AXA introduces "LoveAssure Critical Illness Protection" Series
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 - 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.
About AXA Hong Kong and Macau
AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 54 markets and serving 105 million customers worldwide. Our purpose is to act for human progress by protecting what matters.
As one of the most diversified insurers offering integrated solutions across Life, Health and General Insurance, our goal is to be the insurance and holistic wellness partner to the individuals, businesses and community we serve.
At the core of our service commitment is continuous product innovation and customer experience enrichment, which is achieved through actively listening to our customers and leveraging technology and digital transformation.
We embrace our responsibility to be a force for good to create shared value for our community. We are proud to be the first insurer in Hong Kong and Macau to address the important need of mental health through different products and services. For example, the Mind Charger function on our holistic wellness platform "AXA BetterMe", which is available via our mobile app Emma by AXA, is open to not just our customers, but the community at large. We will continue to foster social progress through our product offerings and community investment to support the sustainable development of Hong Kong and Macau.
THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: AXA.COM.HK
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