Market-exclusive Dementia Multi-care Benefits
Continuous Cancer Payout Benefit up to 100 months
Up-to-date comprehensive protection
HONG KONG SAR - Media OutReach - 12 July 2021 - AXA
Hong Kong and Macau ("AXA") today announced the launch of "LoveAssure Plus
Critical Illness Plan" and "LoveAssure Critical Illness Plan" (collectively
referred as "LoveAssure Critical Illness Protection" Series or the Series), a
unique comprehensive critical illness protection covering illnesses, ranging
from the most common ones to the emerging ones to which the market has yet to
provide sufficient support.
The Series includes market-exclusive1 Dementia Multi-care Benefits that
provides continuous annuity until the age of 100 to support the cost of long-term
care
for the insured who is
diagnosed with severe dementias. Moreover, despite the improved cancer survival
rate due to advancements in medical technology, cancer recurrence rate is still
high, for example, colorectal and ovarian cancer recurrence rate can reach as
high as 50% and 80% respectively2. "LoveAssure Critical Illness
Protection" Series thus offers up to 100 months of Continuous Cancer Payout Benefit,
providing the insured long-term financial support to fight against cancer.
From now until 30
September 2021, customers can enjoy 2 months' premium refund if they
successfully apply for the "LoveAssure Critical Illness Protection" Series.
Costly
long-term dementia care up to HKD190,000 per year
According to the data
from the Food and Health Bureau and the Hong Kong Hospital Authority, it is
estimated that for people aged 65 or above, there is a worrying 5-8% chance of
getting dementia and the prevalence of dementia doubles with every 5-year
increment after age 65. Due to the irreversible nature of dementia and the
heavy dependence on support services, the cost of care and the burden on
caregivers will keep growing with an ageing population and increase of dementia
cases. A research report3 shows that the non-medical expenses
to take care of a patient with severe dementia in Hong Kong would be
approximately HKD190,000 per year, which could not be reimbursed under medical
insurance in the market. Thus, we have especially added the market-exclusive Dementia
Multi-care Benefits to the "LoveAssure
Critical Illness Protection" Series to help customers fill this protection gap.
"Living
with Cancer" is becoming prevalent which requires long-term financial support
Meanwhile,
though cancer is the most common critical illness in Hong Kong, it is no longer
a terminal illness and being proactive with treatment can increase the survival
rate. According to our claims data, even someone who is diagnosed with Stage IV
of lung cancer can receive continuous cancer treatments for almost 8 years to control cancer cells. As "Living with
Cancer"
is becoming
prevalent, the Series' Continuous Cancer Payout Benefit of up to 100 months will
provide great support to cancer patients on their road to recovery.
Kevin Chor, Chief Life and Health Insurance Officer, AXA Hong
Kong and Macau, said, "A comprehensive critical
illness protection can provide customers with immediate financial support if
they unfortunately encounter serious illnesses. According to a recent survey4 conducted by the Golden Age
Foundation in partnership with AXA, approximately 75% of Hong Kong's golden age
people (aged 45 and older) are neutral or dissatisfied with their current
savings, future finance, ability to cope with financial crises, and their own
financial management ability. Approximately 40% reported that their savings may
not meet their financial needs in healthcare and long-term care. The shortfall
highlights the importance of getting critical illness protection with continuous
support as it helps relieve the heavy financial burden brought by critical
illnesses especially during the golden age.
'LoveAssure
Critical Illness Protection' Series provides holistic protection to our
customers physically, mentally and financially. It underscores AXA's continuous
commitment to being a true lifelong partner to our customers. With the Series' extensive
and innovative features and benefits, we hope to provide comprehensive support
to our customers and serve as their useful companion in times of need."
"LoveAssure Critical
Illness Protection" Series all-rounded protection includes:
- Market-exclusive1
Dementia Multi-care Benefits – If the insured is diagnosed with severe dementias, a lump
sum payout up to 100% of the sum insured and a Dementia Caregiver Annuity
Benefit of up to 12% of the sum insured will be payable every year to
continuously support the costs of
long-term care until the insured reaches age 100.
- Up to 100 months of Continuous
Cancer Payout Benefit – If the insured is diagnosed with cancer, a lump sum
payout up to 100% of the sum insured will be payable first. In addition, a
monthly payout of 5% of the sum insured will be provided if the insured is
still suffering from cancer after a 1-year waiting period and undergoing cancer
treatment. This will provide long-term financial support as income replacement
and help ease the burden brought by daily living expenses for up to 100 months. Under LoveAssure
Plus, the insured who is diagnosed with late stage cancer
can receive payouts
immediately with no waiting period.
- Total coverage of up
to 1300% of the sum insured – The Series provides Multiple Claims Major Illness
Benefit against most of the covered major illnesses before the insured reaches age
85, with 100% of the sum insured each time.
- Dual-tier Intensive
Care Unit Coverage – To provide a safety net for our customers, regardless whether it is caused by an accident
or an unexpected infectious disease, up
to 20% of the sum insured will be payable if the insured is admitted to the ICU
for 72 consecutive hours or more; up to 100% of the sum insured will be payable
if the insured stays in the ICU for 120 consecutive hours and undergoes a complex
surgery.
- Wide range of
value-added services – The Series provides a wide range of value-added
services that cover prevention, treatment and rehabilitation will be provided.
These include dementia early detection screening and a caregiver training
programme for dementia care.
- Extra coverage – I f
customers take up "LoveAssure Critical Illness Protection" Series together with
designated supplements , an
extra 50% sum insured will be provided when the Major
Illness Benefit or Death Benefit becomes payable within the first 2 0 policy years . With Extra Coverage Benefit, the Series offers a
total coverage of up to 200% of original sum insured for the first 10 policy years.
There are more benefits offered by the "LoveAssure
Critical Illness Protection" Series such as Juvenile Caregiver Benefit. For details, please visit: www.axa.com.hk/en/loveassure-plus-critical-illness-insurance and https://www.axa.com.hk/en/loveassure-critical-illness-insurance.
The above information is for reference only. For
details on premium refund and product features, content, terms and exclusions,
please refer to the relevant product brochures and promotional leaflets.
1 This is based on a comparison among critical illness insurance plans
available for new business provided by the insurers which are included in the
Composite and Long Term business in the Register of Authorized Insurers
published by the Insurance Authority as of May 2021.
2 Source: The Chinese University of Hong Kong (December 2017). Study on Multi-gene Mutation-Drug Matching
for Recurrent Ovarian Cancer Patients [Press release] Retrieved from
https://www.cpr.cuhk.edu.hk
3 Source: Alzheimer's Disease International (2016). Cost of
Community Care for Dementia and Cognitive Impairment in Hong Kong Chinese:
Social and Informal Care Time Analysis. Retrieved from https://hub.hku.hk/handle/10722/239101
4 In partnership with AXA, Golden Age Foundation successfully interviewed
a total of 1,109 golden aged people (aged 45 and older) online to understand
their views on six dimensions of smart ageing: demographic background,
financial knowledge and management, health and healthcare, productive and civic
engagement, technology use and application, and social participation and care.
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