Can I change my life insurance coverage amount after the policy takes effect? What's the procedure?

  • Updated

You can adjust your life insurance coverage amount yourself through the online platform. However, please note that if the original coverage amount combined with the requested increase exceeds the standard maximum coverage, a medical examination and financial underwriting will be required.

 

Steps to adjust your sum insured (with image guidance)

  1. Click here to enter our online platform
  2. Select“Protection” and choose the “In-force” policy
    TL Adjust sum insured EN 1.png
  3. Click “Amend policy”
  4. Click “Adjust sum assured” then click “Increase your Sum assured” or “Decrease your Sum assured"
    TL Adjust sum insured EN.png

 

When adjusting your sum insured, please note:
  1. Increasing Your Life Insurance Coverage
    Bowtie will treat your application for additional coverage as a new policy, and an underwriting process will be required. If the original coverage amount combined with the requested increase exceeds the standard maximum coverage (see table below), the insured person will need to undergo financial underwriting and a medical examination.
    Currently, Bowtie Term Life Insurance customers can increase their sum assured up to HK$20 million

    Age of Insured Individual

    Maximum Insured Amount (Without Financial Underwriting and Body Check)

    18 - 45 years old

    HK$8,000,000

    46 - 55 years old

    HK$4,000,000

    56 - 60 years old

    HK$3,500,000

    61 - 65 years old

    HK$1,000,000

    The additional coverage amount applied for is considered a new policy and also comes with a 21-day cooling-off period. If you cancel the policy or rider within the cooling-off period, we will refund all premiums paid in full.

  2. Decreasing Your Life Insurance Coverage
    This request will take effect on your next or subsequent renewal date. If you wish to increase your coverage in the future, you will need to apply for a new policy and undergo financial underwriting.