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限時優惠
Life insurance ensure peace of mind, even in your absence
What if I'm gone before the mortgage is repaid? I still want my family to have a home.
Even if I miss my child's graduation, I want to make sure they graduate.
Even if I'm not there, I want my parents to have a secure retirement.
If the insured is diagnosed with a terminal illness and predicted life expectancy less than 12 months1,2, Bowtie will provide an additional lump sum benefit besides death benefit that can be used freely to fulfill their last wishes!
Your life protection needs increase when income and life stage change. However, most online term life insurance only offers coverage up to a few million dollars.
After listening to our customers, Bowtie has increased the maximum sum insured to $20 million (medical examination required4), allowing customers to get sufficient coverage from a single insurer.
限時優惠
upgradeBenefit coverage
Death benefit coverage
(100% of sum insured)
Claim method
If the insured person dies, Bowtie will pay the death benefit to the beneficiary in a lump sum
Minimum Sum insured
$200,000
Maximum Sum insured
$20,000,000 (Existing Customer*)
$8,000,000 (18-45 years old)
$4,000,000 (46-55 years old)
$3,500,000 (56-60 years old)
$1,000,000 (61-65 years old)
Life insurance provides a lumpsum compensation to the designated beneficiary upon the death of the insured, this is known as the death benefit. Life insurance is mainly classified into two categories:
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Life insurance provides financial support to the designated beneficiary, preventing insured person’s loved ones’ livelihood from being affected by the unfortunate death. A lumpsum payment will be compensated by both whole life insurance and term life insurance, however, the former offers both protection and returns, whilst the latter solely provides protection. For the same premium, term life insurance typically offers over 12 times^ higher coverage than traditional savings life insurance products.
Bowtie Term Life Insurance, operating fully online, reduces more administrative costs than other insurers, allowing us to provide over 40 times^ higher coverage than traditional savings life insurance for the same premium.
^ Calculated based on the standard premium of a 35-year-old non-smoking female insured with a sum assured of $1 million; term life insurance: data is the standard premium of term life insurance (20-year coverage) on the market on July 1, 2020(Includes term life insurance that can be applied online and 8 other term life insurance products); saving life insurance: data is the standard premium of 8 saving life insurance products (20-year premium payment period) on the market on July 1, 2020.
Term Life Insurance is a purely life protection product, focusing on providing life coverage to the insured person within a specified period. Its premiums may be adjusted with age or upon renewal. Whole Life Insurance, on the other hand, offers both protection and returns, often using a level premium system. For the same premium, Term Life Insurance typically provides over 12 times^ higher coverage than traditional Savings Life Insurance products.
^Calculated based on the standard premium of a 35-year-old non-smoking female insured with a sum assured of $1 million; term life insurance: data is the standard premium of term life insurance (20-year coverage) on the market on July 1, 2020(Includes term life insurance that can be applied online and 8 other term life insurance products); saving life insurance: data is the standard premium of 8 saving life insurance products (20-year premium payment period) on the market on July 1, 2020.
The ‘Last Wish Rider’ is a rider option offered with Bowtie Term Life Insurance. It provides a one-time payout of HK$300,000 when the insured person is diagnosed with a terminal illness and a doctor certifies that their life expectancy is less than 12 months^. The insured person can use this payout to fulfill their last wishes, with no restrictions on its use.
If, 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.
^ The 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 (2) survive for 14 days or more to be eligible for a lump sum payment of $300,000 for the Last Wish Rider.
Unlike traditional life insurance policies, the "Last Wish Rider" provides an additional coverage to the insured person, rather than being a part of the original life insurance benefit.
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Despite life insurance being a protection that policyholders prepare for their families/loved ones, some insurance companies offer more flexible protection for the insured, allowing them to withdraw 100% (or a specified percentage) of the sum assured in advance when they are terminally ill.
However, Bowtie believes that the protection prepared by the policyholder for their family/loved ones should be used to support their future living expenses and should not be reduced due to the insured's need for protection due to terminal illness. Therefore, we have launched the “Last Wish Rider" to provide an additional sum assured to support the insured's life/needs when they are ill.
No, the Policyholder / Insured Person is free to use the benefit on anything they wish to.
Bowtie recommends considering your insurance needs based on your life stage. Simply put, we suggest the breadwinner(s) in a family to consider getting life insurance. In the unfortunate event of their passing, their dependents would receive crucial financial assistance to support their daily lives.
The cooling-off period for Bowtie Term Life insurance and the ‘Last Wish Rider’ is 21 days. If you wish to cancel your plan or the rider within the cooling period, we will provide a full refund of premiums paid.
Please note that upon the cancellation of your plan, the ‘Last Wish Rider’ will simultaneously be terminated.
There is no waiting period for Bowtie Term Life Insurance. Once the policy is effective, you will receive immediate coverage.
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 (except for an illness caused directly by an Accident and diagnosed within 90 days from the date of the Accident)
To cater to a wider range of needs, Bowtie Term Life Insurance accepts beneficiaries who are non-cohabiting partners, same-sex partners, and non-blood related family members (including step parents/siblings). However, friends cannot be beneficiaries. Bowtie reserves the right to request supporting documents (such as birth/marriage certificates) from the policyholder for verification purposes.
The minimum insured amount required for Bowtie Term Life Insurance in HKD200,000, with a maximum of HKD20,000,000 (bodycheck and underwriting required). The maximum insured amount without medical examination and financial underwriting will depend on the insured person's age.
|
Age of Insured Individual |
Maximum Insured Amount (Without Financial Underwriting and Body Check) |
|
18 - 45 years old |
HK$8,000,000 |
|
46 - 55 years old |
HK$4,000,000 |
|
56 - 60 years old |
HK$3,500,000 |
|
61 - 65 years old |
HK$1,000,000 |
It depends on whether your current coverage is sufficient. If you need to increase your protection, you could consider taking out an additional Term Life Insurance policy. For the same sum assured, Term Life Insurance is generally more affordable than Whole Life Insurance. This allows you to increase your coverage (for example, to cover a mortgage) at a more reasonable cost.
Most term life insurance plans in Hong Kong offer coverage ranging from HK$200,000 to HK$10 million. Bowtie provides coverage from HK$200,000 to HK$8 million, with existing customers having the opportunity to increase their coverage up to HK$20 million. The maximum coverage amount is subject to the insured person's age and underwriting results.
Maximum insured amount without undergoing body checks and underwriting:
|
Age of Insured Person |
Maximum Insured Amount Without Undergoing Body Checks and Underwriting |
|
18 – 45 years old |
HK$ 8,000,000 |
|
46 – 55 years old |
HK$ 4,000,000 |
|
55 – 60 years old |
HK$ 3,500,000 |
|
61 – 65 years old |
HK$ 1,000,000 |
For our existing customers, you would need to go through financial underwriting and a medical examination to be eligible for a coverage upgrade to HK$20 million.
For all life insurance policies issued on or after September 13, 2024, the suicide exclusion period will be changed from 1 year to 2 years. Existing life insurance policies will remain unchanged:
The change in terms means that for policies issued on or after September 13, 2024: Bowtie will only provide coverage for death by suicide (whether sane or insane) if it occurs 2 years after the policy effective date.
Click here for a detailed explanation of exclusions.
Is there any exclusions in coverage by the Bowtie Last Wish Rider?
The following events/situations are not covered under the Compassionate Death Benefit within the Bowtie Last Wish Rider:
Click here for a detailed explanation of exclusions.
Both Bowtie Term Life Insurance and the ‘Last Wish Rider’ offer worldwide coverage. However, both the policyholder and the insured person must be residing in Hong Kong at the time of application. The policy will remain in effect whether the insured person moves abroad for a short or long period in the future (except for residing in locations affected by sanctions or war).
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We may charge an additional premium based on the potentially higher risks associated with the insured person's new country of residence. If you prefer not to accept the proposed premium adjustment, you can choose not to renew the policy.
If the insured person is temporarily residing in another country or traveling, working, or studying abroad, no additional premium will be charged. Please inform Bowtie of any change of address for both the policyholder and the insured person. If you have any questions, please contact our Customer Service Department at 3008-8123.
Based on the Insurance Authority's 2021 Protection Gap Study on Death Risk and Bowtie's internal calculations, we recommend using 10 times your annual income as a starting point and adjusting based on your individual needs. For a more personalized analysis and recommendations, you can use the online tool designed by Bowtie's actuaries or contact our product specialists via WhatsApp !
If you think you might need Life Insurance, it's generally best to apply sooner rather than later. When you're younger, you're statistically less likely to have health issues. This means you'll have a better chance avoiding exclusions or loadings on your coverage during the underwriting process, due to your health condition. Overall, this enables lower premiums with more comprehensive coverage.
Anyone purchasing Bowtie Life Insurance is able to add the ‘Last Wish Rider’ for additional coverage, however, the policyholder and the insured person must both reside in Hong Kong at the time off application. Existing Bowtie Life Insurance policyholders can also apply for the ‘Last Wish Rider’ through a simple underwriting process on Bowtie’s website.
It's important to note that the Last Wish Rider will be terminated if the associated Bowtie Life Insurance policy is canceled or expires.
Existing Bowtie Term Life Insurance policyholders can apply for the Bowtie Last Wish Rider through a simple underwriting process on Bowtie’s website. The Bowtie Last Wish Rider will be terminated if the associated Bowtie Life Insurance policy is canceled or expires.
It is also important to note that at the time of the Bowtie Last Wish Rider application, the policy holder and the insured person has to both be residing in Hong Kong, and own a HK residential address.
Steps to adding the Bowtie Last Wish Rider (with image guidance)
You can purchase multiple life insurance policies from different companies. Bowtie only limits the total sum assured across all policies held by an individual, not the number of policies. As for other companies, such practices may vary.
However, regardless of how many life insurance policies a policyholder has with Bowtie, under the name of each insured person, they can only have one active ‘Last Wish Rider’ policy at a time.
Applicants only need to prepare their identity documents, credit card, or debit card to begin the application process.
If you're a first-time applicant, you don't need a medical examination/body check. Answer three simple health questions online, and you could receive your underwriting results in as fast as one minute. However, if you wish to increase your coverage amount, a medical examination may be required depending on the desired sum assured.
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Bowtie treats any increase in life insurance coverage as a new policy. When the original coverage amount, combined with the requested increase, exceeds the standard maximum coverage (see table below), the insured person will need to undergo financial underwriting and a medical examination. Currently, Bowtie Life Insurance customers can increase their coverage up to a maximum of HK$20 million.
| Age of Insured Person | Maximum Standard Amount of Sum Insured |
|---|---|
| 18 – 45 years old | HK$ 8,000,000 |
| 46 – 55 years old | HK$ 4,000,000 |
| 56 – 60 years old | HK$ 3,500,000 |
| 61 – 65 years old | HK$ 1,000,000 |
Any insured individual does not have to undergo body check for the application of the "Last Wish Rider".
The maximum age of renewal for Bowtie Term Life Insurance is 100 years old.
The maximum age to renew is 100 years old.
To purchase Bowtie Term Life Insurance, you have to be between the ages 18 and 65.
These questions are all part of financial underwriting. In addition to Bowtie, many insurance companies (including online and traditional insurance companies) also conduct financial underwriting. As the death benefit of life insurance is intended to compensate for the loss of income due to the death of the insured, the insurance company will consider the insured's existing life insurance coverage, work income (including monthly salary, bonus, commission) and age to determine the maximum sum assured.
As for self-employed, unemployed or unemployed persons, Bowtie may request more relevant information during the underwriting process, and even review the protection and income of relatives (spouse, siblings, or parents), such as applications from housewives. , may need to make appropriate underwriting decisions based on the income and protection information of their spouse.
Other income sources (such as dividends and rental income) are not considered in the underwriting process as they are not affected by the insured person's death.
If you are not the insured person, please obtain this information from them before proceeding!
If you purchased both your Bowtie Term Life Insurance policy and the "Last Wish Rider" at the same time, the extra premiums (loadings) and exclusions should be the same for both policies. However, if you purchased the "Last Wish Rider" after you already had a Bowtie Life Insurance policy, the extra premiums (loadings) and exclusions may differ based on the underwriting results.
If you have any questions, please contact our Customer Service Specialists.
Contact us
Hotline: 3008 8123
Whatsapp：3008 8123
Email：cs@bowtie.com.hk
Office Hour:
Monday to Friday 9:30 am - 6:30 pm
Saturday and Sunday 2:00pm - 6:00pm (WhatsApp only)
Closed on public holidays
Yes, any extra premiums (loadings) and exclusions applied to your Bowtie Life Insurance policy will also be reflected in the 'Last Wish Rider'.
As the beneficiary (or an authorised relative), you can file a claim using Bowtie's guest claim form, or by calling 3001 5670, or by emailing claim@bowtie.com.hk. One of our Claims Specialists will contact you directly to follow up on your claim and guide you through the required documents.
We do not have a time limit in making claims, however, we suggest beneficiaries to proceed with claim applications within 90 days of the insured person’s death.
The processing time depends on the specifics of the case.
Straightforward cases: The insured person's situation meets the claim requirements and the beneficiary is eligible for a payout. From document submission to approval, it typically take about one month for the payout, deposited directly into the beneficiary's designated bank account.
Cases requiring additional documents: The insurance company needs to obtain medical records from relevant institutions (such as hospitals or clinics) for assessment. This may prolong payout approval duration.
Anyone who has purchased life insurance should keep a record of their policy information and inform their beneficiary about the details, including the policy terms, coverage, sum insured, policy number/account, etc. The insured person should also provide the beneficiary with the insurance company's contact information, including the customer service phone number and email address, to ensure that the beneficiary or an authorised relative can follow up on the claim.
If the beneficiary and the insured person pass away simultaneously, the claim will be processed based on the principle that the older aged of the two individuals died first. The death benefit will become part of the deceased insured person's/beneficiary's estate. We will pay the benefit to the estate administrator or executor.
The estate administrator or executor will need to obtain a Grant of Representation before filing a claim.
The death benefit will become part of the policyholder's estate.
If the policyholder did not have a will, the claimant will need to apply for a ‘Letters of Administration’ to proceed with the claim.
If the policyholder had a will, the executor of the will will need to apply for a ‘Grant of Probate’.
To change the details of an existing beneficiary, please delete the current beneficiary information and then re-enter the correct details (with image instructions).
Here are the steps:
Changes to beneficiary information will also be reflected in the Last Wish Rider.
The beneficiary you designate for your Bowtie Term Life Insurance policy will also be the beneficiary of the "Last Wish Rider". Any changes made to the beneficiary will automatically be reflected in the "Last Wish Rider".
The beneficiary does not need to be 18 years old. However, a guardian and/or trustee should be designated to receive and manage the insurance payout on the beneficiary's behalf until they reach adulthood. Once the beneficiary becomes an adult, they will be able to receive all insurance benefits directly.
You can adjust your life insurance coverage amount yourself through the online platform. However, please note that if the original coverage amount combined with the requested increase exceeds the standard maximum coverage, a medical examination and financial underwriting will be required.
Steps to adjust your sum insured (with image guidance)
|
Age of Insured Individual |
Maximum Insured Amount (Without Financial Underwriting and Body Check) |
|
18 - 45 years old |
HK$8,000,000 |
|
46 - 55 years old |
HK$4,000,000 |
|
56 - 60 years old |
HK$3,500,000 |
|
61 - 65 years old |
HK$1,000,000 |
The additional coverage amount applied for is considered a new policy and also comes with a 21-day cooling-off period. If you cancel the policy or rider within the cooling-off period, we will refund all premiums paid in full.
Notify your beneficiary or executor
Provide your beneficiary or executor of the will (if any) with basic information about your life insurance policy, such as: policy number, how to contact Bowtie, and how to make a claim. This will allow your beneficiary or family to receive the financial support and protection they need as quickly as possible after your death.
Be aware of changes that need to be reported
As a Bowtie Term Life or the "Last Wish Rider" policyholder, you have a responsibility to keep your agreement valid. Please note the following:
Be aware of your right to cancel during the cooling-off period
Bowtie will refund your premium in full if you cancel your policy within the 21-day cooling-off period (from the effective date of the policy) and if no claims have been paid. Please note that if you cancel your Bowtie Term Life Insurance, your "Last Wish Rider" will also be terminated.
You can easily cancel your policy by logging into Bowtie's online platform and selecting "Cancel Policy" at least 30 working days in advance to your next policy renewal day. However, there are three things you should keep in mind.
Yes, you can cancel the "Last Wish Rider" without affecting your life insurance policy. You can also repurchase it later. However, you will need to undergo underwriting again, and you may be subject to loadings or exclusions based on your health condition or occupation at that time. 180-day waiting period will be recalculated.
But your existing life insurance policy will not be affected.
After your Bowtie Term Life Insurance policy takes effect, a Bowtie specialist will contact you within 10 working days via WhatsApp or encrypted email to guide you through the process of uploading your 'Message to Loved Ones'.
No. Leaving a ‘Message to Loved Ones’ is on a voluntary basis.
We will deliver the message to your beneficiary via encrypted email. When the beneficiary files a claim, we will verify their identity and then request their personal email address to ensure secure delivery of the message to their inbox.
All 'Messages for Loved Ones' messages or files are stored in Bowtie's cloud database and are protected with data security measures to prevent unauthorized access. In case of any disputes, the Bowtie Personal Data Collection Statement shall prevail.
Your "Message to Loved Ones" message or files will be automatically deleted under the following circumstances:
Bowtie's Online Platform currently doesn't support automatic message updates. After you update your beneficiary information on the platform, please reach out to our customer service team at cs@bowtie.com.hk. They will be happy to guide you through the process for updating your messages. However, if the policyholder does not inform customer service to update the last message after changing the beneficiary, the old beneficiary will not receive the previous information during the claim process.
Policyholders can contact customer service via email at cs@bowtie.com.hk to inquire or review messages given to policy beneficiaries.
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