Do I still need to buy another Travel Insurance policy for myself if my travel agent already has an insurance policy for me?
Most insurance policies effected by travel agents provide coverage to serious accidents or injuries and do not cover loss of luggage, delay or cancellation of trip, medical expenses, etc. As such, each individual should have his or her own policy.
How many day(s) in advance should I apply a Travel Insurance for my trip?
As most travel insurance policy would have trip cancellation coverage, you are suggested to effect the insurance as soon as your itinerary is confirmed.
Is there any specially designed insurance policy for people who frequently travel to Mainland China?
Yes. There is a kind of China Medical Insurance available in the market that provides the policyholder with hospital admission guarantee without worrying about the deposit in case of accidents or acute sickness in China.
What is Personal Accident Insurance?
Personal Accident Insurance policy provides benefit to the
insured person upon his death or disablement as a result
of an accident. Many Personal Accident Insurance policies
available in the market provide other additional benefits
such as Hospital Cash Allowance either as optional benefit
of the policy or as added value.
Is medical
examination required for purchasing Personal Accident Insurance?
No medical examination is required.
How many categories of life insurance are available in the market?
Major categories are: Whole Life, Term, Endowment, and Unit linked.
What is the difference between Term Life insurance and Whole Life insurance?
Term Life insurance is policies that provide life cover
for a fixed duration or term and if the insured dies during
this term, the insurance company will pay the sum insured.
If the insured lives until the end of the term, no payments
will be made and the policy will be expired. Normally the
longer the term or the older the person, the higher premium
charged.
Whole Life insurance is the most common type of Life Insurance
plan. It offers protection throughout the life of the insured
and in addition there is normally an element of savings
involved. Whole life policies are policies that build up
a cash value. It is also normal for the policies to have
dividends.
Is medical
examination required for Life Insurance?
All applicants are required to complete a health declaration or health questionnaire. Whether medical examination is required depends on the answers to the health questions and insurance companies' guideline.
Why does the premium get higher as I get older?
There are very complex ways of describing this in the insurance
industry but the simplest answer is as you get older, the
chance of dying increases, and with this increased risk
the premium become more expensive.
What is
Cash Value?
Cash Value is an amount accumulated by the Policy. This amount can be withdrawn any time by the policyowner.
What is
Policy Value?
Policy Value starts to accumulate from the first policy year. The death benefit payable upon death of the life insured is calculated based on the policy value according to the Death Benefit Option.
How is Death
Benefit paid?
Death Benefit is payable to the beneficiary upon death of the life insured. With the "Level Benefit Option", the death benefit is either the policy value or the basic sum insured less all withdrawals made in the 12 months preceding the date of death, whichever is the higher. With the "Increasing Benefit Option", the death benefit is equal to the basic sum insured plus the policy value.
I have financial difficulty at the moment and cannot afford to pay for my savings insurance plan. What should I do if I would like to keep my insurance plan?
In the situation of temporary financial difficulty, terminating
the insurance policy is not the best way to solve problem.
You are recommended to draw cash from the policy to meet
your financial needs if you have accumulated sufficient
cash valve in the policy. The cash value after withdrawal
should be sufficient to pay for the premium for the coming
2 months. The withdrawal fee is only HKD200 per transaction.
Alternatively, you can enjoy premium holiday if the accumulated
cash value is sufficient to cover the premium payment.
What is
the application procedure if I want to take out an insurance
from China Construction Bank (Macau)?
It's simple. You can visit any of our Branches and complete the enrolment form.
In case of loss, damage or injury, what should I do in order to make a claim?
You should contact your insurance company's Claims Department
immediately. You need to fill in a claim form and submit the
following documentary evidence to support your claim:
- Invoices, receipts and/or estimates for property damage, loss or theft;
- Full medical evidence and receipts for medical claims;
- Birth and death certificates for personal accident/life insurance policies.
In liability cases, only the third party makes the claim, therefore, the claim is out of the policyholder's hands.
Can I still keep my policy after migrating to other countries?
Yes, if the policy is a worldwide contract.
If I terminate my policy, can I get any refund?
It depends on different types of policy and insurance companies' guideline.
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