Do we wish to live forever? Yes, of course. But make certain we have a good retirement plan, and health care.
With Hong Kong people now vital longer than anyone else, there has been a swell in direct for word products to cover a risks of vital to a developed aged age, a time when substantially life assets have run out.
To respond to a needs of a ageing clients, MassMutual, AIA, FWD and BOC Life are among a majors who have now extended their life and payments coverage, from a prior normal 100 years old, adult to 120 years old.
The record hilt for a oldest chairman in a universe was Misao Okawa who died final year after branch 117.
According to information expelled by Japan’s health and gratification method expelled final month, a normal lifespan for women in Hong Kong is 87.32 years, and internal group can design to live an normal 81.24 years, that’s a healthiest totals globally.
Japanese women took second place during 87.05, while Icelandic and Swiss group common a second position in a men’s difficulty during 81 years.
Japan now has 30,000 people over 100 years old. The UK’s Queen Elizabeth II usually distinguished her 90th birthday, mythological American singer Olivia de Havilland – best-known for her purpose as Melanie Hamilton in Gone With The Wind – distinguished her 100th birthday final month, while Spartacus star Kirk Douglas who will applaud century on Dec 9.
The Hong Kong supervision estimates some 9.1 per cent of a internal race will be over 85 years aged in 2050, adult from usually 2.4 per cent this year.
But a city might good be a hardest to live in when it comes to a cost of pension, health and dependency word provision.
Swiss Re conduct of skill and misadventure reinsurance products David Alexander pronounced a ageing race provides both opportunities and hurdles to a word sector.
“There are policyholders who are now perfectionist some-more retirement, medical and long-term caring products, that are new business opportunities for insurers.
“But some of Hong Kong’s comparison people might find it tough to even get cover [and find it expensive] if they have suffered from illness diseases before,” Alexander said.
Sohila Kwan, clamp boss of life and health in Asia during Swiss Re, pronounced a ageing problem is not usually a Hong Kong though also a tellurian issue.
The series of aged in Asia will scarcely double between 2010 and 2030, from 288 million to 572 million. Globally, there could be 1 billion people comparison than 65 years in 2030, adult from 530 million in 2010.
“With a fast ageing population, a [insurance] courtesy needs to step adult a efforts to assistance people improved prepare.
“In particular, insurers should enhance a operation of their stream product charity to concentration on profitable for advanced-stage caring needs,” Kwan said.
“It is needed that consumers take their destiny caring needs into care when formulation for their destiny retirement,” she added, as medical costs in Hong Kong continue to soar..
In Hong Kong, some insurers now have whole-life policies that lift a majority date when a policyholder hits 100 years old.
Policyholders get a pile sum a same as a remuneration amount.
None of a word companies contacted by a South China Morning Post had clients over 100 years old, however. But internal word companies are now considering, even capturing business from those over 100 years.
Tay Keng Puang, handling executive and arch executive of MassMutual Asia, pronounced a insurer has even extended a pledge to policyholders so they can still get payments after their strike a century.
“MassMutual’s Target Annuity Lifetime Saver, as an example, guarantees lifetime payments income even if we live over 100 years old.
“In other words, a process will not finish during age 100, though will cancel on a genocide of a insured,” Tay pronounced in an talk with a Post.
He pronounced traditionally, many policyholders buy policies for word for their family so a organisation pays out to a family on his or her death.
But people in after life mostly have opposite demands.
Annuity products concede policyholders to compensate a pile sum to a company, and afterwards a association provides a monthly remuneration until death.
“People used to take out life word to sidestep a risk of “dying too soon”.
“However, with longevity usually augmenting over a years, recognition of carrying correct retirement formulation in place has significantly increased.
“Our payments business has enjoyed strong expansion of over 70 per cent over a past 3 years,” Tay said.
MassMutual is a marketplace personality in a payments market, with some-more than 55 per cent marketplace share by process count, according to statistics published by a Office of a Commissioner of Insurance.
And Tay pronounced it’s not usually those impending grant age that are seeking policies. Young people too, many mostly in a 29- to 39-year-old bracket, are now frequently shopping payments products to save for good into their aged age.
Margaret Kwan Wing-han, conduct of sell banking and resources government during Hang Seng Bank, pronounced a payments products have turn a many renouned category of product in a past decade. Its oldest clients are in their nineties, and there are some-more of them.
“Hang Seng Insurance payments products make payments for a fixed-term rather than until a genocide of a life insured,” she said.
BOC Life has even extend a life policy’s “maturity date” to 121 years old, adult from a normal 100, as it says some-more clients are perfectionist cover until death.
“The silver-hair marketplace is emerging, as a series of healthier and wealthier comparison adults continues to grow. These people are endangered about their retirement, that can be for a enlarged period,” a mouthpiece of BOC Life said, rather than simply providing for their families if they die.
AIA, Hong Kong’s largest insurer, also allows a genocide cover to go over 100 years old, though a orator combined that a association considers a city’s ageing race are also some-more expected to ask now for medical word products, too, so they are providing a boost to other forms of insurance.
Besides life and retirement protection, AIA says it is profitable most closer courtesy to assisting comparison business safeguard their medical needs are lonesome properly.
It has launched a medical plan, for instance, charity HK$10 million in evident payout or a lifetime extent of HK$25 million, for policyholders around Asia.
Two years ago, FWD launched an payments devise that covers policyholders adult to 105 years old, and they could buy that cover even after retirement – a really transparent joining to catering for a needs of a city’s elderly, pronounced a spokeswoman
“The age operation of business meddlesome in life word has grown most wider. We even accept enquiries about life word from business over 80 years aged from time to time,” she added.