Manulife Hong Kong has launched two critical illness insurance plans aimed at addressing income loss concerns during long-term treatment for serious health conditions. 

The new plans, namely IncomeGuard Critical Illness Protector and IncomeShield Critical Illness Protector, provide annual pay outs and include a heart attack and stroke continuous treatment benefit, which the company describes as a market-first.   

The IncomeGuard Critical Illness Protector offers coverage for 121 critical illnesses and diseases, including 60 major critical illnesses, 44 early-stage critical illnesses, and 17 juvenile diseases. 

It includes a provision for extra coverage of up to 1,000% of the notional amount, applicable in cases involving cancer, heart attack, or stroke. 

Additionally, it offers a benefit that provides up to 100% of the notional amount for complex or major surgeries following the diagnosis of heart attack or stroke after a major critical illness claim has been made. 

Other features of IncomeGuard include a premium waiver for 12 months after diagnosis of an early-stage or juvenile disease, and for all future premiums after a major critical illness diagnosis.  

The plan also covers traditional Chinese medicine for cancer treatment and includes a Protection Restore Benefit and guaranteed premiums for payment periods of ten, 20, or 25 years. 

The IncomeShield Critical Illness Protector focuses on three specific illnesses: cancer, heart disease, and stroke.  

The plan offers up to 500% of the notional amount in coverage, a heart attack/stroke continuous treatment benefit, and a one-time advanced benefit of 100% of the notional amount for late-stage cancer.  

It also includes premium waivers and the same Protection Restore Benefit and guaranteed premium structure as IncomeGuard. 

Manulife Hong Kong and Macau chief product officer Darren Thompson said: “With rising medical costs and the financial burden of critical illnesses, it is essential for Manulife to offer our customers accessible and holistic insurance solutions that protect themselves and their loved ones during challenging times.  

“When diagnosed with a critical illness, people often need to take time off for treatment and recovery, leading to significant income loss. This makes critical illness plans invaluable in providing financial stability, allowing individuals to focus on their treatment and recovery journey.” 

Earlier this month, Manulife appointed Stephanie Fadous as its chief actuary.