HONG KONG SAR:
AXA Hong Kong and Macau ("AXA") today announced the launch of "LoveAssure Plus Critical Illness Plan" and "LoveAssure Critical Illness Plan" (collectively referred as "LoveAssure Critical Illness Protection" Series or the Series), a unique comprehensive critical illness protection covering illnesses, ranging from the most common ones to the emerging ones to which the market has yet to provide sufficient support.
The Series includes market-exclusive1 Dementia Multi-care Benefits that provides continuous annuity until the age of 100 to support the cost of long-term care for the insured who is diagnosed with severe dementias.
Moreover, despite the improved cancer survival rate due to advancements in medical technology, cancer recurrence rate is still high, for example, colorectal and ovarian cancer recurrence rate can reach as high as 50% and 80% respectively.
"LoveAssure Critical Illness Protection" Series thus offers up to 100 months of Continuous Cancer Payout Benefit, providing the insured long-term financial support to fight against cancer.
From now until 30 September 2021, customers can enjoy 2 months' premium refund if they successfully apply for the "LoveAssure Critical Illness Protection" Series.
Costly long-term dementia care up to HKD190,000 per year
According to the data from the Food and Health Bureau and the Hong Kong Hospital Authority, it is estimated that for people aged 65 or above, there is a worrying 5-8% chance of getting dementia and the prevalence of dementia doubles with every 5-year increment after age 65. Due to the irreversible nature of dementia and the heavy dependence on support services, the cost of care and the burden on caregivers will keep growing with an ageing population and increase of dementia cases.
A research report shows that the non-medical expenses to take care of a patient with severe dementia in Hong Kong would be approximately HKD190,000 per year, which could not be reimbursed under medical insurance in the market. Thus, we have especially added the market-exclusive Dementia Multi-care Benefits to the "LoveAssure Critical Illness Protection" Series to help customers fill this protection gap.
"Living with Cancer" is becoming prevalent which requires long-term financial support
Meanwhile, though cancer is the most common critical illness in Hong Kong, it is no longer a terminal illness and being proactive with treatment can increase the survival rate.
“According to our claims data, even someone who is diagnosed with Stage IV of lung cancer can receive continuous cancer treatments for almost 8 years to control cancer cells. As "Living with Cancer" is becoming prevalent, the Series' Continuous Cancer Payout Benefit of up to 100 months will provide great support to cancer patients on their road to recovery,'' aid AXA..
Kevin Chor, Chief Life and Health Insurance Officer, AXA Hong Kong and Macau, said, "A comprehensive critical illness protection can provide customers with immediate financial support if they unfortunately encounter serious illnesses. According to a recent survey4 conducted by the Golden Age Foundation in partnership with AXA, approximately 75% of Hong Kong's golden age people (aged 45 and older) are neutral or dissatisfied with their current savings, future finance, ability to cope with financial crises, and their own financial management ability. Approximately 40% reported that their savings may not meet their financial needs in healthcare and long-term care. The shortfall highlights the importance of getting critical illness protection with continuous support as it helps relieve the heavy financial burden brought by critical illnesses especially during the golden age.''