Friends Provident International (FPI) has launched a protection plan that aims to provide Hong Kong residents with insurance against the financial consequences of premature death, terminal illness, critical illness or disability.
The product, called the International Protector Asia plan, was designed by FPI’s Hong Kong office specifically to cater for the local market’s needs, an FPI spokeswoman said.
Reflecting this market’s international nature, the new plan is being offered in a choice of US dollar, Hong Kong dollar, sterling and euro formats.
The International Protector Asia plan is a variation of a pre-existing product, the International Protector, but has such additional features as critical illness cover (CIC) and a flexibility element that allows customers to pick and mix the types of cover they want, from a menu that in addition to CIC includes life cover and earlier critical illness cover.
The International Protector plan continues to be offered by FPI in other markets, such as Dubai, the FPI spokeswoman said.
The FPI launch comes at a time when many in the insurance industry are reporting consumers more interested in protection products than investments.
Will help IFAs
FPI’s Hong Kong general manager David Knights, whose team developed International Protector Asia, said it will help financial advisers to help their clients to plan for their futures.
Among the featured options of FPI’s International Protector Asia:
• Up to $1m in critical illness cover
• Coverage against a range of critical illnesses
• Coverage for terminal illness
• Optional total and permanent disability benefit, as a supplement to life cover
• Life cover terms ranging from 1 to 35 years and critical illness terms from 5 to 35 years
More information is on the FPI website at www.fpinternational.com.hk.
