YF Life Launches “PrimeHealth Saver 500+”

Offers 4 Additional Critical Illness Benefit Payments and Cash Benefit for Continuous Cancer / Total Benefit up to 680% of Sum Insured / Enjoy up to 10% First-year Premium Discount Upon Successful Application

12 November 2019

YF Life Insurance International Ltd. (YF Life) has announced the launch of its PrimeHealth Saver 500+. The plan covers up to 138 illnesses and provides four additional claim payments for cancer, heart attack or stroke. The plan also offers an “Advance Payout Option” designed specifically for cancer, shortening the waiting period between the diagnosis dates of two cancers to only one year, plus a “Cash Benefit for Continuous Cancer”.

According to data from the HKSAR Census and Statistics Department, only one in seven citizens on average is insured against critical illnesses*. The reason behind the low rate is that people tend to regard the related premium as “consumption expenditure”, particularly if they are in good health after taking out the critical Illness insurance.  

Mr. Victor Yip, Chief Operating Officer and Chief Actuary of YF Life, said, “Critical illnesses are not only life-threatening, they also place a heavy financial burden on patients. In view of this, we have launched PrimeHealth Saver 500+. Once the Insured is diagnosed with a covered illness and the total benefit payments have reached 100% of the sum insured, the remaining premiums will be waived and the policy will remain in force. The insured will then be entitled to four additional claim payments for cancer, heart attack or stroke, with each claim up to 100% of the sum insured, bringing the total benefits payable up to 400% of the sum insured. And specifically for cancer, the plan offers an extra monthly Cash Benefit for Continuous Cancer equivalent to 1% of the sum insured as long as the insured is in the process of receiving on-going cancer treatment. The total cash benefit can be up to 180% of the sum insured. All in all, the total benefits payable under the policy can thus be up to 680% of the sum insured.”

People often consider the premiums paid for critical illness plans as a kind of “consumption expenditure”. To tackle this, PrimeHealth Saver 500+ offers a cash value, which includes the Guaranteed Cash Value and a non-guaranteed Terminal Bonus. If the total benefit paid is less than 100% of the sum insured, the Cash Value will be offered upon policy surrender from the third policy anniversary onwards, without deduction of any claims paid. Thus the plan serves as a health safety net as well as a wealth builder.

“PrimeHealth Saver 500+” provides comprehensive protections covering not only critical illnesses due to congenital conditions, but also common eye diseases such as glaucoma, macular degeneration and early onset of cataract. The plan also offers an “Advance Payout Option” with the waiting period between diagnosis dates of two cancers reduced from three years to one year, and the benefit payable being 50% of the sum insured, regardless of whether it is a recurrence, metastasis, or an existing or new cancer. Furthermore, the plan offers second medical opinions provided by US medical specialists, and quality treatment referrals in the USA, with competitive pricing. In addition, the plan comes with various extended protections, including the “Care2Share” Extra Benefit which offers an extra coverage equivalent to 20% of the sum insured on major critical illness for the insured’s child, for which the maximum benefit payable is up to HK$1 milion.

Ms. Jeanne Sau, Chief Marketing Officer of YF Life says, “YF Life endeavors to develop innovative insurance solutions to accommodate the health protection needs of its customers. To raise public awareness of the importance of critical illness plans, a trio of offers is available upon successful application for PrimeHealth Saver 500+ until 29 November 2019, including a discount up to 10% on first-year premium, an extra coverage up to 100% on major critical illness benefit and death benefit for the first 15 years, and a guaranteed future insurability option upon the expiry of the extra coverage, which allows the insured to purchase a designated critical illness basic plan, without being required to provide evidence of insurability.” For more details, please visit www.yflife.com.

Thanks to their unique advantages, YF Life’s comprehensive critical illness plans have been recognized and honored with multiple awards, including the Bloomberg Businessweek Financial Institution Awards for Excellence in Critical Illness Protection and the Best-in-Class in Critical Illness Insurance in the BENCHMARK Wealth Management Awards.  

YF Life Insurance International Limited is a member of publicly listed Yunfeng Financial Group Limited (HKSE: 376), whose major shareholders include Yunfeng Financial Holdings Limited and MassMutual International LLC. Leveraging our robust financial background and solid reliability, YF Life is committed to helping customers “own the future” by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.

For more details, please refer to the product brochure or click here.

Notes:
* HKSAR Census and Statistics Department Thematic Household Survey Report No. 63 (Published in December 2017).