Manulife Hong Kong has launched a critical illness solution that extends protection to the insured’s parents and children, including children born in the future.

The new product, known as ManuLove Care, is targeted at Hong Kong’s sandwich generation: working-age people who support their parents and children. It covers the insured from 60 major critical illnesses, 44 early-stage critical illnesses, and eight juvenile diseases, until age 100.

Under the policy, the insured’s parents are covered from cancer from ages 55 to 85. Meanwhile, children are covered until age 18 from 60 major critical illnesses and eight juvenile diseases, including critical illnesses arising from undetected congenital conditions. No underwriting is required for the covered parents and children, subject to a two-year elimination period.

In case a covered family member is diagnosed with a critical illness, 20% of the notional amount (up to HK$200,000/US$25,000) per covered family member can be claimed. The family benefit, if claimed, does not affect the insured’s own benefits.

According to Manulife Hong Kong, the new product responds to the results of its customer survey, which found that 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. Manulife noted that it is difficult for many elderly people to pass the necessary underwriting conditions to secure insurance cover due to age-related health complications.

“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 Kong 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.”