FWD extends non-face-to-face application measures to cover 37 protection insurance products

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.

About FWD Hong Kong & Macau

FWD Hong
Kong offers life and medical insurance, general insurance, employee benefits,
and financial planning. Its life insurance and general insurance operating
entities have been assigned strong financial strength ratings by international
rating agencies — FWD Life Insurance Company (Bermuda) Limited is rated “A3” by
Moody’s and “A” by Fitch; and FWD General Insurance Company Limited is rated
“A” by Fitch. FWD Macau provides a suite of life and medical insurance.

FWD Hong
Kong & Macau is a part of the FWD Group, the insurance business of
investment group, Pacific Century Group. FWD Group spans Hong Kong & Macau,
Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.

By creating fresh customer
experiences with easy-to-understand products supported by digital technology,
FWD aims to become a leading pan-Asian insurer that changes the way people feel
about insurance.

For more information about FWD Hong Kong & Macau please visit WWW.FWD.COM.HK and WWW.FWD.COM.MO.