News eDaily29 May 2017

Hong Kong:MetLife offers territory's 1st impaired annuity product

29 May 2017

MetLife Hong Kong has launched MetLife Healthcare Companion Critical Illness Annuity, an optional rider which protects customers from the persisting consequences of designated critical illnesses. This is the first impaired annuity product in the Hong Kong market that continuously provides annuity payouts even if the insured person recovers subsequently.

The optional rider provides a steady stream of guaranteed annuity payouts up to age 100, beginning upon diagnosis of any of the covered critical illnesses such as stroke, kidney failure, advanced dementia, etc.

The number of people suffering from critical illnesses such as stroke and kidney failure is increasing, and these diseases affect more than just the older generation. Around 25,000 Hong Kong people experience stroke each year, with one in four patients aged 45-64. Additionally, the number of end-stage kidney failure patients has increased by 90% over the past 10 years.

These common critical illnesses have a relatively high survival rate, but could cause irreversible impacts, including impaired physical functions, loss of independence, and loss of capacity to work -- causing burdens for long-term care and finances. Because of advancements in medical technology, many patients with critical illnesses are living longer than ever, which means that long-term care expenses are also required for a longer period.

Mr Hamilton Yuen, Head of Product Development at MetLife Hong Kong, said: "Typical critical illness insurance products provide a lump sum payment for immediate or one-off financial support for treatment. But because of the increasing incidence of certain critical illnesses that cause lifelong impacts and increased costs for long-term care, we have gone beyond the typical critical illness insurance in developing MetLife Healthcare Companion Critical Illness Annuity.”

Customers can enjoy a number of benefits during the coverage period under the MetLife plan, including:

  • Steady stream of guaranteed annuity payouts for long-term care expenses and income supplement until the optional rider terminates. Two options of coverage periods are available -- customers may choose to receive the guaranteed annuity payouts till age 85 or age 100.
  • Affordable premium that will not increase with the customer's age during the coverage period
  • Waiver of premium upon confirmed diagnosis of any of the covered critical illnesses.

In addition, the optional rider provides a cancer benefit option. Upon confirmed diagnosis of cancer, the customer will receive a one-time lump sum payment which equals to 24 times the sum assured. In the event of a cancer diagnosis, the optional rider remains in force to provide protection as long as premiums continue to be paid.

MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited, collectively called MetLife Hong Kong, are wholly-owned subsidiaries in Hong Kong of MetLife Inc. Both subsidiaries are authorised insurers carrying long term business in Hong Kong.

 


 


 


 


 


 

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