Getting the right insurance plan in Hong Kong can be both tricky as well as expensive. While medical insurance plans are both affordable and easy to get in the country as the Hong Kong medical insurance market is efficiently served by major players with years of experience, life insurance plans can easily veer towards the expensive category. In this article, we compare different insurance policies in Hong Kong.
Life Insurance Policies
Though premiums for life insurance plans in Hong Kong can be high, these plans also offer many critical benefits. Death benefits: Irrespective of how hard it is, one must prepare for the inevitable. The most important value proposition of a life insurance plan is the certainty of a death benefit. The payout to the beneficiary specified can be of immense help, especially in the case of accidental or premature deaths.
One of the good things about life insurance plans in Hong Kong is the statute of guaranteed acceptance and fixed premiums. Almost all major players ensure acceptance. Moreover, a health check-up is not mandatory. Lastly, premiums remain unchanged irrespective of the changes in the annuitant’s health.
Medical and Health Insurance Plans
Hong Kong’s healthcare network is built upon a robust foundation laid by efficacious private hospitals and trusted government facilities. Thus, medical and health insurance in the country is quite easy and affordable.
Medical insurance plans are an ideal way for individuals to gain medical protection at an affordable rate. Most plans provide partial coverage for unknown pre-existing conditions as well as coverage for congenital conditions. Furthermore, most plans also cover non-surgical cancer treatment as well as psychiatric treatment costs. That apart, when it comes to medical and health insurance, individuals can choose to further push coverage.
Yet another highlight of medical and health insurance plans is that they provide insured individuals the option of cashless treatment. Individuals don’t have to worry about advance payments and paying bills. Companies settle all expenses directly with the hospital administration, making the entire experience entirely hassle-free.
Critical Illness Plans
In this day and age, where even people abiding by healthiest choices run the risk of serious illnesses, getting a critical illness plan makes utmost sense. Most critical illness plans in Hong Kong offer a limited cash benefit for the removal of any benign tumor. Preventive surgical treatment costs are also supported to encourage timely treatment of ailments. An important thing to remember is that most critical illness plan providers put an age cap when it comes to acceptance. Usually, individuals falling between the bracket of 30 days and 65 years are eligible for these plans.
VHIS Plans
Get access to private healthcare at affordable rates. VHIS or Voluntary Health Insurance Schemes, introduced by the Food and Health Bureau of Hong Kong under the VHIS scheme, have further eased the process of getting access to high-quality private healthcare at an affordable price. Most major insurance companies have launched VHIS-compliant plans to attract new customers. With the government being so proactive about ensuring community health and well-being, the insurance ecosystem in Hong Kong is predominantly genial.
If you are looking to get insured in Hong Kong, consider booking an appointment with a representative at Cigna. The company enjoys global presence and with its extensive experience in the Hong Kong market, you will surely be in the right hands.
