(MENAFNEditorial) MetLife Hong Kong Launches its First Critical Illness Annuity Product MetLife Healthcare Companion Critical Illness Annuity offers guaranteed annuity payouts for long-term care up to age 100 HONG KONG, CHINA - Media OutReach - May 26,
2017 -MetLife
Hong Kong* has launched MetLife Healthcare Companion Critical Illness Annuity,
an optional rider which protects customers from the persisting consequences of designated
critical illnesses. This optional rider provides a steady stream of guaranteed
annuity payouts up to age 100, beginning upon diagnosis of any of the covered
critical illnesses such as stroke, kidney failure, advanced dementia, etc. This
is the first impaired annuity product in the Hong Kong market that continuously
provides annuity payouts even if the insured person recovers subsequently.
The number of people suffering from critical illnesses such as stroke and
kidney failure is increasing, and these diseases affect more than just the
older generation. Around 25,000 Hong Kong people experience stroke each year(i),
with 1 in 4 patients aged 45 - 64(ii). Additionally, the number of end-stage kidney
failure patients has increased by 90% over the past ten years(iii). These common
critical illnesses have a relatively high survival rate, but could cause irreversible impacts,
including impaired physical functions, loss of independence, and loss of
capacity to work -- causing burdens for long-term care and finances. Because of advancements
in medical technology, many patients with critical illnesses are living longer
than ever, which means that long-term care expenses are also required for a longer
period.
"MetLife
Healthcare Companion Critical Illness Annuity reflects our commitment to
navigating life together with customers. This new product provides financial
support that addresses the specific needs caused by certain critical illnesses,
and does so with the right timing," said Mr. Hamilton Yuen, Head of Product
Development at MetLife Hong Kong. "AtMetLife Hong Kong, we have always
kept a close eye on healthtrendsand customer needs, staying one
step ahead in the industry. Typical critical illness insurance products provide
a lump sum payment for immediate or one-off financial support for treatment.
But because of the increasing incidence of certain critical illnesses that
cause lifelong impacts and increased costs for long-term care, we have gone
beyond the typical critical illness insurance in developing MetLife Healthcare
Companion Critical Illness Annuity. This product is crafted to provide a stream
of guaranteed annuity to customers, supporting them along their whole journey
as they cope with the regular expenses necessitated by a covered critical
illness."
This optional rider is designed to provide a steady stream of guaranteed
protection to fit customers' personal needs at an affordable cost. Customers
can enjoy a number of benefits during the coverage period, including:
Steady stream of guaranteed annuity payouts for long-term care expenses and income supplement until the
optional rider terminates. Two options of coverage periods are available --
customers may choose to receive the guaranteed annuity payouts till age 85 or
age 100.Affordable
premium that will not increase with the
customer's age during the coverage periodWaiver of premium upon confirmed diagnosis of any of the covered critical
illnesses
MetLife
Healthcare Companion Critical Illness Annuity has gone well beyond the typical
practice for most other traditional long-term care products in the market where
payment is only made when patients can continuously prove they suffer loss of
independent existence. MetLife is committed to helping customers
maintain a comparable standard of living after illness strikes, and fully understands that physical recovery
does not guarantee that patients can return to their original work. That's why this optional rider provides a
steady stream of guaranteed regular annuity payouts upon diagnosis of any of
the covered critical illnesses, up until termination of this optional rider, in
order to support long-term care expenses and supplement the patient's income,
even if the patient recovers subsequently.
In addition to the annuity payouts offered upon
diagnosis of any of the covered illnesses, the optional rider also provides a
Cancer Benefit option as an extra line of defense against cancer. Upon
confirmed diagnosis of cancer, the customer will receive a one-time lump sum
payment which equals to 24 times the sum assured. In the event of a cancer
diagnosis, the optional rider remains in force to provide protection as long as
premiums continue to be paid.
Customers can enjoy a premium waiver of up to 8 months^
simply by joining the "We Love HK. We Love Family" promotion and successfully
applying for MetLife Healthcare Companion Critical Illness Annuity via a
MetLife Financial Planner on or before June 30, 2017.
For details about this optional rider and the "We Love
HK. We Love Family" promotion, please visit: www.metlife.com.hk/en/healthcompanion.
^Terms and conditions apply. Please refer to the
relevant promotion leaflet for details.
(i)
Stroke Fund Website, HKSAR (as of March
2017)
(ii)
Thematic Household Survey Report No. 58, Census and
Statistics Department, HKSAR (October 2015)
(iii)
Smart Patient Website, Hospital Authority, HKSAR
(as of March 2017)
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates
("MetLife"), is one of the largest life insurance companies in the
world#. Founded in 1868, MetLife is a global provider of life
insurance, annuities, employee benefits and asset management. Serving
approximately 100 million customers, MetLife has operations in nearly 50
countries and holds leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information about MetLife
Hong Kong*, visit www.metlife.com.hk.
* MetLife Limited and Metropolitan Life Insurance
Company of Hong Kong Limited (collectively "MetLife Hong Kong") are
wholly-owned subsidiaries of MetLife, Inc. in Hong Kong and private companies
limited by shares incorporated and registered under the applicable laws in Hong
Kong. Both MetLife Limited and Metropolitan Life Insurance Company of Hong Kong
Limited are authorized insurers carrying long term business in Hong Kong.
# Based on non-banking assets according to
A.M. Best research 2012 data, Best's Review July 2014.
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