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MetLife Adds Critical Illness Annuity Rider in Hong Kong

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A unit of MetLife Inc. is offering consumers in Hong Kong a new way to protect themselves against serious illness: a critical illness annuity rider.

The MetLife Hong Kong rider will pay a guaranteed stream of payments to an insured consumer who suffers one of eight trigger conditions.

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The trigger conditions are stroke; kidney failure; advanced Alzheimer’s disease or other advanced forms of dementia; Parkinson’s disease; paralysis; major head trauma; loss of limbs; or loss of the ability to perform three or more activities of daily living before the age of 65, for a continuous period of at least six months.

The annuity payments will continue even if the insured recovers. If, for example, someone who had a stroke returned to work, that insured could still collect annuity payments.

The rider also provides a separate lump-sum cancer benefit. An insured who qualifies for the cancer benefit will get a lump sum equal to 24 times the monthly annuity benefit.

MetLife Hong Kong is offering the rider to consumers ages 35 to 65.

The payment term can last either up to age 85 or up to age 100.

The minimum monthly critical illness annuity benefit is $500, and the minimum cancer benefit is $12,000.

The rider excludes coverage for any pre-existing condition, including anomalies that appeared before a consumer turned 16.

Coverage for trigger conditions resulting from accidental injuries starts immediately. Coverage for conditions resulting from sickness start after 90 days.

MetLife’s Hong Kong-based MetLife Ltd. unit is responsible for making good on the guarantees. 

A description of the basic plan annuity used in conjunction with the rider was not immediately available.

— Read AIG to Repay $37 Billion to U.S. After Sales on ThinkAdvisor.