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Won't term Critical Illness Insurance become increasingly expensive, making savings-linked insurance more worthwhile in the long run?

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It's true that term critical illness insurance premiums increase as you age. However, the overall premiums are still significantly lower* than savings-linked critical illness insurance in the long run. When comparing the cost difference between the two, there are three key points to consider:

 

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  1. It's true that term critical illness insurance premiums increase as you age. However, the overall premiums are still significantly lower* than savings-linked critical illness insurance in the long run. When comparing the cost difference between the two, there are three key points to consider:
  2. You may not need critical illness insurance after retirement as it’s designed to cover living expenses if you lose income due to as diagnosis of critical illness. Since retirees are not typically employed full-time, they would not experience income loss if they were to become critically ill. Medical expenses should be covered by health insurance (such as the Bowtie VHIS series). Therefore, it may not be necessary to continue paying for term critical illness insurance after age 65.
  3. Many people prioritize savings over protection due to budget constraints, opting for savings-linked critical illness insurance with lower coverage. However, they often regret not having sufficient coverage when they actually face a critical illness. This approach carries significant risk. We recommend securing basic protection with term critical illness insurance first and then considering other products to enhance your financial plan.

Want to see Bowtie Critical Illness Insurance's "Future Premium Table"? (Bowtie Critical Illness Insurance/ Bowtie Multiple Cover Critical Illness Insurance / Bowtie Early Stage and Multiple Cover Critical Illness Insurance )

Based on the standard monthly premium for a 35-year-old non-smoking male for HK$1 million in coverage under the ‘Bowtie Multiple Cover Critical Illness insurance’ plan; Savings-linked CI insurance: Data is based on the average of standard premiums for six savings-linked CI insurance plans (18-20 year premium payment term) offering multiple coverages in the market as of March 10, 2022.