Customers will receive the more favourable disease definition when policy terms differ from industry standards.

Staff Reporter

, Hong Kong

13 minutes ago

Customers will receive the more favourable disease definition when policy terms differ from industry standards.

FWD Hong Kong has launched a critical illness insurance series that is the first newly launched product in the city to receive the Hong Kong Federation of Insurers’ (HKFI) Q-mark for standardised critical illness definitions.

The Crisis AllSupporter Insurance Plan Series covers critical illnesses, mild conditions and special diseases, with additional benefits for multiple claims and post-diagnosis support. It also offers family protection for children and parents without requiring health underwriting.

The HKFI introduced its Best Practice on Standardisation of Critical Illness Definitions to reduce differences in how insurers define covered conditions. Its Q-mark scheme helps consumers identify new products that follow the standardised definitions.

FWD said its new series also includes its FavourU Approach, under which the more favourable disease definition applies if there is a conflict between the policy's definition and the HKFI's standardised definition.

Selina Lau, CEO of the HKFI, said standardisation would help reduce consumer confusion, improve transparency and support a better claims experience.

The series has three plan levels to cater to different budgets and coverage needs.

Ken Lau, managing director of Greater China and CEO of Hong Kong at FWD, said the insurer would apply its approach of using more favourable definitions across its critical illness products for both new and existing customers.