physical examination exemption, and high cost-effectiveness. It is highly favored by high net worth/middle class/new nobles.
Compared with the mainland critical illness insurance , Hong Kong and Macao critical illness insurance has 8 advantages :
1
Insured amount increases
Hong Kong and Macao critical illness insurance has dividends, and the insured amount increases with compound interest of 2%-4%.
Over time, the coverage amount will also increase, and usually a certain proportion (for example, 50%) of the coverage amount will be given in the first 10/15 years, further increasing the leverage of .
For example, the insurance amount is 10W US dollars when you are insured, and 50% of the insurance amount will be given in the first 10 years, which means there is 15W+ insurance in the first 10 years, 16W insurance in the first 35 years, 20W insurance in the 45 years, and 30W insurance in the 55 years... To a certain extent, avoid the erosion of the insurance amount by inflation, which is more in line with the actual needs.
Hong Kong and Macao critical illness insurance coverage growth example
(Take a Hong Kong and Macao critical illness product as an example, a 0-year-old male, 100,000 US dollars insured, 25 years of payment)
policy annual
insurance amount (US dollars)
year 5 15 W
No. 10 15 W
year 15 10.1 W
year 25 10.1 W
year 25 15 W
No. 15 15 W
year 15 10.1 W
year 25 15 15 W
year 25 15 15 W
No. 15 10.1 W
year 25 15 10.1 W
year 25 15 15 15 15 15 15 15 10.1 W
year 3 25 15 10.1 W
No. 25 15 15 10.1 W
No. 25 15 15 10.1 W
No. 25 15 15 15 10.1 W
No. 25 15 15 10.1 W
No. 25 15 15 15 10.1 W 11W
Year 35 16W
2 20W
Year 55 30W
Year 65 50W
Year 78 100W
2
Low premium
Hong Kong and Macao critical illness insurance premium is equivalent to the critical illness insurance product rate of mainland medium-sized insurance companies, and is more cost-effective than the critical illness insurance products of listed insurance companies.
as an example, taking a Hong Kong and Macao critical illness insurance product as an example, a 30-year-old non-smoking man, with an insured amount of 80 US dollars (about 54W RMB) and paid for 20 years, with an annual premium of 2113.6 US dollars (about 1.4W RMB); taking a critical illness insurance product of a medium and large insurance company as an example, with a 54W RMB coverage, with a 20-year payment, with an annual premium of about 1.6W RMB.
Hong Kong and Macao insurance companies are mostly financial institutions with a long history, such as AIA's more than 100 years of history, Prudential's 174 years, AXIA's 2206 years, and Manulife's 135 years. It has high-quality brands, products are fully competitive in a mature market, and its cost-effectiveness is relatively high.
3
protection comprehensive
Mainstream critical illness insurance in Hong Kong and Macao basically protects more than 100 critical illnesses, covering comprehensively, and providing multiple protections for high-incidence critical illnesses without grouping, including cancer, heart disease, stroke , etc.
Hong Kong and Macao critical illness insurance product design keeps pace with the times and continues to evolve. In the past two years, in addition to cancer, heart disease, and stroke, the "cognitive disorder" protection has been added in the context of population aging, providing lifelong pension support for cognitive disorders; in the context of COVID-19, the product further covers "deep treatment protection", that is, to enter ICU for critical illness or infectious diseases, and up to 100% of the insurance coverage can be compensated.
4
Multiple Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Severe Sever
①Cancer compensation is paid multiple times, with a short interval as long as 1 year
Cancer is the highest critical disease, long treatment time, and easy to recur. Hong Kong and Macao Critical Illness Insurance has relatively relaxed requirements for the cancer interval, usually only one year, and reimbursement of cancer can be obtained for continued cancer, spread, recurrence and new outbreaks.
Hong Kong and Macao critical illness insurance product information, the cancer interval is 1 year:
Mainland critical illness insurance product terms, the cancer interval is 3 years:
② Cancer continuous protection time is long, such as up to 100 months (8.3 years)
After 1 year of cancer, if treatment is still continuing, you can get 5% of the insured monthly for up to 8 years.
Picture source: Hong Kong and Macao critical illness insurance product information
5
Physical examination exemption amount is high
The Hong Kong and Macao critical illness insurance has a high quota for medical examination exemption, usually above 500,000 US dollars, effectively covering the protection needs, far higher than the mainland. This is also one of the reasons why many middle-class and high-net-worth families like to go to Hong Kong and Macao for insurance.
Picture source: Administrative guidelines for a certain Hong Kong and Macao Insurance Department
6
The definition of disease is loose
There are differences in the definition of disease in the contracts of critical illness insurance in Hong Kong and Macao and the Mainland. Overall, Hong Kong and Macao insurance is more relaxed, especially the requirements for the duration of the disease state.
Take some diseases as an example:
① stroke
Hong Kong and Macao critical illness insurance definition: neurological functional disorder lasts for at least 4 weeks
Mainland critical illness insurance definition: permanent nervous system dysfunction 180 days after diagnosis
② renal failure
Definition of Hong Kong and Macao critical illness insurance: both kidneys are chronic and cannot Reverse terminal failure, no time requirement
Mainland critical illness insurance definition: chronic irreversible renal failure with both kidneys, lasting 180 days
③ sequelae of encephalitis
Hong Kong and Macao critical illness insurance definition: permanent neural function deficiency, lasting at least 30 days
Mainland critical illness insurance definition: permanent nerve dysfunction, 180 days after diagnosis
④Severe chronic respiratory failure
Hong Kong and Macao critical illness insurance definition: chronic respiratory failure, permanent oxygen therapy
Mainland critical illness insurance definition: permanent irreversible Respiratory failure , still have specified symptoms after 180 days of treatment
⑤Parastic
⑤Particular
Hong Kong and Macao critical illness insurance definition: permanent Losing hands or feet, or one hand and one foot, no time limit
Mainland critical illness insurance definition: the limbs of both limbs or above both limbs are permanently completely lost, 180 days after the diagnosis or accident occurred
7
1 for the first 10 years of insurance for the insurance
Hong Kong and Macao, with the standard for the insurance coverage for the first 10 years/15 years, some give away 50%, and some give away 60%, and the leverage effect of critical illness is stronger.
8
multi-asset allocation
Hong Kong and Macao critical illness insurance is mostly denominated in US dollars, and Hong Kong and Macao insurance companies operate globally, with stable profitability and risk control capabilities.
For the purpose of asset allocation diversity, it tends to discover more people who invest/guaranteed products. By holding US dollar insurance policies, they can diversify risks, achieve diversified layout of household assets, and comprehensively balance their own risks and returns.
is written at the end:
For ordinary families, allocating appropriate proportions of assets abroad can play a role in diversifying risks and improving returns. The transformation of household asset allocation from focusing on local assets to focusing on global balanced allocation, Hong Kong/Macao is the most convenient investment choice!
Reprinted from: Overseas Hong Kong and Macau Insurance
