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Updated at July 2019

Term Life Insurance

Compare Term Life Insurance (Pure Life Insurance) in Hong Kong. Find out the best rates from brokers, save cost, and get quotes now!

Minimum Sum insured(per life assured)

HK$250,000

HK$1,000,000

Maximum Sum insured(per life assured at age last birthday)

Age 18 – 45
HK$8,000,000

Age 46 – 55
HK$4,000,000

Age 56 – 60
HK$2,000,000

Age 61 – 65
HK$1,000,000

Age 18 - 45
HK$4,500,000

Age 46 - 50
HK$2,400,000

Benefit Term

1-30 years, or to age 65

5, 10, 20, 25, 30 years

Death Benefit

100% of Sum Assured

Equals to sum insured less outstanding premiums and prepaid Terminal Illness Protection (if any)

Monthly Premium

Sum insured is HK$1,000,000 with a 20-year term

Smoking StatusSmoking status when the policy is issued

Attained age Attained age when the policy is issued

Non-smoker Aged 38 - 47
Age
Male / Female
Age 18

52.50

/

35.00

Age 19

55.00

/

36.70

Age 20

55.85

/

38.35

Age 21

58.35

/

40.00

Age 22

60.00

/

42.50

Age 23

62.50

/

45.00

Age 24

65.00

/

47.50

Age 25

68.35

/

50.85

Age 26

72.50

/

54.20

Age 27

76.70

/

57.50

Age
Male / Female
Age 28

81.70

/

61.70

Age 29

87.50

/

66.70

Age 30

94.20

/

71.70

Age 31

101.70

/

77.50

Age 32

110.00

/

83.35

Age 33

120.00

/

90.00

Age 34

130.85

/

97.50

Age 35

143.35

/

105.00

Age 36

156.70

/

113.35

Age 37

171.70

/

122.50

Age
Male / Female
Age 38

188.35

/

132.50

Age 39

207.50

/

143.35

Age 40

228.35

/

155.00

Age 41

250.85

/

168.35

Age 42

276.70

/

181.70

Age 43

305.85

/

197.50

Age 44

337.50

/

214.20

Age 45

372.50

/

233.35

Age 46

411.70

/

255.00

Age 47

454.15

/

280.00

Age
Male / Female
Age 48

501.65

/

308.35

Age 49

554.15

/

341.70

Age 50

612.50

/

380.00

Age 51

679.15

/

424.15

Age 52

753.35

/

475.00

Age 53

836.65

/

532.50

Age 54

930.00

/

598.35

Age 55

1035.00

/

672.50

Age 56

1152.50

/

757.50

Age 57

1284.95

/

854.15

Age
Male / Female
Age 58

1433.30

/

964.15

Age 59

1599.95

/

1089.15

Age 60

1787.45

/

1230.80

Age 61

1997.45

/

1392.45

Age 62

2233.25

/

1575.80

Age 63

2499.10

/

1783.30

Age 64

2797.40

/

2019.10

Age 65

3132.40

/

2285.75

Age
Male / Female
Age 18

91.61

/

69.26

Age 19

92.80

/

70.96

Age 20

93.46

/

71.89

Age 21

93.98

/

72.81

Age 22

95.38

/

74.84

Age 23

95.95

/

76.90

Age 24

96.94

/

78.24

Age 25

99.18

/

80.74

Age 26

101.79

/

83.36

Age 27

104.86

/

86.10

Age
Male / Female
Age 28

109.21

/

89.16

Age 29

113.03

/

92.42

Age 30

119.18

/

95.92

Age 31

124.84

/

100.60

Age 32

131.93

/

104.68

Age 33

140.38

/

109.90

Age 34

148.44

/

116.44

Age 35

158.08

/

122.40

Age 36

169.26

/

129.66

Age 37

181.19

/

137.20

Age
Male / Female
Age 38

193.83

/

145.22

Age 39

208.24

/

154.57

Age 40

220.16

/

164.39

Age 41

234.87

/

174.80

Age 42

251.32

/

186.67

Age 43

267.36

/

199.25

Age 44

290.41

/

212.50

Age 45

315.13

/

225.46

Age 46

342.56

/

240.19

Age 47

373.72

/

259.24

Age
Male / Female
Age 48

407.10

/

277.99

Age 49

445.00

/

298.19

Age 50

486.77

/

322.69

Age 51

N/A

Age 52

N/A

Age 53

N/A

Age 54

N/A

Age 55

N/A

Age 56

N/A

Age 57

N/A

Age
Male / Female
Age 58

N/A

Age 59

N/A

Age 60

N/A

Age 61

N/A

Age 62

N/A

Age 63

N/A

Age 64

N/A

Age 65

N/A

Age
Male / Female
Age 18

72.50

/

45.85

Age 19

75.85

/

48.35

Age 20

79.20

/

51.70

Age 21

82.50

/

55.00

Age 22

85.85

/

58.35

Age 23

90.85

/

62.50

Age 24

95.85

/

67.50

Age 25

101.70

/

72.50

Age 26

109.20

/

78.35

Age 27

117.50

/

85.00

Age
Male / Female
Age 28

126.70

/

91.70

Age 29

136.70

/

99.20

Age 30

149.20

/

108.35

Age 31

162.50

/

117.50

Age 32

177.50

/

127.50

Age 33

194.20

/

138.35

Age 34

213.35

/

150.00

Age 35

234.20

/

163.35

Age 36

256.70

/

176.70

Age 37

282.50

/

192.50

Age
Male / Female
Age 38

310.85

/

208.35

Age 39

342.50

/

225.85

Age 40

377.50

/

245.00

Age 41

416.65

/

265.85

Age 42

460.00

/

288.35

Age 43

507.50

/

312.50

Age 44

559.15

/

340.00

Age 45

616.65

/

369.20

Age 46

680.00

/

403.35

Age 47

749.15

/

441.65

Age
Male / Female
Age 48

825.85

/

486.65

Age 49

910.80

/

537.50

Age 50

1005.80

/

597.50

Age 51

1113.30

/

665.85

Age 52

1233.30

/

745.00

Age 53

1368.30

/

833.30

Age 54

1519.15

/

935.00

Age 55

1689.10

/

1050.80

Age 56

1879.95

/

1182.50

Age 57

2094.10

/

1332.45

Age
Male / Female
Age 58

2334.10

/

1502.45

Age 59

2604.10

/

1696.60

Age 60

2906.60

/

1916.60

Age 61

3247.40

/

2167.45

Age 62

3599.90

/

2452.45

Age 63

3774.85

/

2775.75

Age 64

3958.20

/

3142.40

Age 65

4166.50

/

3557.40

Age
Male / Female
Age 18

98.20

/

73.84

Age 19

101.12

/

75.22

Age 20

102.79

/

77.64

Age 21

105.29

/

80.18

Age 22

107.81

/

83.04

Age 23

111.58

/

86.11

Age 24

114.96

/

89.57

Age 25

119.89

/

94.28

Age 26

126.45

/

99.34

Age 27

132.76

/

104.82

Age
Male / Female
Age 28

141.69

/

111.72

Age 29

150.64

/

119.20

Age 30

162.37

/

127.20

Age 31

174.12

/

135.79

Age 32

188.86

/

146.00

Age 33

204.79

/

157.03

Age 34

221.92

/

168.79

Age 35

242.34

/

182.34

Age 36

264.13

/

197.65

Age 37

288.47

/

213.75

Age
Male / Female
Age 38

315.51

/

230.96

Age 39

345.40

/

250.05

Age 40

378.33

/

271.21

Age 41

415.44

/

293.55

Age 42

456.04

/

319.04

Age 43

500.42

/

345.97

Age 44

550.72

/

374.74

Age 45

605.30

/

408.21

Age 46

665.62

/

444.16

Age 47

732.02

/

484.68

Age
Male / Female
Age 48

805.86

/

530.28

Age 49

886.72

/

581.58

Age 50

976.38

/

639.12

Age 51

N/A

Age 52

N/A

Age 53

N/A

Age 54

N/A

Age 55

N/A

Age 56

N/A

Age 57

N/A

Age
Male / Female
Age 58

N/A

Age 59

N/A

Age 60

N/A

Age 61

N/A

Age 62

N/A

Age 63

N/A

Age 64

N/A

Age 65

N/A

* Premium levy is not included in the above premiums

Premium Payment Term

Same as selected Policy Benefit Term

Same as selected Policy Benefit Term

Premium Structure

1.
The premium will remain unchanged throughout the Premium Payment Term.
1.
The premium will remain unchanged throughout the Premium Payment Term.
2.
The premium rate will depend on age, gender, smoking status, health conditions, Policy Benefit Term and Premium Payment Term.
2.
The premium rate will depend on age, gender, smoking status, health conditions.
3.
Apart from premium, no payment of fees and charges is required for the coverage.

Premium Payment Frequency

Monthly or Annual

Monthly

Key Features

Get some money back (1) (if any) if you make a plan change, terminate your policy, or you fail to pay a premium resulting in policy termination.
If you are diagnosed with any terminal illness, 50% of your active benefit will be prepaid as an immediate financial assistance.
Guaranteed policy renewal without answering further health questions.
No medical checks.
Premium remains unchanged during the payment period.
Completely online.
Answer three health assessment questions. Get instant approval.

Issue Age(Age on Last Birthday)

18 - 65

18 - 50

Maximum Cover Age(Age on Last Birthday)

85

99

Policy Currency

Hong Kong Dollars

Hong Kong Dollars

Eligibility

Hong Kong permanent residents with a permanent Hong Kong address

Have an active HKID card and are currently residing in Hong Kong

Important

Suicide within 1 year from the policy issue date will not be covered. The total premiums paid for the current protection period will be refunded.

No death benefit will be paid if the life insured commits suicide within 12 months from the policy commencement date.

Provider

Blue, trade name of Aviva Life Insurance Company Limited

Liberty International Insurance Limited

Plan Name

WeCare Term Life Protection Plan 1

Simplify Life Insurance

Plan Type

Level Term

Level Term

Policy Provisions

Notes

1. You may get some money back if you make a plan change, terminate your policy, or you fail to pay a premium resulting in policy termination. A simple way to think of the calculation is: how much you have paid less the risk to us of covering you. Please click here for full details and examples.
2. For the first 20 policy years, the premium rates are guaranteed. Starting from the 21st policy year, the premium rates are not guaranteed.
3. Where the premium payment mode is other than annually, if the Death Benefit or Advanced Death Benefit is payable, FWD shall deduct from the amount payable the unpaid premiums (if any) for the remainder of the current year of insurance, together with any other indebtedness.
4. While the policy is in force and the Insured's advent of death is highly likely within 12 months as certified by a registered medical specialist as defined in the policy and is accepted by FWD, the Advanced Death Benefit in the sum equivalent to the Death Benefit will be payable to the policy owner in advance subject to the maximum of HK$1,000,000 per Insured. Upon payment of such benefit to the policy owner, the Sum Insured and the premium of the policy will be reduced accordingly. If the Sum Insured is reduced to zero or below, the policy will terminate.Advanced Death Benefit is not applicable under specific circumstances Please refer to the exclusions for the Advanced Death Benefit on this factsheet or the policy provisions
5. Please refer to the details of Conversion Privilege in policy provision.
6. Maximum sum insured is HK$500,000
 

header.channel.term-life-insurance

Term life insurance is a relatively easy and affordable form of life protection and has become one of the most popular type of life insurance because of this. With its basic form, term life insurance provides coverage and protection in the event of the insured’s death. Strictly speaking, term life insurance will distribute the insured amount arranged to the estate or beneficiary designated if the insured passes away. Literally, it is the purest form of insurance, and everyone can grasp its meaning by its name because it is self explanatory. In addition, term life insurance will have a specified duration of time, and the price will not be added mostly throughout the term of coverage, unless the right of premium adjustment is stated under the terms and conditions of certain plans. For most people, term life insurance will cover the insured until they retire yet they can opt to extend or shorten the term of insurance depending on their specific needs.

Under some term life insurance plans, you may get coverage until you reach the age of 100. There are different terms available in the market, you can choose from yearly, 10 years or even 20 years. Conversion privilege offers the policyholder flexibility to opt to convert his/her policy into other whole of life insurance plans.

In the unfortunate event of the insured’s death, the sum insured will be fully paid out according to death benefit terms and conditions under term life insurance. Optional supplementary benefits may also be available under some term life insurance plans to extend the coverage to total and permanent disability and major illness.

As the nature of term life insurance is relatively simple, and its form is pure, the plans provide the insureds and their family with sufficient coverage for a lower premium. In other words, with the same amount of sum insured, a cheaper premium is required under term life insurance than that of whole of life insurance.

Another flexible part of term life insurance is that for the sum insured, policyholders can choose to distribute a lump sum amount to their beneficiaries to ease their financial stress; or he/she can choose to have the distribution schedule to distribute a fixed or variable instalment at regular intervals for a specific period.

 

Term life insurance

Whole of life insurance

Benefit term

Specified benefit term, e.g. 10 or 20 years. It will be terminated if the policyholder fails to pay the premium

Whole of life, e.g. protection till the age of 100

Term

Fixed term with renewable option. Conversion privilege under some plans to convert the policy into other whole of life plans

Fixed term. No payment is required after maturity date

Sum insured (under the same premium)

High

Lower than that of term life insurance

Premium

Becomes more expensive as policyholders age

Fixed premium within the term (right of premium adjustment may be stated under the terms and conditions of certain plans). The premium is the average of the high premium for elderly age and the low one for younger age. Some plans may require premium payment until policyholder dies

Savings element

Cash value

Without any cash value 

Cash value accumulation builds during the life of the policy

Features

Renewable when plans expire

Cash value is based on how much the return on investment is worth (policy dividends may be guaranteed under some life insurance and saving plans). Loss may be suffered if the policyholder terminates the plan in a short period of time. A portion of the cash value can be withdrawn or borrowed during the life of the policy while interest rate is payable. Optional protection on medical, critical illness and accident is available under whole of life insurance as well as life insurance and saving 

Basically, sum insured less outstanding premiums will be distributed in the event of death. Some insurance companies may offer optional supplementary benefits for policyholders to choose in order to enjoy extra protection.

According to certain popular term life insurance plans offering in the market, the coverages include:

Total and Permanent Disability: It covers disabilities that last for at least six months and stop the insured from working in any gainful occupation for the rest of their life before the age of 65.

Major Illness Benefit: In the event that the insured suffers from one of the covered major illnesses before the age of 65, the protection amount will be given for medical treatment, living expenses or other purposes that suits his/her needs. Under this optional benefit, the insured can choose advance payment or additional payment. For advance payment option, the protection amount chosen will be paid from the sum insured of the basic plan and that the sum insured of the basic plan will be reduced by the same protection amount that is paid. For additional payment option, an additional protection amount chosen will be paid out, while the sum insured of the basic plan remains unchanged.

Accidental Death and Dismemberment: If the insured dies or suffers major dismemberment resulting directly from or independently of all other causes from bodily injury caused by an external and violent accident before the insured’s age of 65, a certain percentage of the protection amount will be paid based on the severity of the injury.

You may consider the following factors to see if you need term life insurance and look for a suitable term life insurance policy:

  • Your current age
  • Current state of your health
  • Financial needs of your family
  • The age of your children, if any
  • Your mortgage and current debts
  • Future needs of your family, such as your children’s college tuition

Having term life insurance is almost always a necessity if you have kid(s). Raising kids is always expensive, including not only daily expenses but also tuition fee. The sum insured can secure their living standard, and you partner need not to worry much on spending when, touch wood, you die. It is especially important to buy term life insurance for both parents, even if one person stays at home.

Term life insurance is really for those couples looking to replace their income when they die so their partner or dependents are not stranded. Term life insurance is recommended mostly if you share a mortgage with someone. You may barely sell a house quickly if you need the money, and a term life insurance policy can help your loved one make mortgage payments. It is about protecting yourself and your assets so you don’t have to drastically change your lifestyle if disaster strikes.