Bowtie Story
Bowtie Story Bowtie launches market-first "Last Wish Rider"
Latest rider option for term life enables the insured person to fulfil their last wishes
【28 October, 2024 — HONG KONG】Bowtie, Hong Kong’s first virtual insurer1, has introduced the “Last Wish Rider”, the latest addition to its term life insurance offerings. This innovative product is designed to provide the insured person with a goal-oriented insurance solution, ensuring that term life coverage can also directly benefit them. If the insured is diagnosed with a terminal illness and a doctor certifies that their life expectancy is less than 12 months2, Bowtie will additionally provide a one-time payout of HK$300,000 to the insured3.
The introduction of the “Last Wish Rider” by Bowtie seeks to differentiate between life insurance coverage intended for beneficiaries and supplementary coverage tailored specifically for the insured. This unique option empowers them to secure additional funds at an affordable rate during their final days, enabling them to fulfil their last wishes without imposing financial burdens on their loved ones.
Mingo Tsang, Bowtie’s Head of Marketing & Branding, said, “By combining term life insurance with the ‘Last Wish Rider,’ our aim is to provide the insured with flexible financial support when they need it most, while also safeguarding the well-being of their families. Customer feedback has underscored the challenges faced by family breadwinners in managing household finances, motivating us to enhance our product offerings and challenge the conventional belief that ‘the insured cannot benefit directly from term life insurance.'”
For instance, consider Mr. Chan, who chooses Bowtie’s term life insurance with a coverage amount of HK$4 million as both the policyholder and the insured person, and opts to include the “Last Wish Rider” for an additional HK$300,000. If Mr. Chan receives a terminal illness diagnosis with a life expectancy of less than 12 months2, Bowtie will provide an extra lump sum of HK$300,000. In the unfortunate event of Mr. Chan’s passing, the designated family members (beneficiaries) will receive the primary sum insured of HK$4 million.
While some term life insurance products in the market may offer an “Advanced Death Benefit,” where the insured can receive a partial or full payout in the event of a terminal illness diagnosis4, these funds are typically intended to support the future financial needs of the insured’s family rather than personal use.
Bowtie’s “Last Wish Rider” is now available as a supplementary coverage option for term life insurance. New customers can choose to add this rider during the insurance purchase process, while existing policyholders can refer to this page to incorporate the “Last Wish Rider” into their current insurance plan.
- 1Bowtie is the first company authorised by Hong Kong’s Insurance Authority under its Fast Track Pilot Scheme
- 2The Insured must (1) provide a Terminal Illness Certificate signed by a doctor to prove that the Insured is suffering from a terminal illness and is likely to have a life expectancy of less than 12 months, and survive for 14 days or more to be eligible for a lump sum payment of $300,000 for the Last Wish Rider. The "Last Wish Rider" has a waiting period of 180 days. Within such 180 days, Bowtie will not pay out the Last Wish benefit or compassionate death benefit, and accidental death claims are subject to a 90-day waiting period
- 3If, for any reason, the insured person does not or cannot claim this benefit before their passing, the designated beneficiary of the policy will receive a compassionate death benefit of HK$100,000
- 4Refer to the terms and conditions of different insurance companies
About Bowtie
The Bowtie Life Insurance Company Limited is an authorised life insurance company and Hong Kong’s first virtual insurer. Its vision is to bridge the medical protection gap and transform the way people access healthcare in Hong Kong. By combining modern technology and medical expertise, Bowtie offers a commission-free and convenient online platform for customers to quote, apply, and claim for medical insurance plans anytime, anywhere. Bowtie is backed by Sun Life Financial, Mitsui & Co, and supported by leading international investors. Currently, Bowtie has raised more than HK$680 million and provided over HK$90 billion of insured value to families. Stay up to date at https://www.bowtie.com.hk/en/.
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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.
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