HONG KONG SAR – Media OutReach – 24 November 2023 – Term life allows the public to obtain higher life coverage at lower premiums as there are no savings components. However, max insured amount of many online products are often lower. To address this issue, Bowtie has taken the lead in increasing its max insured amount to HK$20 million since 3 Nov 2023, becoming the online life insurance provider with the highest coverage in Hong Kong.
The “Weakness” of Online Term Life Insurance
Term life is cost-effective, but the insured amount is often limited to a few million dollars, which may not provide sufficient protection for individuals with higher income. Due to the insured amount limit of online term life insurance, they would have to apply with two different insurance companies separately to obtain coverage exceeding HK$10 million, which was quite troublesome.
Bowtie Cooperates with Reinsurance Companies to Increase Coverage to HK$20 million
After evaluating the customers’ needs, Bowtie decided to take improvement measures by partnering with two multinational reinsurance companies to increase the insured amount to the maximum of HK$20 million.
Now, if customers find that the standard insured amount (see Table 1) not fulfilling their needs, they can apply for a maximum life coverage of up to HK$20 million after undergoing financial underwriting and a medical examination.
| Age | Bowtie Term Life – Past Maximum Insured Amount (medical examination not required) |
| 18 – 45 years old | HK$8 million |
| 46 – 55 years old | HK$4 million |
| 56 – 60 years old | HK$3.5 million |
| 61 – 65 years old | HK$1 million |
Table 1: Bowtie Term Life – Past Maximum Insured Amount (medical examination not required), the amount subject to age restrictions.
How Does Financial Underwriting Determine the Maximum Insured Amount?
The purpose of life insurance is to compensate for the loss of income resulting from the insured’s death. Therefore, during financial underwriting, Bowtie considers the insured’s work income (including monthly salary, bonuses, and commissions) and age (see Table 2) to determine the maximum insured amount after a medical examination.
Other income sources such as dividends and rental income are not affected by the insured’s death and are therefore not taken into consideration.
| Age | Bowtie Term Life – Current Maximum Insured Amount (Medical Examination Required) |
| 18-45 years old | 30 times the work income |
| 46-55 years old | 20 times the work income |
| 56-60 years old | 15 times the work income |
| 61-65 years old | 10 times the work income |
Table 2: Bowtie Term Life – Current Maximum Coverage (medical examination required) after product update.
The numbers listed above are rough calculations, and Bowtie will handle each insured individual’s case individually.
Bowtie now offers the highest coverage amount among online life insurances!
Bowtie Term Life provides a life coverage of up to HK$20 million, making it the highest coverage among all online life insurance products in Hong Kong.
The HK$20 million life coverage is not just a marketing gimmick. Bowtie believes that “Just fit is the best”. We sincerely hope that this product update can help consumers so that their loved ones will not have to worry about financial burdens in the unfortunate event of their passing.
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About Bowtie
The Bowtie Life Insurance Company Limited is an authorised life insurance company and Hong Kong’s very first virtual insurer approved under the Fast Track pilot scheme.
Through the use of modern technology and medical expertise, Bowtie offers a commission-free convenient online platform for customers to quote, apply and claim for health insurance plans certified by the Health Bureau under the 
Voluntary Health Insurance Scheme (VHIS).
Bowtie is supported by Sun Life Financial Hong Kong Limited, Mitsui & Co., Ltd., and several international investment companies.
Its insurance products include Voluntary Health Insurance, Life Insurance, Critical Illness Insurance, Cancer Insurance, Accident Insurance, and Group Medical Insurance.
In addition, Bowtie has expanded into daily life, establishing the all-in-one health centre Bowtie & JP Health, the Asian health information platform Gobowtie, and Bowtie Vietnam
Stay up to date at https://www.bowtie.com.hk/
This content was prepared by Media OutReach. The opinions expressed in this article are the author's own and do not reflect the view of Siam News Network.
