FWD Hong Kong has launched the Crisis EasyGo series, a range of critical illness insurance plans aimed at providing coverage for individuals with prior serious health conditions, including cancer, heart disease, and stroke.
The new plans – UPrimeCover, UCanCover, and UStillCover – seek to bridge a protection gap in the Hong Kong insurance market by offering lifetime critical illness coverage with simplified underwriting and limited premium payment terms.
Crisis EasyGo is the first critical illness insurance series in Hong Kong offering simplified underwriting for applicants with specific medical histories, according to FWD Hong Kong.
Mr Kelvin Yu, Chief Product Officer for FWD Hong Kong & Macau, highlighted the rationale behind the offering, noting the findings of the FWD Hong Kong Health Protection Needs Survey.
“The ‘FWD Hong Kong Health Protection Needs Survey’ showed that many middle-aged individuals with medical histories find it challenging to obtain critical illness coverage, where some are even discouraged from applying,” he said.
He explained that the new policies are designed to ease the application process for those recovering from significant health events.
“These products offer market-first, limited-payment lifetime critical illness protection to address the protection gap for those with pre-existing conditions.
“With simplified underwriting process, we strive to make it easier for those recovered from cancer, as well as people with a history of heart disease or stroke, to obtain lifetime critical illness coverage and enjoy life with greater peace of mind,” Mr Yu said.
According to FWD’s latest “Hong Kong Health Protection Needs Survey,” many residents perceive critical illness insurance as difficult to obtain for people with pre-existing conditions, reported Insurance Business.