Manulife Hong Kong launches two critical illness products with income aid

One of the plans covers 121 critical illnesses and diseases.

Manulife Hong Kong has launched two new critical illness insurance products, IncomeGuard Critical Illness Protector and IncomeShield Critical Illness Protector, aimed at providing annual payouts to mitigate income loss during long-term treatments.

The IncomeGuard Critical Illness Protector covers 121 critical illnesses and diseases. It offers a heart attack and stroke continuous treatment benefit, providing up to 100% of the notional amount for specified complex or major surgeries after an initial payout. 

Customers diagnosed with cancer, heart attack, or stroke may receive annual income support of up to 1,000% of the notional amount. 

The plan also includes premium waivers, reimbursement for traditional Chinese medicine related to cancer treatment, a Protection Restore Benefit, and a guaranteed premium for 10, 20, or 25 years.

The IncomeShield Critical Illness Protector focuses on cancer, heart disease, and stroke, offering simplified underwriting with just three health questions. 

It provides annual income support of up to 500% of the notional amount and includes the same heart attack and stroke continuous treatment benefit as IncomeGuard. 

It also features a Late-stage Cancer Advanced Benefit, premium waivers, the Protection Restore Benefit, and guaranteed premiums over terms of 10, 20, or 25 years.

Manulife's research showed that 53% of consumers prioritise broad coverage for various illnesses, 39% value access to support services, and 37% seek protection against recurring illnesses. 

Additionally, 39% cited income loss and 34% cited becoming a burden to family members as major concerns after a critical illness diagnosis. Higher premiums with age were noted as a key worry for 25% of respondents.