Source: Media Outreach
Phone-application eligible products increased to 18 basic plans and 19 riders to better support customers in strengthening their protection safely amid the epidemic
HONG KONG, CHINA – Media OutReach – 7 April 2020 – In response to the second phase of temporary facilitative measures introduced by the Hong Kong Insurance Authority (“IA”), FWD Hong Kong (“FWD”) has extended the non-face-to-face application measures to 33 additional protection products, including term life, medical, critical illness, personal accident and disability income plans (Table 1), on top of the 4 Qualifying Deferred Annuity Policy (QDAP) and Voluntary Health Insurance Scheme (VHIS) plans covered in the first phase, and with immediate effect until 30 June 2020. The new arrangement allows customers to have a wider choice of phone-application eligible products to meet their needs while minimising the risk of infection during face-to-face meetings.
The IA has recently launched phase 2 of temporary facilitative measures in view of the continuing COVID-19 pandemic, widening the types of life insurance products that can be distributed through non-face-to-face methods to minimise the risk of infection during the selling process for both customers and insurance intermediaries. Validity of the temporary measures have also been extended till 30 June 2020.
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau, welcomed the new measures, “As the pandemic develops with increasing number of confirmed cases, we see a rising awareness and need for health protection insurance, yet the risks of face-to-face meetings during policy application might cause customers to put their plans on hold, affecting the timeliness of getting fortified protection for themselves and their families. The temporary facilitative measures provide customers with an additional channel to secure their coverage. In response to the new measures, we have significantly widened the choice of eligible products to a total of 37 plans for which customers can simply apply via phone calls and get covered as early as possible.”
During the effective period, Financial Need Analysis (FNA) will be waived with the cooling-off period extended from 21 days to 30 days, allowing customers to have more time to review the coverage and amend if needed.
Table 1 — Eligible products under FWD’s Phone Application Measures (Applicable to new application on or before 30 June 2020):
A. QDAP
Journey Deferred Annuity Plan (QDAP)
B. VHIS (including policy conversion)
vCore Medical Plan
vCare Medical Plan
vCare Supreme Medical Plan
C. Term Life
Aeconoflex
Convertible Level Term Insurance
FlexiTerm
Elite Term Plan Series
JumboTerm
D. Crisis Insurance
Crisis Ease 80
Life Impact Reliever (HK)
E. Medical Insurance
Balance Refundable Hospital Income Plan
CANsurance Cancer Protection Plan
CANsurance Full Medical Plan
Embrace Medical Plan (with or without booster)
TheOne Medical Solution
F. Accident Insurance
Total Care Accident Protection Plan
G. Disability Income
Income protection
H. Attachable Riders
ADD Rider
CANsurance Cancer Rider
CANsurance Full Medical Rider
Elite Term Rider
Embrace Medical Rider (with or without booster)
Family Accident Insurance Rider
Family Hospital Cash Benefit Rider
Flexi Disability Income Rider
Flexiterm Rider
Hospital Benefit Rider
Hospital Cash Benefit Rider
Level Term (to age 65)
Level Term (to age 80)
Mind+ Critical Illness Protection Rider
Parent Risk Benefit Rider
Personal Accident Rider
TheOne Medical Solution Rider
Total Care Accident Protection Rider
Waiver of Premium Rider
Remark: Phone application is only applicable to customers with Hong Kong permanent ID card and customers must be in Hong Kong. For enquiries about details of the special measures, please contact your FWD insurance agent. FWD reserves the right of final decision related to the above special measures and arrangement.
– Published and distributed with permission of Media-Outreach.com.
