The latest news in investment offerings, financial products and other services relevant to wealth advisors and their clients.

Manulife Hong Kong has launched two new critical illness plans, designed to mitigate income loss during long-term treatment.

The IncomeGuard Critical Illness Protector covers 121 critical illnesses and diseases, providing a heart attack/stroke continuous treatment benefit with up to all of the notional amount upon diagnosis of a heart attack or stroke for subsequent specified complex or major surgeries, following the receipt of major critical illness benefit. 

In the second case, the IncomeShield Critical Illness Protector delivers focused protection for cancer, heart diseases, and stroke, featuring simplified underwriting.

As WealthBriefingAsia illustrated in a conference held as far back as 2016, the Asian wealth sector must pay heed to the importance of critical illness cover. For even highly wealthy individuals, spending several months away from work and business can be costly not just in terms of medical bills, but also income, business performance, and associated costs.

“While many consumers view critical illness plans as a means to cover treatment expenses, they also serve as a vital income replacement tool. When diagnosed with a critical illness, people often need to take time off for treatment and recovery, leading to significant income loss,” Darren Thompson, chief product officer, Manulife Hong Kong and Macau, said. “This makes critical illness plans invaluable in providing financial stability, allowing individuals to focus on their treatment and recovery journey.”

Manulife said its research showed that consumers seeking critical illness coverage prioritise three factors: coverage for a wide variety of critical illnesses (53 per cent), the availability of various value-added services to support them during illness (39 per cent), and coverage for recurring critical illnesses (37 per cent).

In addition, upon diagnosis, 39 per cent of surveyed consumers identified their immediate concern, ranked among the top three, as losing their ability to work and their income-earning potential. 

Manulife Hong Kong is part of Canada-headquartered Manulife, a financial services group.