CCW Global Insurance Brokers can help you to find comprehensive life insurance coverage in Hong Kong which provides an accelerated death benefit. This means that the policy is able to pay either part or all of the death benefit to the policyholder prior to their demise.
Also known as living benefit riders, an accelerated death benefit can contain a number of different major variants.
Accelerated death benefits are designed to provide relief to a policyholder in times of great stress or need. They are designed to provide financial support to what would otherwise be extraordinary monetary burdens.
Accelerated Death benefits are only allowed on larger life insurance policies, usually those with a face amount of more than US$ 100,000.
The accelerated death benefit is designed to provide pre-death payments to the policyholder. This can have a significant impact on any named beneficiaries, who will receive lower settlements from the policy due to the payments made under the benefit. As such, many life insurance plans require the beneficiaries or assignees of a policy providing an accelerated death benefit to sign a release acknowledging they will receive a lower death benefit.
There are two commonly used accelerated death benefit provisions within the Hong Kong life insurance market. These are:
For more information about each of these plans please click on the above links.
If you would like to receive a free life insurance quotation for a plan which contains an accelerated death benefit, please complete the short form at the top of this page and select Life Insurance from the menu. Once we have received your quotation request an expert CCW Global Life Insurance broker will contact you to further discuss your coverage requirements.