Bowtie launches “Term Critical Illness – Early Stage & Multiple Cover”

• Covering 4 types of early stage critical illness including carcinoma-in-situ and angioplasty surgeries¹
• Offering 10 claims in total for both early stage critical illness and major critical illness combined, with a total payout of up to 600% of the coverage amount² ⁴

HONG KONG SAR – 21 December 2023 – Bowtie, Hong Kong’s first virtual insurer³, is pleased to announce the launch of a new product, “Term Critical Illness – Early Stage & Multiple Cover” building upon its existing product, “Term Critical Illness – Multiple Cover”. By introducing a pure protection insurance product that covers early stage critical illness, Bowtie aims to continue providing customers with up-to-date and comprehensive protection, fixing the significant protection gap in Hong Kong.

The product features of Bowtie’s “Term Critical Illness – Early Stage & Multiple Cover” are as below:

• Covering 4 types of early stage critical illness including carcinoma-in-situ, early stage malignant and two types of medical conditions that require angioplasty surgeries¹
• Covering cancer recurrence, recurring heart attack and stroke⁴
• Covering 42 types of major critical illness and 98% of critical illness cases⁵

Due to its relatively comprehensive coverage in common critical illnesses, 10Life, the insurance ratings and comparison platform, has given high praise to Bowtie’s “Term Critical Illness – Early Stage & Multiple Cover”. Upon its launch, the product received an impressive rating of “9.8/10” in the category of term critical illness insurance, surpassing its competitors and becoming the highest-rated term critical illness insurance product on the 10Life platform. It was also honored with the “5-Star Term Critical Illness Insurance Award”, demonstrating its great competitiveness.

In addition, Bowtie’s “Term Critical Illness – Early Stage & Multiple Cover” offers significantly higher value-for-money compared to similar products. When comparing the average premiums for a 25-year-old non-smoking male with a coverage of HKD 1 million over 10 years (as shown in the table below), to the utmost extent, Bowtie’s product is priced at nearly 60%⁶ lower than another product that also received the “5-Star Term Critical Illness Insurance Award”, while providing similar coverage to customers.

Early stage critical illness refers to diseases that have not yet progressed to a severe stage. Common examples include carcinoma-in-situ, early-stage malignant tumors, and medical conditions requiring angioplasty surgeries¹. According to data from the Hospital Authority, 2.8% of Hong Kong people will be diagnosed with cancer before the age of 45⁸. For example, among women aged 45 to 49, the incidence rate of breast carcinoma in situ is as high as 36.2 per 100,000 population⁹. In addition, between the years of 1998 and 2008, there was an almost 40%¹⁰ increase in middle-aged coronary heart disease patients aged 40 to 50. Although these signs indicate a trend of younger onset of critical illnesses, not every critical illness insurance product covers early stage critical illnesses. Therefore, Bowtie has introduced corresponding products to help customers manage their risks.

Typical critical illness products in the market generally provide an “advanced” payment of 20% of the sum assured as early critical illness benefit. If the insured person subsequently suffers from a severe critical illness, only the remaining 80% of the sum assured will be paid. However, Bowtie’s “Term Critical Illness – Early Stage & Multiple Cover” provides an additional payment of 20% of the sum assured as coverage for early critical illness. If the insured person develops a severe critical illness after the waiting period for early critical illness benefit, 100%¹¹ of the sum assured will be paid, therefore it will be providing a total coverage of 120% for the insured person.

To ensure that more customers can experience the peace of mind brought by “Term Critical Illness – Early Stage & Multiple Cover,” starting from now until December 31, 2023, new customers who successfully apply with the promotional code [BYE2023]. will enjoy a waiver of 6 months’ premium and 4 complimentary consultations¹² with a nutritionist. Bowtie’s customer service team is also readily available to provide objective explanations and assist customers in making the most suitable decisions for themselves.

To learn more details, please visit: https://www.bowtie.com.hk/zh/insurance/critical-illness.