Life Insurance Insurability Benefits

CCW Global can provide Hong Kong Life Insurance plans which offer insurability riders to policyholders.

The question of insurability is extremely important when an individual purchases life insurance as it will ultimately determine whether the insurer will offer coverage. In Life Insurance the health of an individual will be the main factor in determining their insurability – if the individual is suffering from a terminal disease then coverage will likely be declined when insurability is a consideration.

Insurability sometimes becomes a consideration after a policy has been in force for a period of time – when renewing a term life insurance plan or when re-instating a previously lapsed policy, for example. If the existing policy includes an insurability benefit rider, then the question of the individual’s insurability at these times is avoided.



Guaranteed Insurability

A Guaranteed Insurability Option guarantees the policyholder the ability to buy additional coverage on a pre-determined option date, without having to supply proof of insurability; such as submitting for a medical exam.

The purchase of the additional coverage will come with limits, such as having less than or equal to the current policy’s face amount, and the right of purchasing additional coverage must be performed prior to the policyholder reaching a certain age. Furthermore, the guaranteed purchase of additional coverage must be used on the specified date otherwise it is lost; if there exists another such date then the policyholder can use his purchase right then, but no additional purchase dates are granted if there are none originally.

Lots of coins


Option Dates, Temporary Cover, and Premium Waivers

The policyholder is guaranteed the right to purchase life insurance coverage at predetermined dates. 

These dates will be specified in the policy documents and will be either exact dates (such as 11/5/2023) or particular life milestones of the policyholder (such as the birth of a child or marriage).

Some insurance providers will give the policyholder temporary coverage in the form of temporary term life insurance during the option period. This is done in the event that the policyholder dies to ensure that he will have the extra cover. If such an option is provided by the plan this will also be included in the policy documents.

Finally, some Guaranteed Insurability Options will provide the policyholder with a premium waiver benefit in the event that they are disabled during the period which they are able to exercise their option to purchase. Under this type of premium waiver the additional coverage will normally be purchased automatically and all premiums owed to the insurer by the policyholder will be waived.


Free Quotes For Insurability Benefit Life Insurance Plans

If you would like to receive a free quote for a Hong Kong life Insurance policy which includes a guaranteed insurability benefit, please complete the short form and we will get back to you soon. You may also Contact Us to speak directly with an advisor today. 


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