1) What happens when I move away from Hong Kong, after I buy life insurance in Hong Kong? Does coverage end?
This is one of the most common questions. The answer is NO. Life insurance generally remains to be in force (coverage provided) even if you move away from Hong Kong. In theory, the chances of passing away may be slightly different based on residency in different countries. However, the annual premiums you are charged takes that into account. One thing to remember is that a life insurance policy domiciled in Hong Kong, will continue to be a Hong Kong policy, so even though you move to Singapore, for example, you still need to pay your premiums in Hong Kong, and also coordinate any claims through the insurance company office in Hong Kong as well.
2) What if I am moving to a country where the life insurance company exists there as well. Can my policy be serviced by them?
As an example, if you purchased a Manulife life insurance policy in Hong Kong, you are not able to service (pay premiums, coordinate claims) that policy from Manulife in Canada or Manulife in Japan. Even though Manulife has offices across different countries, the products, regulations, administration, customer service, etc, are all separate operations across all countries. Therefore, the policy you buy in Hong Kong, will always need to be serviced in Hong Kong.
3) The premiums I am quoted - are these the exact premiums I will eventually pay, when I buy this insurance policy?
The premiums quoted at TheInsuranceMole.com.hk are the standard premiums that are quoted by an insurance company for a healthy applicant with no medical conditions, based on 4 main factors: age, sex, smoking status, and face amount. However, once an applicant submits a complete application package to the insurance company, their underwriting department (people who assess risk) may revise the quoted premiums or even reject the application altogether, based on many additional factors, some of which are: pre-existing medical conditions, weight, occupation, drinking habits, hobbies, and even family history.
4) Is theinsurancemole.com.hk licensed to sell insurance in Hong Kong?
TheInsuranceMole.com is a website run by Groveland Financial Services Limited, which is a member of the Professional Insurance Brokers Association (PIBA) in Hong Kong, with membership #0534. Groveland is licensed to sell life insurance, medical insurance, general insurance, and investment-linked in Hong Kong.
5) I only see 5 or 6 insurance company options when I received my premium quotes. Are those your only insurance product options?
No. Groveland has partnered with many more insurance companies. In fact, to date, Groveland has direct terms of business to distribute products from more than 60 different insurance companies. However, not all 60 insurance companies sell life insurance, and we are providing you with a reasonable and manageable selection of popular products in the Hong Kong marketplace, which we update constantly as products are shelved and as new products are launched.
6) Based on my search criteria, it seems there are no product options available to me. Why?
Each insurance company has different criteria for accepting new business. The criteria that may result in yielding no product options is either: age (all insurance companies have an age cut-off, above which they will no longer consider new applications, which may differ between insurance companies), and face amount/ death benefit (insurance companies have different thresholds and have a maximum face amount limit that they can generate through their system, or perhaps even a minimum face amount). Larger face amounts can be quoted via special quote requests directly with the insurance company. Please contact our Groveland broker team to help you identify the specific reason for your search result.
7) Is there more information I can get about the recommended products, other than the product feature summary, and the annual premiums?
Certainly! We find that the best next step is to talk to a licensed insurance broker at Groveland Financial Services Limited, so they can help you sort through which products are the best fit for you, and they can forward all of the product brochures, policy details, and pamphlets to you. It is very common for many of our clients to ask for life insurance, but later realize what they really NEED is critical illness insurance, and so it is our job as a broker to help walk you through that thought process. Make an appointment with one of our advisors here.
8) If I cancel my life insurance policy later on, will I get any money back?
It all depends on whether you buy TERM life or WHOLE life. When you buy term life insurance, your policy renews each year, and when you terminate your policy, you will not get back any money. However, if you buy whole life insurance, when your policy starts building up Guaranteed Cash Value (fancy way of saying: value of your policy when you cancel it), then there will be money given back to you, which would be equivalent to the Guaranteed Cash Value, and any dividends that have been accruing/ growing in your policy. Please talk to one of our Groveland advisors, to walk you through the other differences between term insurance and whole insurance.
Have questions? Our advisors are more than happy to reach out to you!