3Jul

Life Insurance in Your 30s and the Pandemic

If you’re like most people, you probably don’t think about life insurance very often. It’s one of those things that’s easy to put off until later. But if you’re in your 30s, it’s actually a good time to start thinking about life insurance.

How much insurance do you need for 30 year old?

2 Types of Life Insurance

There are two main types of life insurance:

1. Term life insurance and whole life insurance – life insurance is for a specific period of time, usually 10-20 years.

2. Whole life insurance is for your entire life.

Most life insurance experts recommend buying term life insurance in your 30s. Term life insurance is more affordable than whole life insurance, and it gives you the flexibility to change policies as your needs change over time.

When you’re in your 30s, you’re likely to have more financial responsibilities than you did in your 20s. You may have a mortgage, car loans, student loans, and credit card debt. You may also have a family – which means you need to think about how they would cope financially if something happened to you.

Life insurance can give you peace of mind knowing that your loved ones will be taken care of financially if something happens to you.

3 How Much Life Insurance Do You Need?

 

How much life insurance you need depends on your individual circumstances.

Some factors to consider include:

– Your current income and whether or not you have dependents
– Your debts and other financial obligations
– The cost of living

The Cost of Life Insurance in Hong Kong

Life insurance premiums in Hong Kong are determined by a number of factors, including your age, gender, health, lifestyle and the type and amount of cover you choose.

For example, life insurance for smokers will generally be more expensive than for non-smokers.

The best way to find out how much life insurance you need is to speak to a life insurance advisor.

According to the Life Underwriters Association of Hong Kong, the average cost of life insurance for a 30-year-old man is HK$2,700 per year, and for a 30-year-old woman, it is HK$2,040 per year.

However, life insurance premiums can vary widely depending on your individual circumstances.

The best way to find out how much life insurance you need is to speak to a life insurance advisor. They will be able to assess your individual needs and recommend the best policy for you.

Life Insurance with Pandemic Protection

In these uncertain times, it’s more important than ever to make sure you and your loved ones are protected. Life insurance can give you peace of mind that if the worst happens, your loved ones will be taken care of financially.

Many life insurance policies now come with pandemic protection, which means that if you die as a result of infectious disease, your family will still receive a pay-out. This can provide vital financial security at a time when it is needed most.

COVID-19’s long-term consequences are yet unknown, but we can’t overlook its financial and economic impact. Your money has now become your most valuable asset. Consider if you had to deal with the loss of your job or a medical catastrophe suddenly.

Working through the tough times is only half the battle. The other half concerns life insurance, which protects your savings as you work on paying for these unanticipated expenses. It also ensures that your finances will not be ruined by a single calamity.

The cost of added pandemic protection can range from a 5% to 35% increase depending on your current health status.

So, if you’re thinking about taking out life insurance, or if you’re not sure if you have enough cover, now is the time to speak to a life insurance advisor. They will be able to assess your individual needs and recommend the

19May

Can You Over-Exercise?

Isn’t it true that exercising is always beneficial? Not necessarily. What matters most for your heart’s health is doing the right amount of exercise for you as an individual.

We’ve all heard it before: the more exercise we get, the better.

Exercise has two sides. We all know that regular exercise makes you feel better and happier, and it is linked to a longer life. In contrast, we’re learning more about the impact of exercise on cardiovascular health – the heart and blood vessels. In fact, the medical speciality of sports cardiology has recently emerged. It’s studying the cardiovascular systems of professional and amateur sportspeople. It was discovered over the last ten years that the amount of atheroma (heart artery blockage) in a person’s arteries is linked to their weekly exercise intensity and duration.

So what happens if we over exercise?

When you exercise, your body becomes inflamed, especially if you do extreme exercises. The system becomes overly activated. This can also cause collateral damage to the arteries, allowing cholesterol to enter the artery walls and form clogs. The flip side is that, because of the health benefits of exercise, most blockages never get too big.

So, for cardiologists – and everyone else – the challenge is to figure out what degree of exercise is safe.

A lot of individuals do not experience a problem developing within their body until they begin to experience symptoms. The condition may be quite advanced by the time they feel that something might be wrong.

Some of the physical symptoms from over-exercising include:

-Excessive fatigue
-Injuries, such as stress fractures
-Dehydration
-Lack of appetite
-Poor sleep quality
-Muscle soreness

If you are experiencing any of these symptoms, it is important to take a break from your workout routine and restore your body to its natural state.

Finding balance

It’s a question of input and results in this case: there is a threat, but also an advantage. Despite the fact that there is no evidence that exercise kills, you can still benefit from it. If it makes you feel better and helps you get in better condition in general, it will help you live longer.

There should be a knowledge of the relationship between intensity and duration of exercise and degree of artery damage. Identify if you’re at risk and move from there.

Who is most at risk from over-exercising?

There is no definitive answer to this question as the risks associated with over-exercising can vary from person to person.

However, those who are most at risk of damage from over-exercising are usually people who are already in poor health, have a history of heart problems, or suffer from conditions such as diabetes or hypertension. Additionally, older people who were active in their younger years may also be at risk, as they may not be able to handle the level of activity they once did.

What can you do to protect yourself from over-exercising?

The best way to protect yourself from the dangers of over-exercising is to be aware of your own limitations and exercise within them.

Need help finding the right health insurance for pre-existing heart conditions? Get in touch with us today. We specialise in finding the best policies for expats in Hong Kong.

10Apr

5 Tips for Claiming Health Insurance for First-timers

Filing a health insurance claim can be a daunting task.

We want to help make the process as smooth as possible for you. Our goal is to provide you with the information and resources you need to get through this difficult time.

Here are some tips for first-timers:

1. Gather your information. Make sure you have all of the necessary information to file your claim. This includes your insurance card, policy number, the name of your doctor and the dates of your appointments.

2. Call your insurance company. The sooner you start the process, the sooner you will receive reimbursement. Most insurance companies have specific time periods for claims so make sure to make note of that detail.

Common issues when claiming health insurance are :

– Filing a claim that is incomplete or inaccurate. And what we mean by this is, submitting a claim without all the necessary information or omitting critical details. This can result in the claim being denied.

– Not giving your insurance company enough time to process your claim. Each insurance company has their own set of rules and regulations when it comes to processing claims, so make sure you are familiar with them before filing.

3. Submit your claim. This can be done online, over the phone or in writing. Be sure to include all of the information you gathered in step one. Some insurance providers even have apps to streamline the process.

4. Follow up on your claim. Checking in with your insurance company to make sure they have all the information they need and that your claim is being processed correctly is a good idea. This will also help avoid any delays. Insurance companies often take several weeks to process a claim, so be patient.

Claiming for critical illness insurance may have different requirements. For example, critical illness insurance for cancer treatment requires pre-approval from the insurance company. Upon getting the cancer diagnosis, the patient then has to contact the insurance company and provide detailed information about their prognosis including scans, pathology reports and doctors’ notes.

The patient will also have to agree to certain conditions, such as using specific hospitals or cancer treatment centres. If all of this is done correctly, the insurance company may cover 100% of the cancer treatment costs

5. Get paid. After your treatment is completed, you should receive a bill from the hospital or doctor. Once you have paid this bill, submit a copy of the bill to your insurance company for reimbursement or whichever payment process is involved. Most companies will reimburse you within two to four weeks.

So, there you have it. Five steps to filing a successful health insurance claim. By following these simple tips, you can make the process as smooth and stress-free as possible. Good luck!

Get in touch with us to find personal and business insurance in Hong Kong. We specialise in expat insurance needs.

5Apr

How Insurers Are Developing New Products Post-Pandemic

The current pandemic of Covid-19 has created a need for all people to have travel insurance. If you are planning on travelling in the near future, it is important to have protection in case you become ill or injured while travelling. Many travel insurance policies include coverage for medical expenses and trip cancellations.

WHICH ASIAN COMPANIES ARE OFFERING INSURANCE FOR COVID?

In Asia, many companies have developed new products to cater to new travel insurance needs after the pandemic. As travel restrictions and requirements with coronavirus (COVID-19) continue to evolve, many people are left wondering what the current travel insurance policies will cover.

For example, insurance company AIG has developed a travel insurance policy that includes coverage for medical expenses, trip cancellations, and lost luggage. The policy also includes a $1 million USD limit for medical expenses.

Another company, Tokio Marine, has developed a travel insurance policy that includes coverage for Covid-19 related expenses such as cancellations and rebooking.

Hong Kong Life Health Amulet travel insurance has announced that it will be offering a new travel insurance policy to cover travel disruptions caused by the COVID-19 pandemic. The new policy will provide coverage for travel delays, cancellations, and lost or stolen luggage.

According to Hong Kong Life, the policy is intended to help both insureds and their families during an epidemic. During the period beginning March 1, 2022, and ending March 31, 2022, with a valid application for any insurance plans (except certain products1) from Hong Kong Life at its Appointed Licensed Insurance Agency in Hong Kong, and the policy being

Hong Kong Life is not the only insurer to offer new travel insurance policies in light of the pandemic. Many other insurers have announced similar policies in recent weeks.

COST OF PREMIUMS

Premiums for travel insurance have understandably increased over the past year. Airlines, hotels, and other travel-related businesses have all suffered losses as a result of the pandemic, and people are increasingly aware of the importance of travel insurance in protecting them from financial ruin in case of an unexpected emergency.

To be sure you're totally protected, we recommend paying a higher premium for policies that allow you to cancel a trip for any reason.

In general, most travel insurance policies range from 5% to 10% of the total cost of a trip. Insurers may look at how long passengers have been travelling and the age of those on board. However, insurers are yet to inquire about immunization against COVID-19.

WHAT’S WORTH HAVING IN A POLICY?

To be sure you’re totally protected, we recommend paying a higher premium for policies that allow you to cancel a trip for any reason. This is an upgrade, therefore the cost of coverage will be approximately 40% to 50% more. However, because of this benefit, you can usually cancel your trip for any reason that isn’t covered by standard trip cancellation.

Need help finding the right travel insurance? Get in touch with us today.

20Feb

Increased Cyber Risks from Remote Work

Working remotely has become the default mode for many businesses since the COVID-19 pandemic. While this allows companies to continue operations while reducing their employees’ chances of getting sick it also opens up the company to new cyber risks.

Working from home requires access to Wi-Fi that may be insecure despite thinking otherwise. In the case of home networks, they are usually set up in default mode that permits devices to connect without passwords.

This even includes Wi-Fi-enabled appliances, monitors, door locks surveillance cameras, speakers and more. Your corporate mobile device may be using this Wi-Fi network also. And even if you are able to use a VPN and private servers, this does not mean your confidential data is not exposed to grave cyber threats.

The multiple variables of all your employees’ home network means that your IT department has to cover more computers. In addition, there will be some employees who don’t completely understand the probability of a data breach with an unsecured network – especially if they access work through public Wi-Fi like coffee shops for instance.

What can companies do to reduce the risk of cyberattacks while working at home? 

> Reinforce the use of VPNs for all remote staff

> Teach employees to scan devices before allowing them to connect with access by unauthorized software or hardware

> Double-check and lock remote devices wherever necessary to help reduce the possibility of cyber attacks without negatively affecting user experience.

> Disable split tunneling for VPN profiles to ensure that virtual employees won’t be able to access Wi-Fi networks directly without going through the corporate network first.

> Companies should also practice scheduled analysis of work-issued devices’ log data to improve detection of cyber incidents.

More importantly, companies should also update their cyber breach response strategies for the entire remote staff and practice plans through exercises with IT and security staff, along with officers and directors.

Many companies in Asia have been able to restructure operations and adapt to virtual offices. They are calling the remote workforce ‘the new normal’. Companies need to anticipate similar incidents like this pandemic – some may even pose more challenges.

For now, what’s needed are immediate measures to tighten online security of remote workers and revisit liability insurance policies that may not yet cover cybercrime-related claims.

12Nov

3 Common Ways Ransomware Gets to Your Computer

There’s a 50% chance that your computer at work could be infected with ransomware especially with more online interactions.

With ransom transactions averaging over US$80,000 in 2019, malicious software is quickly becoming cybercriminals’ choice of weapon.

Ransomware uses internal systems to encrypt a series of files and deactivate troubleshooting processes, preventing access to your own data.  The hacker essentially holds your data hostage until your business pays up a substantial amount.

Is your business prepared to deal with these types of cyberattacks now that you’ve shifted to more digital processes?

Cybersecurity training plus a good cybersecurity insurance plan are two crucial ways to safeguard your company from liability and the cost of cyberattacks. But how exactly does ransomware get to your computers and devices?

1. EMAIL

Ransomware sent via email is what’s usually called phishing. A majority of ransomware is delivered via phishing. Hackers use legitimate-looking emails to trick recipients into clicking a link or downloading an attachment that contains malware.

The recipient will then get redirected to a malicious site that starts the download of ransomware. Attachments to emails come in various formats like Word, PDF, Excel or ZIP files to make the email seem safe. When the attachment is opened, the ransomware instantly uploads itself, encrypting and holding files for the hacker.

To minimize the chances of falling victim to phishing, manually entering the links in your browser, hovering over links, and expanding shortened URLs can help prevent you from clicking on them.

For attachments, check if the sender’s email address is legitimate by reviewing the domain extension (e.g. sendersname@gmail-net.com is a suspicious address). And only open files sent by people who you trust.

This site helps you check if a certain domain is temporary or a throw-away: https://www.block-disposable-email.com/cms/

2. Remote Desktop Protocol (RDP)

RDP is a communications protocol that allows IT admins to get access to other systems (e.g. company employees).  During the process of gaining access to a system, a computer can become exposed to hackers for a window of time. This is when hackers attack and deploy ransomware.

Make sure your IT puts in place authentication factors and added security measures for all your ports. This is more of a task for the IT department but is still worth knowing when you’re running checks throughout your system.

3. Illegal or Pirated Software

Some companies cut costs by subscribing to pirated or unlicensed software because they don’t see the value of cybersecurity in relation to the tools they use on their computers.

Hackers can easily embed malicious ware when you download from unsecured software sites.

The quick solution to this is to invest in licensed software especially if you’re using it daily. To prevent ransomware infections via pirated software, avoid downloading activators, key generators and software cracks from torrent websites. It’s also best practice to use a complete anti-malware application to detect any installations happening in the background while your computer runs throughout the day.

There are other channels to which malware infects systems. Make sure your employees undergo cybersecurity training and have a robust liability insurance cover in place to protect your business.

8Nov

Misconceptions About Cancer Treatment Costs in Hong Kong: A Survey

The Cancer Information Hong Kong Charity Foundation interviewed 500 people and asked them how much they thought would be the overall cost of terminal stage colorectal cancer treatment.

Under the Voluntary Healthcare Insurance Scheme, which will be launched next year, cancer patients can claim a maximum of HK$80,000 for therapies.

Get in touch with us to find the right health insurance policy to cover critical illnesses such as cancer.

The Cancer Information Hong Kong Charity Foundation interviewed 500 people and asked them how much they thought would be the overall cost of terminal stage colorectal cancer treatment.

7Nov

Tips for Maintaining a Healthy Heart to Avoid Heart Disease

Awareness of the risk of heart disease gives you a better chance of making the right lifestyle choices to prevent heart attacks. According to the Center for Health Protection in Hong Kong, heart disease ranks as the 3rd most common cause of death among the population as of Q4 of 2020.

Here are some of the risk factors you can control to prevent heart disease:

– Smoking
– High blood pressure
– High Cholesterol and triglyceride levles
– Pre-diabetic factors
– Weight
– Physical activity (living an active or sedentary life)
– Metabolic syndrome

Taking better care of your health to be in the normal range of the listed factors above can give you better chances of avoiding heart complications as you age.

Of course, there are also things outside of your control such as family history and normal effects of aging.

Heart health is crucial no matter your age.

This puts you indirectly at risk of other general concerns like:

– Ability to make a stable living
– The possibility of a disability
– Overall quality of life

To prevent heart disease, doctors recommend the following:

1. Stop smoking and avoid second-hand smoke. Nicotine constricts blood vessels including those in the skin and coronary blood vessels but also dilates blood vessels in skeletal muscle. This makes it harder for your heart to function.

2. Exercise! This prevention is quite obvious but needs constant reminding, especially with the fact that more people are staying in due to the pandemic. There are lots of ways to stay active even indoors. Obesity is preventable.

3. Aim for 30 minutes of moderate to high-intensity activities per day. Something as simple as brisk walking can help achieve this.

4. Lessen the intake of saturated fats. Eat your veggies! Go for low-fat, whole grain, and unprocessed diets as much as possible. Oats, beans, brown rice, and organic vegetables always work.

5. Get regular check-ups especially with your blood pressure, glucose, and cholesterol levels.

6. Know your family’s health history. Knowing if heart disease runs in the family (and if it can’t be helped) will allow you to make the necessary provisions for your health and finances such as having health insurance that covers critical illness.

Need help finding critical health insurance for expats in Hong Kong? Contact us today.

 

27Oct

Infographic: 5 Ways Travel Has Changed

COVID-19 is here to stay and so has the way we will all travel. Aside from the mandates and health documents that vary per country or region, travel behaviour is also expected to undergo several shifts.

This infographic shows 5 ways travel has changed – perhaps permanently.

Need help with travel insurance and other personal policies? We help expats find the best ones in Hong Kong.


Infographic: How Covid 19 has changed travel