III. Benefit Riders and Other Products 保險利益附約及其他產品

Disability benefits protect an insured who cannot work because of injury or illness: a WP Benefit Rider waives premiums so the policy stays in force, while disability income pays regular cash to replace lost earnings. Whether either is payable depends on policy terms such as the definition of disability and the waiting period.

Disability Waiver of Premium (known as a WP Benefit Rider) · Disability Income

Accident benefits are riders added to a long term policy that pay only when accidental injury causes the life insured's death, loss of limbs or sight, medical treatment or hospital stay, so loss caused by illness is generally not covered. The conditions, exclusions and amounts all depend on the policy wording.

Accidental Death and Dismemberment · Other Accident Benefits

Accelerated death benefits allow part of the death benefit to be paid while the life insured is still alive, if they suffer a specified critical illness or need long-term care. The amount advanced is normally deducted from the later death benefit, so the benefit mainly changes when money is paid rather than adding to total cover.

Critical Illness Benefit · Long-Term Care (LTC) Benefit

The Voluntary Health Insurance Scheme is a government-run voluntary scheme that sets requirements for certified medical insurance products through the Standard Plan and Flexi Plans, with tax deductions for qualifying premiums. GL31 is a regulatory guideline issued by the Insurance Authority to authorized insurers on medical insurance business.

Voluntary Health Insurance Scheme (VHIS) · Guideline on Medical Insurance Business (GL31)

A Guaranteed Insurability Option lets the policyholder buy more life cover on specified dates or life events without providing fresh evidence of insurability. Even if the life insured's health has worsened, extra cover can be bought at a premium based on attained age, within limits on dates, amounts and age.

Guaranteed Insurability Option

The Cost of Living Adjustment (COLA) Benefit is a rider that raises the insurance benefit in line with a specified index, such as a consumer price index, to limit the erosion of its real value by inflation. Increases usually need no fresh evidence of insurability, but they generally carry extra premium and are subject to a cap.

Cost of Living Adjustment (COLA) Benefit