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General
This website / application has been prepared by FIL Investment Management (Hong Kong) Limited and for informational purposes only. FIL Investment Management (Hong Kong) Limited, FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International ("Fidelity"). The information on this website / application is intended for Hong Kong residents and is for reference only. None of the Fidelity products referred to on this website have been approved for sale or purchase by any authority outside Hong Kong. Persons resident in territories other than Hong Kong should consult their professional advisers as to whether they may subscribe for the products and services described in this website / application or whether they require any governmental or other consents or need to observe any formalities to enable them to do so. Certain Fidelity products sold in Asia may be established in Luxembourg. The information contained in this website / application does not constitute a distribution, an offer to buy or sell any securities or the solicitation of any offer to buy or sell any securities, engage the investment management services of Fidelity in any jurisdiction in which the distribution or offer is not authorized or would be contrary to local laws or regulations. Without limitation, the information in this website / application is not for distribution and does not constitute an offer to buy or sell any securities in the United States of America to or for the benefit of United States persons (being residents or citizens of the United States of America or partnerships or corporations organized under the laws of the United States of America). It is the responsibility of the persons who access this website / application to observe all applicable laws and regulations.
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Use of website
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Learn more about accident/critical illness insurance
15 Jan 2021
Life is full of surprises, and accidents can happen when we least expect them. If you’re the breadwinner of your family, an untimely death, suffering bodily harm or being stricken with a disease can put your family under unprecedented financial pressure. That’s where accident or critical illness insurance comes in.
1. Coverage of accident insurance
Accidental death, dismemberment, permanent disablement, weekly allowance during the period of temporary disablement and medical expenses arising from the treatment of the injury are usually covered by accident insurance.
Many policies have a benefit schedule which spells out the corresponding benefits against each type of accidental bodily injury. The benefit amount is determined by the extent of the disability, whilst some policies determine the benefits by the type of injury or loss, e.g., loss of limbs or sight.
However, there are also exclusions, which generally include traffic accidents, heavy equipment accidents, drowning, death by illness, suicide, etc. You should therefore check carefully before buying the policy.
• Longer processing period
The claim processing period of accident insurance may be longer than with other types of insurance policies, as the accident may have to be officially investigated. Some policies offer a no-claim bonus if no claims are paid for a specific period. A no-claim bonus may be in various forms, such as an increase in the amount of benefits, refund of a certain percentage of premiums, or discounts on renewal premiums, etc.
2. Coverage of critical illness insurance
Critical illness insurance pays out a lump-sum upon confirmed medical diagnosis of a critical disease. This helps covering all or part of the costs associated with critical illness or the deadly disease. Cancer, stroke, heart attack, kidney failure, major organ transplant and multiple sclerosis are some commonly covered illnesses.
Apart from the traditional single-claim policies, critical illness insurance policies with multiple claims have also emerged in the market in recent years. Single-claim policies offer only a lump-sum benefit when the insured person is diagnosed for a critical illness, then the policy will be terminated, while multi-claim policies may allow two or more claims for certain critical illnesses, e.g., cancer or stroke. These types of multi-claim policies are usually more expensive as they offer a higher level of protection. Both single-claim and multi-claim products have their own advantages and consumers should decide which products are more suitable for their personal circumstances.
• Pre-existing medical conditions not covered
It should be noted that pre-existing medical conditions are not covered. If you take out insurance after suffering from a critical illness, or if you had tests done for the condition, or if you have consulted your doctor about a health problem that later turns out to be critical, you may be refused coverage. The policy term of critical illness insurance is usually longer, generally 10 years or more. The insurers may offer level premium rates throughout the payment term, however, they may have the right to review and adjust the premium rate from time to time. You should also look out for the survival period, which stipulates how long you must survive from the date of first diagnosis for the entitlement of benefits.
Some insurers set a benefit limit per episode of treatment, while not every single incident where cancer or heart disease is detected will automatically trigger a payment. In order to fully understand a policy, it is crucial that you read the policy terms thoroughly or enquire with the insurer.
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