Our essential needs change as we go through the different stages of life. When we’re young and single we look for career and financial stability. When we get married we look for ways to take care of our spouses and when we have children we become more concerned with their education and their basic needs. And as we grow old we try to ensure that we can enjoy our retirement.

Insurance providers have found ways to give policyholders peace of mind for every type of risk however this also means they have to subscribe to several different plans. Zurich Insurance is now offering a policy that allows changes in benefits as your needs also change. This means you can add or remove a benefit at any time after the first year. The product is Preferred Choice and its terms and conditions are very simple and are available in multiple currencies (USD, HKD, FBP and EUR).

With Preferred Choice you can choose from 13 benefits and combine two or more types of cover. There are four categories of insurance cover that will protect you and your family:

(1) Life Cover

(2) Critical Illness

(3) Total and Permanent Disability

(4) Add-ons

On top of the 4 categories, the insurance holder automatically gets FREE Children Life Cover. The plan even offers discounts of up to 5% if you choose 3 or more applicable benefits or 2.5% for subscribing to two types of covers.

Premiums for Preferred Choice are calculated based on the sum insured and term of the benefits including age, gender, health, occupation and smoker status of the life insured, plus an evaluation of recreational activities. At all times, payment of the regular premium amount must be made in line with the minimum requirements shown below:blog_-_table

*Where more than one core benefit is chosen, the minimum premium for each benefit must be at least HKD200, USD25, GBP17 or EUR20.

The beauty of this policy is that you can be single, married, a solo parent or nearing retirement and you will have multiple options of combinations to give you complete coverage.

Why you need Preferred Choice?

Here are some facts to keep in mind:

  • More than 4 out of every 10 people do not own life insurance policy in any amount. That’s 43 in 100 people have no coverage of any kind.
  • Only 3 out of 10 Hong Kong residents believe they are fully covered by insurance they have chosen.
  • Retirement insurance is higher on the priority list than life insurance for 7 out of 10 households in Hong Kong.
  • Only 4 of 10 households will buy life insurance before age 45, an age where premiums are a lot more expensive.
  • Only 3 out of 10 households in Hong Kong have family insurance that takes care of their children in case one of the parents die.

With these statistics in mind, its apparent that a majority of us are still ill-prepared for risks that could happen in our lifetime. We could fall very ill or get into an accident that leaves us unable to work and make a living. We have to be prepared for everything but more importantly be secure enough to know that our families are well taken care of even if we are not there.

For more information on Preferred Choice, contact us today