Personal Insurance in Hong Kong

7 min read|Last Updated: September 14, 2021|

Insurance policies options in Hong Kong 

There are several insurance policies that one can secure in Hong Kong. Some of them include among others;

Savings and Life insurance

The happiness of your loved ones is as important as your happiness. Arguably satisfaction is an essential thing that an individual might have. It is for this reason that having a plan to secure a better and promising future is vital to anyone who cares about themselves and those around them. Life insurance covers an individual, and they can compensate the beneficiaries in a case that the insured dies. The amount and type of insurance that an individual takes significantly depends on your unique business and other factors like age, health conditions, gender, among others.

Nonetheless, let us look at some of the types of life insurance that exist in Hong Kong

  1. Foresight Deferred Annuity Plan
    The benefits of this insurance plan include offering stability income stream, flexible plan options, eligibility of tax deductions, and the program caters for persons up to the age of 100 years.
  2. Victory
    The benefit term for this ranges up to the age of 120 years, and the extra advantages include affordable premium and legacy planning.
  3. Venus
    The insurance term covers an individual up to the age of 120 years, or it can last for 120 years from the time the policy is issued. Some of its benefits include single pay, easy application, and long term returns and growth.
  4. Vision
    Vision is the fourth one, and it has 3 types of premium modes of payment, including a monthly coupon offer.
  5. Commitment
    It takes a cumulative period of 10-35 years and has the benefits of 2 settlement options and policy continuation benefits.
  6. FlexiRetire Annuity Plan
    The benefits term of this insurance plan is up to the age of 100. It has flexible plan options, provides monthly income to the insured, and it is quite simple when put in writings.
  7. LIFE Brilliance
    The benefits are up to the age of 100 years; some of its services are life protection, it has a reversionary bonus, and guarantees cash value, and it has a guaranteed cash value.
  8. Income Plan
    The benefits cover up to the age of 100 years. Its benefits include;

    • Five payment possibilities
    • Guaranteed Annual Coupon
    • The option caters for 3 extra income boosters
  9. Ruby Endowment Plan
    • The benefit terms take 8 years and have the following two benefits;
    • The payment period is 3 years
    • It has up to 2.61% annual return upon maturity.

Accident and Disability

The accident and disability program helps in protecting one from tragic events that could lead to their disability. A fatal accident can lead one to lose their ability to earn a living, thus making their lives difficult. An example of the accident and disability insurance program

SunCare Accident Protection Plan

Benefits include:

  • Double Indemnity
  • 1 premium for all for any occupation.
  • Medical and Health Insurance
Accident and Disability

Universal life

Universal life insurance is a plan that can simultaneously protect and help you grow your savings. Universal life insurance is a better option for persons who:

  • Are looking for better ways to increase their retirement savings plans as it is vital in complementing such saving plans.
  • Are aiming to enhance their estate for their children and grandchildren.
  • Have their own businesses and looking for a tax-efficient way to protect them and their children.

Bright UL Wealth-Builder

Some of the benefits that the right ul wealth-builder offers include;

  • The program covers one for their whole life
  • Its single premium
  • It has a guaranteed minimum amount of interest being paid

What are some of the benefits of Personal Insurance?

There are various forms of insurance, and there is none that is more beneficial than the other. The insurance covers you and your family, including your properties. Therefore, taking insurance of any form will significantly help you and your business. It won’t make much sense to take insurance policies for your properties and business but not cover yourself. You are a very important asset, and thus, taking your insurance policy will be very significant. Your properties, business, and to some extent, the family will need you for their success and properties. Other benefits include;

    • Peace of mind in case of an accidentThere is nothing that gives a better feeling like having a surety that in case of any calamity or accident, you will be covered. The better feeling will grant you peace of mind, which will enable you to work and focus on more pressing issues. As a business person, you should focus on making your business better, achieving the company goals as the insurer cares for your worries and health. Life is not predictable, and thus you should focus on making the best out of it when you still have your health. The best time to focus on a calamity is when the catastrophe has not yet arrived.
    • Quick and easy to set upThe process of getting any form of insurance may be daunting ad a bit complicated. However, PHP will gladly help you set up or obtain personal insurance with ease. We do not only focus on personal insurance but all other aspects of insurance that will help you have perfect peace of mind and help you achieve your dreams and business goals.
    • Personal Insurance Acts as Inheritance

Taking insurance will significantly help you in taking care of your families. It can act as a savings plan. That is, in case you cease to exits, your children and spouses will be the beneficiaries or whoever you mentioned as your beneficiary.

What are some of the factors when taking personal insurance?

There are varying factors that will be considered depending on the type of insurance that you about to take. Since personal insurance can cover life, properties, possessions, and business assets, all these will have varying requirements.

Life insurance for instance, will consider the following properties when you are taking the policy cover.

  • Age
  • Health
  • Insurance plan; whether whole life or term life policy.

On the other hand, insurance covers of properties will consider factors like;

  • Location
  • The prevalence of the risk you are about to take
  • The value of the property
  • Activities that the property serves.

All these, in a way or another, will affect the amount of insurance and procedures to follow when you will require the compensation in the case that the event insured occurs.

You should note that insurance is not meant to improve the insurer’s financial position, especially when it covers a property, but to compensate them to get totheir initial financial position before the loss occurred.

Is insurance A must in Hong Kong?

No one will object you to take insurance for your company or properties while in Hong Kong. Unless it’s a company engaging in risky activities like construction, you will have to assure your employees. Cars and locomotives should also insure third parties in case you cause accidents. Otherwise, your personal properties, like building and assets, are your sole responsibility.

Who should have a Life Insurance?

Anyone can take a life insurance policy but it is not for everyone. The persons who are most viable to have the policy are people with dependents. If you have children, siblings, or aging parents who depend on you, then you should consider taking an insurance policy. It will help them when you can no longer provide for them or when you are no more.

Which Insurance Policy is more important?

There isn’t a less or more vital insurance policy. Resources might be limited, and it will be better to prioritize a policy that is more urgent at the moment.


Insurance policy is essential as it will significantly help you in managing your business and resources. The process of taking any insurance policy might be challenging and complicated. However, PHP will assist you with the entire process as well as advise you on the best policies that you take depending on your business and general life expectations.

Personal Insurance in Hong Kong FAQs

Who should take life insurance policy?2020-11-24T03:17:18+00:00

Someone with dependents. 

What are the benefits of being insured?2020-11-24T03:16:58+00:00

You will cover unforeseen expenses, protection to the family and loved ones, and peace of mind. 

Which insurance policy is compulsory in Hong Kong?2020-11-24T03:16:41+00:00

 Employee Compensation insurance is compulsory in Hong Kong. However, health insurance is not mandatory in Hong Kong. 

What is the cost of health Insurance in Hong Kong?2020-11-24T03:16:47+00:00

The Hong Kong health insurance is relatively cheaper as individuals will part with approximately $6432 every year while private family health insurance plan in Hong Kong costs 18,494 per year. 

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