How does Luen Fung Hang Life determine the amount of dividend to be distributed?+
Luen Fung Hang Life determines the amount of divisible surplus annually that will be distributed in the form of dividends among the policies which participate in the divisible surplus. Dividends vary depending on the type of plan, amount of coverage and insured's age and are payable on each policy anniversary.
The amount of divisible surplus depends principally on the factors including actual investment return, claims experience and general expenses. Hence the amount of dividends cannot be guaranteed and may be changed over time. The actual dividends payable may be higher or lower than the expected amount at the time when the policies were issued.
If the Insured dies outside Macau, is his/her beneficiary eligible for the death benefit?+
Yes. According to the provision of life insurance policy, wherever the Insured dies, his/her beneficiary is still entitled to receive the death benefit after deducting the policy indebtedness and the premiums.
Could I change the sum insured after my policy is issued?+
The policyowner could reduce the sum insured at any time provided that the revised sum insured meet the criteria for the minimum sum insured and minimum premium. Increase sum insured is allowed within the first policy year only. Besides, the policyowner is required to submit the health declaration and pay the premium difference.
What is a rider in life insurance? What is it used for?+
A rider is a supplementary contract attached to the basic life insurance policy with the purpose of increasing the sum insured and coverage. A rider cannot be purchased individually and it must be attached to a basic plan. If the basic plan ceases to be effective, the rider will also be terminated. Riders include Accidental Death and Dismemberment, Accidental Indemnity Benefit, Hospital and Surgical Benefit, Hospital Income Benefit and Dread Disease Benefit, etc.
When could the cash value be redeemed for juvenile insurance plan?+
Juvenile Insurance Plan could roughly be categorized in 2 types - endowment plan and whole life plan. For endowment plan, the Insured can withdraw the cash value of the policy when he/she reaches the age of 18. For whole life plan, as the coverage period is up to age 100, the Insured can withdraw cash value with interest according to his/her personal needs.
What is the difference among term insurance, whole life insurance and endowment insurance?+
Term insurance provides life insurance protection to the Insured for a specific period but comes without any savings element. In other words, insurance company will pay the sum insured if death occurs during the covered period. As cash value is provided, premium for term insurance plan is the lowest among these three types of life insurance.
Whole life insurance offers protection for the Insured until age 100. It can also be a savings plan to the Insured. During the coverage period, premium will remain unchanged and the accumulated dividend and cash value can provide flexibility when customers are in need of cash. In case of death of the Insured, insurance company will pay to the beneficiary a benefit based on the sum insured plus accumulated dividend (if any).
Endowment insurance will provide death benefit during the covered period. Insurance company will pay the beneficiary a benefit based on the sum insured plus accumulated dividend (if any) in case the Insured dies. If the Insured is still alive at the maturity date of the policy, he/she will also receive maturity value of the policy.
What happen to my policy if I forget to pay the premium?+
Your policy offers 31 days grace period for overdue premiums. If you cannot settle the payment within the grace period and the cash value of the policy at the time is sufficient to pay the premiums and any accrued interest, we will advance the premium due from the cash value of the policy as a policy loan according to the "Automatic Premium Loan" which is stated in your policy and the policy shall remain in force.
What should I do if I lose the policy?+
You should inform the insurance company immediately and request the duplicate policy. Besides, you have to pay the policy re-issuance fee.
If I cancel the credit card that is for insurance plan payment, is the policy still effective?+
Yes. You should inform the insurance company and change the payment method before the next premium due date in order to make your policy effective.
What is Payor Benefit in Juvenile Insurance Plan?+
Parents buying Junvenile Insurance in the hope to prepare a certain amount of education fund for their beloved children. But if parents encounter misfortune and are unable to pay the premium, their target can hardly be reached. Payor Benefit is available to provide protection in the juvenile insurance plan if the payor of the policy dies or becomes totally and permanently disabled due to sickness or injury for a continuous period of not less than 6 months before 60 years old. All premiums falling due for the basic plan will be waived during the continuance of the disability until the Insured reaches the age of 25 or until the end of the premium paying period of the basic plan mature, whichever is earlier.