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FINANCIAL SERVICES | Staff Reporter, Hong Kong
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FTLife launches MediSave Medical Account

This is to keep pace with rising health care costs while growing wealth.

Unaffordable medical expenses are often the first consequence when a critical illness such as cancer or heart disease strikes, so FTLife has responded by launching the MediSave Medical Account. 

This helps customers prepare for the possibility that serious illness could strike a breadwinner, or other family member, at any time.

MediSure provides all-round medical protection that includes cover for hospitalisation and surgical treatment up to the unusually high age of 128 years, after premiums have been paid for a limited period. In addition, an inflation protector option, plus family and health bonuses, help hedge against the ever-soaring cost of medical
expenses.

It also reimburses the cost of treatments after a hospital stay. An overriding MediSave feature is that comprehensive medical coverage is provided at the same time as helping the policyholder to grow wealth.

Regional CEO and CEO Lennard Yong said: “As a caring company, we aim to provide customers with comprehensive health-protection offerings that are also highly competitive with first-in- market product features. This enables our customers and their loved ones to lead fulfilling lives with the comfort of extra peace of mind.”

Three distinctive advantages provide extra medical protection.

First-in- market “Family Bonus” – the policyholder can enrol with family members so that every insured person gets extra medical benefit of up to 20% of the sum insured.

First-in- market “Health Bonus” equals 3% of the sum insured 2 for every three years – payable as extra medical benefit – if no medical benefit claim is made during the three-year period (no cap).

The plan’s inflation protector option raises the sum insured every year to help hedge against inflation of medical expenses. Chief Product Officer Christine Yeung said: “Our first-in- market Family Bonus and Health Bonus have been crafted to provide our valued customers with extra medical benefit at no cost. These, together with the
inflation protector option, amount to extremely helpful ways of keeping pace with soaring medical costs.”

MediSave has been designed for anyone aged 70 or younger – but extended protection is provided up to the unprecedented upper limit of 128 years. Even greater flexibility is offered in the form of premium payment periods ranging from 15 to 20, 25 or 30 years – all to suit a policyholder’s financial standing.

In addition, premium prepayment options of one, five or eight years are applicable to policies based on a 15-year premium payment period. Premium prepayment secures protection at lower cost, while building a safety net for policyholders and their loved ones.

MediSave’s guaranteed cash value grows over the years until reaching 100% of the sum insure. And a terminal dividend will be paid in the event of the insured’s death, or when total medical benefits paid reach 100% of the sum insured plus extra medical benefits (if any), or on surrender of the policy, or at maturity.

A great overriding feature of MediSave is that comprehensive medical coverage is provided while helping the policyholder to grow wealth.

Chief Marketing Officer Angela Yam said: “FTLife has adopted the role of ‘health manager’ in the best interests of our customers, so the plan provides discount determined by size, in terms of the entire premium payment period chosen. The result facilitates sufficient protection for a lower premium. And enrolling with
family members entitles you to up to a 20% refund on the first year’s premium.”

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