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Bowtie Term Life Increases Max Insured amount to HK$20 million, Offering the Highest Insured Amount Among Online Life Insurances in Hong Kong

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HONG KONG SAR – 24 November 2023 – Term life allows the public to obtain higher life coverage at lower premiums as there are no savings components. However, max insured amount of many online products are often lower. To address this issue, Bowtie has taken the lead in increasing its max insured amount to HK$20 million since 3 Nov 2023, becoming the online life insurance provider with the highest coverage in Hong Kong.The “Weakness” of Online Term Life Insurance

Term life is cost-effective, but the insured amount is often limited to a few million dollars, which may not provide sufficient protection for individuals with higher income. Due to the insured amount limit of online term life insurance, they would have to apply with two different insurance companies separately to obtain coverage exceeding HK$10 million, which was quite troublesome.

Bowtie Cooperates with Reinsurance Companies to Increase Coverage to HK$20 million

After evaluating the customers’ needs, Bowtie decided to take improvement measures by partnering with two multinational reinsurance companies to increase the insured amount to the maximum of HK$20 million.

Now, if customers find that the standard insured amount (see Table 1) not fulfilling their needs, they can apply for a maximum life coverage of up to HK$20 million after undergoing financial underwriting and a medical examination.

Age Bowtie Term Life – Past Maximum Insured Amount (medical examination not required)
18 – 45 years old HK$8 million
46 – 55 years old HK$4 million
56 – 60 years old HK$3.5 million
61 – 65 years old HK$1 million

Table 1: Bowtie Term Life – Past Maximum Insured Amount (medical examination not required), the amount subject to age restrictions.

How Does Financial Underwriting Determine the Maximum Insured Amount?

The purpose of life insurance is to compensate for the loss of income resulting from the insured’s death. Therefore, during financial underwriting, Bowtie considers the insured’s work income (including monthly salary, bonuses, and commissions) and age (see Table 2) to determine the maximum insured amount after a medical examination.

Other income sources such as dividends and rental income are not affected by the insured’s death and are therefore not taken into consideration.

Age Bowtie Term Life – Current Maximum Insured Amount(Medical Examination Required)
18-45 years old 30 times the work income
46-55 years old 20 times the work income
56-60 years old 15 times the work income
61-65 years old 10 times the work income

Table 2: Bowtie Term Life – Current Maximum Coverage (medical examination required) after product update.

The numbers listed above are rough calculations, and Bowtie will handle each insured individual’s case individually.

Bowtie now offers the highest coverage amount among online life insurances!

Bowtie Term Life provides a life coverage of up to HK$20 million, making it the highest coverage among all online life insurance products in Hong Kong.

The HK$20 million life coverage is not just a marketing gimmick. Bowtie believes that “Just fit is the best”. We sincerely hope that this product update can help consumers so that their loved ones will not have to worry about financial burdens in the unfortunate event of their passing.