FTLife targets young consumers with new critical illness cover

The product is also perfect for first-time insurance buyers.

FTLife Insurance Company Limited (FTLife) has launched the "Protect Starter" Critical Illness Protector, which is aimed at young consumers and first-time insurance buyers.

Protect Starter covers 76 common critical illnesses including cancer, stroke and severe heart attack etc. and all the congenital conditions of the covered critical illnesses that have not been detected at or before the policy issue. It also protects the insured until 100 years of age. Customers can avail of the cover starting at an issue age of 15 days to 65 years old.

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Aside from that, it also offers a lump sum of Living Benefit of various Severity Levels, which allows the insured to better cope with any unexpected medical and living expenses, or loss of income. All future premiums payable under the basic plan will be waived following the diagnosis date of Severity Level 2 or 3 Critical Illnesses to ease the financial burden of the insured, who can continue to enjoy the protection of the Plan.

According to Jarita Kwan, Chief Product Officer at FTLife, many young people think they are not susceptible to critical illnesses and therefore delay getting protection. Additionally, getting cover at a younger age affords young consumers to avail of the product at a lower premium, enabling them to get protected at the time they are struck by an unprecedented illness.

“That is what motivates FTLife to develop the affordable and easy-to-understand "Protect Starter", under the theme of 'Start young, Critical Illness Protection is around', offering Convertibility Privilege and Waiver of Premium Benefit, which are useful financial tools to help our customers create a quality lifestyle, and become a champion of life,” Kwan said.