Bowtie, a Hong Kong-based virtual insurer, has introduced a new insurance plan targeting critical illness coverage for children and pregnant women. This plan fills an important gap in the market by offering a term-based product without a savings component.
Bowtie’s “Children’s Growth Term Critical Illness Insurance” is a unique offering that stands out from most existing products in the market. Unlike the typical whole life insurance plans, which include savings components and higher premiums, Bowtie’s plan is term-based with no savings element, making it more affordable.
The plan provides coverage for up to 76 congenital, genetic, and childhood diseases. It covers children up to the age of 18 for critical illnesses, with benefits of up to $64,363.73 (HK$500,000). Additionally, it includes coverage for pregnancy complications from the 18th week of pregnancy, up to $12,872.75 (HK$100,000).
The new insurance plan offers dual protection. It covers both childhood illnesses, such as Kawasaki disease with heart complications, Huntington’s disease, and osteogenesis imperfecta, as well as adult-onset critical illnesses like cancer, stroke, and heart disease.
In an effort to make the plan more affordable, Bowtie has introduced a unique pricing model. Premiums decrease as the child grows older, as the risk of congenital illness reduces over time. This “cheaper over time” approach makes the plan more budget-friendly as the child ages.
Bowtie’s Head of Marketing and Branding, Mingo Tsang, expressed the company’s goal of addressing the gap in critical illness coverage, especially for genetic conditions. With over 30,000 newborns each year in Hong Kong, Bowtie aims to cater to the insurance needs of these young families.
Bowtie’s new term-based critical illness plan represents a significant step toward offering more affordable and comprehensive protection for children and pregnant women. By focusing on critical illnesses and providing wide coverage at an affordable price, Bowtie is addressing a major gap in the insurance market.
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