Insurer AIA Hong Kong has launched a life insurance product to help high net worth (HNW) individuals with their legacy planning.
The AIA ‘Wealth Elite 2 – Sapphire’ is closed to four times leveraged life protection but requires the same premium sum, the firm said.
AIA added the plan provides a “first-in-market” pre-underwriting option of up to $20m (£16.7m, €19.3m), meaning that, upon successful application for the first policy, customers can apply for one or more plans of the same life insurance product with a simplified medical underwriting procedure “within a designated time period and the pre-approved cover amount”.
Wealth Elite 2 also offers a mental incapacity option, where clients can designate a family member in advance to withdraw the policy value on their behalf should mental health conditions arise.
They will be able to have an enhanced death benefit settlement option as well, where customers can decide in advance on the first benefit payment date to the beneficiary as well as the benefit sum and payment option.
Clients who apply before 31 December 2022 will also be given a premium discount, simplified underwriting offer, relaxation of medical underwriting requirement, and the reduction of minimum sum assured requirement, the insurer said.
Alice Liang, chief proposition officer at AIA Hong Kong & Macau, said: “We understood that high net worth customers put high priority to life and legacy planning, and look for a head-start to secure the future for their family.
“An all-round life protection plan is an ideal solution for legacy planning. Therefore, we have specially incorporated a competitively high leveraged life protection into the product when we designed AIA ‘Wealth Elite 2 – Sapphire’. In addition, the plan’s pre-underwriting option and other flexible options that address customers’ concerns about mental health conditions enable customers to pass on their wealth from generation to generation without hassle, helping them live healthier, longer, better Lives.”