Differences between the 2 plans in coverage and reimbursement method
There are 2 Bowtie Term Critical Illness Insurance : (1) Bowtie Term CI, (2) Term CI Multiple Cover and (3) Term CI Early Stage and Multiple Cover ; Bowtie Cancer Fighter can be divided into 3 levels, including (1) Cancer Fighter 100, (2) Cancer Fighter 200, and (3) Cancer Fighter 300. The level affect the lifetime benefit limit directly. For Cancer Fighter 100, the insured person get a lifetime benefit limit of HK$1 million, and so on.
The table below summarizes the differences between Bowtie Term CI Early Stage and Multiple Cover, and Bowtie Cancer Fighter 300:
| Bowtie Term CI Early Stage and Multiple Cover | Bowtie Cancer Fighter 300 | |
|---|---|---|
| Purpose of Coverage | Used to cover living expenses when suffering from critical illnesses | Covers medical services related to cancer |
| Coverage |
|
Covers medical services required due to insured cancer |
| Reimbursement Method |
|
Claims paid based on the actual expenses incurred Lifetime benefit limit of HK$3 million** |
# 4 early-stage CIs, such as Carcinoma-in-situ and angioplasty surgeries, etc. can be claimed for multiple times, up to 5 claims with a lump-sum benefit of 20% of the sum insured. There is a waiting period of 2 years for each claim.
^ 3 major CIs, including Cancer, heart disease, and stroke can be claimed for multiple times, and the other 35 insured critical illnesses can be claimed once, up to 5 claims. There is a waiting period of 2 years for each claim, with a lump-sum benefit of 80% or 100% of the sum insured. If you successfully claim early critical illness benefits and after a 2-year waiting period, should you unfortunately be diagnosed with a severe critical illness, we will provide you with an additional lump-sum payment equal to 100% of the sum insured. However, if you are diagnosed with a severe critical illness within the 2-year waiting period, we will provide you with an additional lump-sum payment equal to 80% of the sum insured.
*The 4 "Supplementary Coverages" include terminal illness, Total Permanent Disability, Loss of Independent Existence, and Major Medical Treatment. For detailed definitions, please refer to Definitions of Major and Early Stage Critical Illnesses and Surgical Procedures
** Depending on the plan chosen.
Which one to choose?
The coverage of the two plans is quite different and hard to compare directly. If you have a limited budget, you can consider the purchase decision with the following principles:
- If you already have full-covered medical insurance (such as Bowtie Pink), which is sufficient to cover cancer expenses, and you live relying on the monthly salary. Then it is recommended to choose Bowtie Term Critical Illness now. Even if you choose Bowtie Cancer Fighter, the coverage is likely to overlap with your existing medical insurance, so it is better to allocate your budget to critical illness insurance. In that way, even if you are unable to work due to a critical illness, you do not have to worry about living expenses. Learn more about Bowtie Term Critical Illness.
- If you have a medical insurance that provide basic coverage, which may not be enough to pay for cancer treatment costs over HK$1 million. We recommend that you choose Bowtie Cancer Fighter first to increase your protection. Learn more about Bowtie Cancer Fighter.
- If you do not have medical insurance, you should consider Bowtie VHIS first, rather than cancer Fighter or Term Critical Illness Insurance, because Bowtie VHIS provides you the most comprehensive coverage compared to the other two, everything from accidents to minor and major illnesses. Learn more about the coverage of Bowtie VHIS.