AN INTERACTIVE EXAMPLE PROJECTION
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At age 35, Ben and his wife gave birth to a baby boy. He wanted to give his newborn son the best education possible, so he found a flexible savings plan with the help of Uncle Kelvin. For 5 years he paid an annual premium of US$25,000 per year.
After 5 years, Ben has finished making all the payments and the policy is worth US$125,000.
13 years after finishing paying all the premiums, the policy projected value is at US$233,980.
By this time, Ben’s son is ready to attend university. To fund his education, Ben decides to withdraw US$37,500 from the policy
annually over the course of 4 years, totalling US$150,000
Ben sees his son graduate, comfortable in the knowledge that the policy value is still US$111,412 and will continue to accumulate over the years to come.
His son has a good career and Ben does not need to withdraw cash from the policy to provide him with some financial support.
Instead, he chooses to let the policy value continue to accumulate.
Ben can withdraw US$684,502 in full or in part for his retirement if he wants,
or choose to change the lige insured to his son and let the policy value continue to accumulate.
AN INTERACTIVE WORST-CASE SCENARIO EXAMPLE PROJECTION
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Mr Lam bought critical illness protection for himself with a notional amount of HK$1,000,000 when he was 30.
He chose to pay the premium for 25 years, but the coverage starts as soon as he completes the first annual payment.
Diagnosed with new infectious disease and stay in an ICU of a hospital for 3 days.
ICU benefit = HK$200,000 (20% of original amount paid)
Diagnosed with lung cancer within the first 10 policy years.
Major CI benefit +additional major CI benefit = HK$1,300,000 (130% of original amount paid)
Still suffering from cancer and receiving active treatment.
Cancer treatment booster = HK$300,000 (30% of original amount paid)
Still suffering from cancer and receiving active treatment.
Cancer treatment booster = HK$300,000 (30% of original amount paid)
Lung Cancer persisted
Cancer continuous care benefit = HK$1,000,000 (100% of original amount paid)
Still suffering from cancer and receiving active treatment.
Cancer treatment booster = HK$300,000 (30% of original amount paid)
Still suffering from cancer and receiving active treatment.
Cancer treatment booster = HK$300,000 (30% of original amount paid
Diagnosed with metastatic liver cancer
Cancer continuous care benefit = HK$1,000,000 (100% of original amount paid)
Still suffering from cancer and receiving active treatment.
Cancer treatment booster = HK$300,000 (30% of original amount paid)
Still suffering from cancer and receiving active treatment.
Cancer treatment booster = HK$300,000 (30% of original amount paid)
Diagnosed with a stroke.
Heart attack/stock continuous care benefit = HK$1,000,000 (100% of original amount paid)
Even after making HK$6,300,000 worth of claims (630% of the original amount paid),
Mr Lam is still covered against one additional occurrence of heart attack or stroke and disability care booster.
We assume that Mr Lam fulfils the definitions and claims requirements of the benefits.
