Term-life-EN

Compare Life Insurance Premium

Speaking of the attractiveness of term life insurance, the insured could obtain higher coverage than whole life insurance with affordable premiums. Even though the terms of the life insurance plans in the market could be similar, the monthly premium may differ.

Updated on 2023-05-12

Let Bowtie compare the premiums of 4 insurance companies that offer online applications in Hong Kong and help you seek the most affordable term life insurance product.

👨 18 to 30-year-old male

Age	Bowtie Term Life	Insurer A	Insurer B	Insurer C
18	HK$37	HK$67.5	HK$46.67	HK$55.96
19	HK$43	HK$67.5	HK$49.17	HK$56.67
20	HK$46	HK$67.5	HK$50	HK$56.67
21	HK$49	HK$67.5	HK$50	HK$56.76
22	HK$50	HK$67.5	HK$50	HK$56.76
23	HK$49	HK$67.5	HK$50	HK$56.76
24	HK$48	HK$67.5	HK$50	HK$56.76
25	HK$47	HK$67.5	HK$50	HK$56.76
26	HK$44	HK$67.5	HK$50	HK$57.56
27	HK$41	HK$68.4	HK$50	HK$58.46
28	HK$40	HK$69.3	HK$50	HK$60.06
29	HK$38	HK$72	HK$50	HK$62.66
30	HK$38	HK$73.8	HK$50	HK$65.17

👩 18 to 30-year-old female

Age	Bowtie Term Life 💰	Insurer A 💰💰	Insurer B	Insurer C
18	HK$24	HK$60.3	HK$26.67	HK$47.55
19	HK$24	HK$60.3	HK$26.67	HK$47.55
20	HK$25	HK$60.3	HK$26.67	HK$47.55
21	HK$25	HK$60.3	HK$26.67	HK$49.25
22	HK$26	HK$60.3	HK$26.67	HK$49.25
23	HK$26	HK$60.3	HK$26.67	HK$49.25
24	HK$27	HK$60.3	HK$26.67	HK$50.05
25	HK$27	HK$60.3	HK$27.5	HK$50.05
26	HK$27	HK$60.3	HK$29.17	HK$51.75
27	HK$27	HK$61.2	HK$30.83	HK$52.55
28	HK$28	HK$61.2	HK$32.5	HK$53.45
29	HK$28	HK$61.2	HK$33.33	HK$55.06
30	HK$29	HK$62.1	HK$34.17	HK$55.96

👨 31 to 40-year-old male

Age	Bowtie Term Life 💰	Insurer A	Insurer B	Insurer C
31	HK$40	HK$76.5 💰💰	HK$50	HK$69.27
32	HK$42	HK$78.3 💰💰	HK$50	HK$71.77
33	HK$45	HK$81 💰💰	HK$51.67	HK$75.98
34	HK$49	HK$84.6 💰💰	HK$54.17	HK$80.98
35	HK$53	HK$89.1 💰💰	HK$54.17	HK$85.99
36	HK$56	HK$92.7 💰💰	HK$56.67	HK$91.79
37	HK$59	HK$97.2	HK$60.83	HK$97.7 💰💰
38	HK$62	HK$102.6	HK$66.67	HK$103.5 💰💰
39	HK$65	HK$108	HK$72.5	HK$111.01 💰💰
40	HK$68	HK$116.1	HK$80	HK$119.42 💰💰

👩 31 to 40-year-old female

Age	Bowtie Term Life 💰	Insurer A	Insurer B	Insurer C
31	HK$31	HK$63 💰💰	HK$35	HK$57.76
32	HK$32	HK$64.8 💰💰	HK$35.83	HK$60.06
33	HK$35	HK$66.6 💰💰	HK$37.5	HK$61.76
34	HK$38	HK$72 💰💰	HK$39.17	HK$65.17
35	HK$40	HK$76.5 💰💰	HK$41.67	HK$67.67
36	HK$42	HK$77.4 💰💰	HK$45	HK$70.97
37	HK$44	HK$78.3 💰💰	HK$48.33	HK$75.18
38	HK$45	HK$79.2	HK$51.67	HK$79.28 💰💰
39	HK$47	HK$80.1	HK$55	HK$84.28 💰💰
40	HK$48	HK$84.6	HK$56.67	HK$90.99 💰💰

👨 41 to 50-year-old male

Age	Bowtie Term Life 💰	Insurer A	Insurer B	Insurer C 💰💰
41	HK$75	HK$125.1	HK$87.5	HK$126.93
42	HK$82	HK$134.1	HK$95	HK$136.94
43	HK$90	HK$144.9	HK$101.67	HK$147.75
44	HK$99	HK$156.6	HK$109.17	HK$159.46
45	HK$108	HK$170.1	HK$115	HK$172.77
46	HK$115	HK$184.5	HK$125	HK$186.99
47	HK$123	HK$201.6	HK$136.67	HK$204.5
48	HK$132	HK$220.5	HK$148.33	HK$221.22
49	HK$141	HK$240.3	HK$163.33	HK$242.94
50	HK$152	HK$262.8	HK$180	HK$267.17

👩 41 to 50-year-old male

Age	Bowtie Term Life 💰	Insurer A	Insurer B	Insurer C 💰💰
41	HK$53	HK$90	HK$60.83	HK$101
42	HK$58	HK$95.4	HK$64.17	HK$109.41
43	HK$63	HK$101.7	HK$68.33	HK$118.52
44	HK$69	HK$109.8	HK$72.5	HK$128.53
45	HK$75	HK$117.9	HK$78.33	HK$141.94
46	HK$82	HK$126	HK$85.83	HK$157.76
47	HK$89	HK$135.9	HK$94.17	HK$172.77
48	HK$96	HK$145.8	HK$103.33	HK$186.99
49	HK$104	HK$157.5	HK$113.33	HK$205.41
50	HK$113	HK$170.1	HK$124.17	HK$226.23

👨 51 to 60-year-old male

Age	Bowtie Term Life 💰	Insurer A	Insurer B	Insurer C#
51	HK$167	HK$287.1	HK$205	HK$296.4 💰💰
52	HK$184	HK$313.2	HK$225	HK$326.43 💰💰
53	HK$204	HK$341.1	HK$255.83	HK$358.96 💰💰
54	HK$226	HK$373.5 💰💰	HK$282.5	HK$329.73
55	HK$251	HK$408.6	HK$320	HK$442.44 💰💰
56	HK$285	HK$447.3	HK$360	HK$489.19 💰💰
57	HK$324	HK$489.6	HK$399.17	HK$539.34 💰💰
58	HK$367	HK$536.4	HK$444.17	HK$596.1 💰💰
59	HK$417	HK$589.5	HK$485.83	HK$666.17 💰💰
60	HK$472	HK$648 💰💰	HK$546.67	/

👩 51 to 60-year-old female

Age	Bowtie Term Life 💰	Insurer A	Insurer B	Insurer C# 💰💰
51	HK$122	HK$184.5	HK$135	HK$252.15
52	HK$133	HK$201.6	HK$145	HK$276.38
53	HK$144	HK$219.6	HK$156.67	HK$299.7
54	HK$156	HK$239.4	HK$169.17	HK$399.1
55	HK$170	HK$261.9	HK$183.33	HK$362.36
56	HK$185	HK$285.3	HK$203.33	HK$399.9
57	HK$201	HK$312.3	HK$222.5	HK$440.84
58	HK$218	HK$342.9	HK$245	HK$487.59
59	HK$237	HK$378	HK$272.5	HK$536.84
60	HK$258	HK$417.6 💰💰	HK$306.67	/

*Assuming the insured is a non-smoker and the sum assured of term life insurance is HK$1,000,000
#The insured of Insurer C must be aged 59 or below
💰 refers to the most affordable choice, 💰💰 refers to the most expensive choice
The above premiums were referenced from the official websites of respective insurance companies on October 29, 2021. The insurance companies may update the premiums from time to time. Please refer to the official website for the actual quotes.

Others Factors Affecting the Premiums

In addition to personal factors such as age, smoking habits, and health conditions, the premiums of term life insurance policies may also fluctuate based on macro-economic factors.

For example, as medical technology advances and new drugs are introduced, some once-deadly diseases may become treatable, leading to longer life expectancies and potentially lower life insurance premiums.

On the other hand, if natural disasters and accidents become more frequent, and virulent diseases pose an increasing risk to human life, life insurance premiums may increase.

In addition, the premium payment options can also affect life insurance pricing. The most common payment options offered by insurance companies are monthly and annual payments.

Generally, the higher the premium payment made at one time, the greater the premium discount offered. Therefore, many companies offer lower annual premiums compared to monthly payments.

At the same time, policy renewal terms should also be considered. If your life insurance policy is renewable annually, the premium is usually cheaper than plans that renew every 5 or 10 years. This is because the premium for annual renewal only considers the risk for the next year, resulting in a lower premium.

Here is an example to help you understand how policy renewal terms affect the premium of life insurance:

Monthly Premium
	5 years	10 years	20 years
Insurer A	HK$89.1	HK$90	HK$128.7

Although the pricing principles for life insurance are generally similar, each insurance company has different operating costs, resulting in differences in premiums.

As the first virtual insurance company in Hong Kong, Bowtie is committed to reducing unnecessary administrative costs and passing on the savings to policyholders, providing Hong Kong people with better value for their money.

Therefore, even with only monthly payment options, Bowtie’s life insurance premiums are still the lowest in Hong Kong compared to other insurance companies.

*Assuming the insured is a non-smoking male aged 35-years-old, and the sum assured of the life insurance is HK$1 million

Source

1Insurance Authority

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Author

Bowtie Team

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.

Stay up to date at 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.