AXA unveils new critical illness plan with lower underwriting barriers

It is aimed at the silver-haired segment and critical illness survivors

AXA unveils new critical illness plan with lower underwriting barriers

Life & Health

By Kenneth Araullo

AXA Hong Kong and Macau have unveiled its latest critical illness plan, which aims to provide peace of mind to underserved communities facing health risks.

With more relaxed underwriting requirements, the new CareForAll plan is designed to cater to customers living with chronic diseases, the elderly, and critical illness survivors, ensuring they can access critical illness insurance as needed.

The launch of CareForAll represents AXA’s goal to grant comprehensive coverage access to individuals living with diabetes and chronic conditions – commonly known as the “3-Highs” – the growing elderly population, as well as survivors of cancer, heart attacks, or strokes. This plan offers coverage of up to HK$2 million and provides one-stop well-being support services.

Unlike conventional critical illness plans in the market, applicants only need to respond to as few as three straightforward questions, mainly focusing on their health conditions over the past two years. Furthermore, there is no requirement for a medical examination or the submission of medical reports during the underwriting process for all applicants.

The number of elderly individuals aged 65 and above is set to nearly double, reaching 2.74 million within the next two decades. By 2046, this demographic will comprise over one in three Hongkongers. The elderly are highly susceptible to chronic diseases and critical illnesses, with 75% of those over 65 dealing with conditions like hypertension, diabetes, heart disease, or cancer.

Additionally, there is a concerning trend of a younger population suffering from chronic diseases such as diabetes and the “3-Highs.” Unfortunately, individuals with existing chronic conditions or survivors of critical illnesses were often denied coverage by traditional critical illness protection plans due to stringent underwriting requirements or expensive premiums, leaving them and their families vulnerable and uncertain about their future.

“As a leading global insurer, AXA has always been committed to innovation and forward-thinking in designing various products and services,” AXA Greater China CEO Sally Wan said. “We continuously strive to meet not only our customers' current needs but also prepare them for the future. With the increasing prevalence of chronic diseases, cancer, heart diseases, and strokes, coupled with the growing aging population, we are deeply concerned that more and more customers will face these health issues, resulting in a widening gap in their future health coverage. Therefore, AXA has introduced CareForAll Critical Illness Plan to ‘Prevent the Preventable; Protect the Unprotected’.”

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