A "Policy Pre-Maturity Notice" will be sent to the policyowner two months before the day of policy maturity mentioning about the payout arrangement. For the sake of customer's convenience, policyowner may give instruction to deposit the maturity payment to his/her sole name bank account or receiving the payment by cheque.
Customers may contact us either through our Customer Service Hotline at (852) 2516 0133 / Toll Free Direct from Taiwan at 0809 002 006 during office hour (Mon – Fri 9:00am – 5:30pm; except public holidays) or email to firstname.lastname@example.org or send your written enquiry to Suites 1206-1209, 12/F, Dorset House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong. We will handle the enquiries as soon as possible.
If policyowner is not fully satisfied with the newly issued policy, policyowner can return the policy to our Company with a written request signed by the policyowner to request for its cancellation (The business address of our Customer Services Department is Suites 1206 – 1209, 12/F, Dorset House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong). Such letter of cancellation request must be received directly by our Company within 21 calendar days immediately following the day of delivery of the policy or the "Cooling-off Notice" to the policyowner or policyowner's nominated representative, whichever is earlier. (The Cooling-off Notice is the notice sent to policyowner or policyowner's nominated representative (separate from the policy) notifying policyowner of policyowner's right to cancel within the stated 21 calendar day period.) The policy will then be cancelled and the premium(s) paid will be refunded after deduction of market value adjustment (if any). However, no refund of premium will be made if a claim has been paid under the policy.
We will refund the premium(s) in such currency as policyowner made the premium payment. However, if policyowner purchases the policy in a currency different from the policy currency, we reserve the right to adopt the exchange rate prevailing as at the time of refund (instead of the exchange rate with which the policyowner made the premium payment). In this case, policyowner may bear the risk due to the differences in exchange rate.
When considering policy replacement, the policyowner should be mindful of the disadvantages of making changes to the life insurance policy initially purchased, for example, the surrender value of the existing policy as it may be less than the total premium paid, leading to severe loss suffered by the policyowner. Besides, the policyowner should also pay attention that the insurer of the new policy may re-assess the application with underwriting criteria such as the proposed insured's health condition, occupation, etc. Moreover, the provisions of the new policy may be different from those of the existing policy, which may affect results of future claims.
To ensure the licensed insurance intermediary has explained the implications on financial, insurability and claims eligibility to the policyowner in details, and also to ensure the customers can fully understand the risk and consequences, policyowner must sign an "Important Facts Statement – Policy Replacement" when policy replacement or potential policy replacement has been identified during the application of new policy. Before considering policy replacement, policyowners are highly recommended to carefully compare the terms of the existing policies with the new policies and to consider the risks and determine for their best own interests.
Life insurance policies are generally long term in nature and may lock up the liquidity of customers. It is therefore important for authorized insurers and licensed insurance intermediaries to ensure that a proper assessment of each customer's circumstances including needs, financial situation, ability and willingness to pay premiums, etc., is undertaken before any recommendation is made in respect of a suitable life insurance policy for the customer, and that the recommendation is based on that assessment.
As required by the Insurance Authority, we are required to make audio-recorded of post-sale confirmation calls to some customers procuring individual life insurance products to ensure their understanding on the products and the associated risks.
Should there be death of the insured person, the death benefit will be paid to the designated beneficiary of the policy according to the policy provision. However, if the beneficiary predeceases the insured person, or if the beneficiary and the insured person die at the same time, or if the beneficiary does not survive ten (10) days from the death of the insured person, the interest of such beneficiary shall pass to other surviving beneficiaries in such proportion as designated by the policyowner. If there is no other surviving beneficiary, or if the policyowner does not designate any beneficiary, any benefits payable to the beneficiary under the policy shall be paid to the policyowner or the estate of the policyowner (as the case may be). Please refer to policy provisions for details.