For Immediate Release
August 14, 2018
Hong Kong — Manulife Hong Kong has launched ManuLove Care, the first-in-market critical illness solution that extends protection to the insured’s parents and children including children born in the future. It offers ample protection and financial support for Hong Kong’s sandwich generation: working-age people who support their parents and children.
ManuLove Care provides the insured with well-rounded protection up to the age of 100, covering 60 major critical illnesses, 44 early stage critical illnesses and eight juvenile diseases.
“ManuLove Care makes it easier for those with cross-generational family responsibilities to protect themselves and their loved ones if medical challenges arise,” said Wilton Kee, Chief Product Officer for Individual Financial Products at Manulife Hong Kong. “While one in three people in Hong Kong1 will be diagnosed with cancer by the age of 85, many do not have critical illness insurance protection themselves and overlook the importance of such protection for their children. This leaves them vulnerable to long-term financial stress if an illness strikes them or family members.”
The well-rounded plan is designed to provide extra protection to the life insured’s parents and children.
Results from a customer survey2 recently conducted by Manulife Hong Kong highlight the need that ManuLove Care addresses: more than half (53%) of respondents with health or critical illness insurance do not have a family plan, while only one-third (33%) have a family plan that covers critical illness. Meanwhile, 64% of respondents’ parents do not have critical illness protection. It is difficult for many elderly people to pass the necessary underwriting conditions to secure insurance cover due to age-related health complications.
For critical illness protection for the children, only 36% of respondents with children have such coverage. 70% of respondents with parents and children said they would choose a critical illness plan that can cover them and their parents and children, if there is such an option.
Other features of ManuLove Care include:
“When planning for your retirement, it is not enough to simply focus on savings. Critical illness does not discriminate and as our recent survey shows, many hard-working people are financially unprepared for a serious illness in their family. We know that Hong Kongers want to protect the health of themselves and their loved ones, and ManuLove Care enables them to do so,” said Kee.
Manulife Hong Kong
Manulife Hong Kong offers a diverse range of protection and wealth products and services to individual and corporate customers via Manulife (International) Limited, Manulife Asset Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited, which are members of the Manulife group of companies.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of June 30, 2018, we had over C$1.1 trillion (HK$6,662 billion) in assets under management and administration, and in the previous 12 months we made C$27.6 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.