HONG KONG, CHINA - Media OutReach - May 26, 2017 - MetLife Hong Kong* has launched MetLife Healthcare Companion Critical Illness Annuity, an optional rider which protects customers from the persisting consequences of designated critical illnesses. This optional rider provides a steady stream of guaranteed annuity payouts up to age 100, beginning upon diagnosis of any of the covered critical illnesses such as stroke, kidney failure, advanced dementia, etc. This is the first impaired annuity product in the Hong Kong market that continuously provides annuity payouts even if the insured person recovers subsequently.
The number of people suffering from critical illnesses such as stroke and kidney failure is increasing, and these diseases affect more than just the older generation. Around 25,000 Hong Kong people experience stroke each year(i) , with 1 in 4 patients aged 45 - 64(ii) . Additionally, the number of end-stage kidney failure patients has increased by 90% over the past ten years (iii) . These common critical illnesses have a relatively high survival rate, but could cause irreversible impacts, including impaired physical functions, loss of independence, and loss of capacity to work -- causing burdens for long-term care and finances. Because of advancements in medical technology, many patients with critical illnesses are living longer than ever, which means that long-term care expenses are also required for a longer period.
"MetLife Healthcare Companion Critical Illness Annuity reflects our commitment to navigating life together with customers. This new product provides financial support that addresses the specific needs caused by certain critical illnesses, and does so with the right timing," said Mr. Hamilton Yuen, Head of Product Development at MetLife Hong Kong. "At MetLife Hong Kong, we have always kept a close eye on health trends and customer needs, staying one step ahead in the industry. Typical critical illness insurance products provide a lump sum payment for immediate or one-off financial support for treatment. But because of the increasing incidence of certain critical illnesses that cause lifelong impacts and increased costs for long-term care, we have gone beyond the typical critical illness insurance in developing MetLife Healthcare Companion Critical Illness Annuity. This product is crafted to provide a stream of guaranteed annuity to customers, supporting them along their whole journey as they cope with the regular expenses necessitated by a covered critical illness."
This optional rider is designed to provide a steady stream of guaranteed protection to fit customers' personal needs at an affordable cost. Customers can enjoy a number of benefits during the coverage period, including:Steady stream of guaranteed annuity payouts for long-term care expenses and income supplement until the optional rider terminates. Two options of coverage periods are available -- customers may choose to receive the guaranteed annuity payouts till age 85 or age 100. Affordable premium that will not increase with the customer's age during the coverage period Waiver of premium upon confirmed diagnosis of any of the covered critical illnesses
MetLife Healthcare Companion Critical Illness Annuity has gone well beyond the typical practice for most other traditional long-term care products in the market where payment is only made when patients can continuously prove they suffer loss of independent existence. MetLife is committed to helping customers maintain a comparable standard of living after illness strikes, and fully understands that physical recovery does not guarantee that patients can return to their original work. That's why this optional rider provides a steady stream of guaranteed regular annuity payouts upon diagnosis of any of the covered critical illnesses, up until termination of this optional rider, in order to support long-term care expenses and supplement the patient's income, even if the patient recovers subsequently.
In addition to the annuity payouts offered upon diagnosis of any of the covered illnesses, the optional rider also provides a Cancer Benefit option as an extra line of defense against cancer. Upon confirmed diagnosis of cancer, the customer will receive a one-time lump sum payment which equals to 24 times the sum assured. In the event of a cancer diagnosis, the optional rider remains in force to provide protection as long as premiums continue to be paid.
Customers can enjoy a premium waiver of up to 8 months^ simply by joining the "We Love HK. We Love Family" promotion and successfully applying for MetLife Healthcare Companion Critical Illness Annuity via a MetLife Financial Planner on or before June 30, 2017.
^Terms and conditions apply. Please refer to the relevant promotion leaflet for details.
(i) Stroke Fund Website, HKSAR (as of March 2017)
(ii) Thematic Household Survey Report No. 58, Census and Statistics Department, HKSAR (October 2015)
(iii) Smart Patient Website, Hospital Authority, HKSAR (as of March 2017)
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies in the world# . Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information about MetLife Hong Kong*, visit www.metlife.com .hk .
* MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively "MetLife Hong Kong") are wholly-owned subsidiaries of MetLife, Inc. in Hong Kong and private companies limited by shares incorporated and registered under the applicable laws in Hong Kong. Both MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited are authorized insurers carrying long term business in Hong Kong.
# Based on non-banking assets according to A.M. Best research 2012 data, Best's Review July 2014.