Is Bowtie insurance good? Are the low premiums too good to be true? Let’s take a look at why Bowtie’s products are able to maintain low premiums:
Using technology to reduce costs
- As a virtual insurance company, Bowtie uses technology to replace many traditional administrative and physical document processing procedures.
- The entire process, from application to underwriting and approval, can be completed online, saving time and costs.
No intermediaries
- Bowtie does not have insurance brokers or agents, which means no commission expenses. This allows us to offer high-value insurance products to customers.
- Additionally, without intermediaries, Bowtie doesn’t need to set up offices or provide work equipment for a large team, reflecting that our cost pressure is much lower than traditional insurance companies.
Focusing on pure protection products
- Since its inception, Bowtie has focused on pure protection products without savings components, such as Bowtie Term Life and Bowtie Term Critical Illness.
- Pure protection products mean that the majority of the premiums paid by customers are used for protection, not for any savings or investment plans, allowing Bowtie to offer lower premiums.
Just Fit product philosophy
- Bowtie has always emphasized the “Just Fit” protection philosophy, meaning that the amount of coverage isn’t necessarily better if it’s more; instead, the level of protection should depend on each individual’s needs.
- For example, our high-end voluntary health insurance product, Bowtie Pink, does not offer an “unlimited plan” (plans without annual or lifetime coverage limits), allowing customers to enjoy more reasonable premiums.
- Additionally, Bowtie Pink offers different levels of deductibles, enabling customers to personalize their medical coverage based on their existing company medical insurance or other policies.
Many have been discussing whether Bowtie is a good choice for tax-deductible Voluntary Health Insurance Scheme (VHIS) products. Bowtie offers cost-effective options, including a standard plan, flexible plans, and high-end plans like Bowtie Pink.
Purchasing Bowtie VHIS also allows for tax deductions, saves on intermediary commissions, and includes a no-claim bonus program. Many believe Bowtie provides the best value for money in VHIS.
In fact, the cost-effectiveness of Bowtie’s VHIS series is quite evident:
- Bowtie Pink VHIS: Full reimbursement for any hospital and any surgery, the cheapest online in the city.
- Bowtie VHIS Flexible Plan: Premiums are lower than similar products in the market, with 0 deductible and 90% coverage for common medical conditions.
- Bowtie VHIS Standard Plan: Among the 33 standard plans in the market, Bowtie’s standard plan has the lowest premiums for both males and females aged 0 to 80.
Some netizens are interested in Bowtie life insurance, noting its low monthly premiums but questioning its reliability and whether the coverage only lasts until age 65.
In reality, term life insurance doesn’t include savings components and has a simple design (compensation is paid upon the insured’s death), making premiums generally affordable for the public. For example, a 30-year-old non-smoking male can get $1 million coverage with Bowtie life insurance for just $38 per month.
Regarding the age limits for application and renewal, Bowtie life insurance currently accepts applications up to age 65, and the guaranteed renewal age has recently been extended to 100 years old.
This means that as long as the insured successfully applies before age 65 and continues to renew, they can be covered until age 100.
Some netizens are curious about Bowtie Touchwood accident insurance, noting its low premiums and over $400,000 coverage.
- Bowtie Touchwood’s premiums are indeed competitive. For example, a 30-year-old male and female can get annual accident medical coverage of $420,000 for just $62 and $48 per month, respectively, which is comparable to the cost of a lunch. However, it’s important to note that Bowtie Touchwood covers necessary medical expenses incurred within 12 months of the accident, and compensation is on a reimbursement basis, not a lump sum.
- Bowtie Touchwood’s coverage includes major and minor surgeries, outpatient services, physiotherapy, chiropractic, traditional Chinese medicine for bone injuries, and prescribed diagnostic imaging tests such as CT and MRI scans (with 30% coinsurance).
Additionally, the product covers high-risk occupations such as disciplined services, construction workers, professional drivers, high-altitude workers, athletes, and jockeys, as well as children aged 2 and above, which is rare in the market.
Besides “Is Bowtie Insurance Good?”, the most frequently asked question is “Can You Claim with Bowtie?”.
In reality, as long as the claim meets the conditions specified in the policy, Bowtie, like any other insurance company, is contractually obligated to compensate the customer. All insurance companies in Hong Kong are strictly regulated by the Insurance Authority, so as long as you understand the policy’s coverage and claim conditions, there’s no need to worry about not being compensated.
With over 5 years of service, Bowtie has handled over 70,000 claim cases, with an average approval time of 4.4 working days and an overall claim approval rate of 99.53%. In fact, many netizens have successfully claimed with Bowtie.
Sources
- Is Bowtie Insurance Good? – Hong Kong Discussion Forum
- Has Anyone Bought Bowtie VHIS? – LIHKG
- Which Company is Best for Tax-Deductible VHIS (No Agents) – Hong Kong Credit Card Discussion Forum
- Is Bowtie Life Insurance Worth Buying? – Baby Kingdom
- Bowtie Accident Insurance – LIHKG
- Has Anyone Bought Bowtie Insurance? – Baby Kingdom
- Has Anyone Claimed with Bowtie Insurance? – LIHKG
Author
The Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong’s very first virtual insurer approved. Through the use of modern technology and medical expertise, Bowtie offers an agent-free, commission-free and more convenient online platform for customers to quote, apply and claim for Voluntary Health Insurance Scheme (VHIS) anytime anywhere. Bowtie is ranked first in the direct channel sales throughout 2021.
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www.bowtie.com.hk The content of this article is provided by Bowtie Team and serves for reference only. It does not represent Bowtie's position. Bowtie assumes no responsibility for any loss or damage incurred by any person as a result of using, misusing, or relying on any information or content herein. Any content related to Bowtie products in this article is for reference and educational purposes only. Customers should refer to the detailed terms and conditions on the relevant product web pages.
