HSBC Life launched a NEW term plan called "term protect advantage" and it is a non-participating term insurance plan.
If you are looking to cover for life, TPD and CI this plan can work for you.
There are premium flexibility is a unique feature and the guaranteed insurability options is useful. I'd summarise for you below.
UNIQUE: Premium term flexibility and Guaranteed Cash Value
Unlike most term plans which requires premium for the entire period, HSBC LIFE term protect advantage plan has premium flexibility.
For example, if you want coverage for 30years till age65 and want premiums to be completed in 20years (age55), it is customisable.
This is useful for budgeting and financial planning. AXA term plan has a similar feature.
When the premium term is shorter than the term of the plan, there will be guaranteed cash value built up in the policy as shown above.
The cash value will reduce yearly after the premium term ends and eventually, there is NO cash value at end of policy term.
MORE guaranteed insurability options
There are more guaranteed insurability options than most term plans.
These include when turning 21, first full-time employment after graduation, change in marital status, new born baby, buying a property and when life insured's child enter primary or secondary or university.
There is a cap of 100% of the original sum insured of the basic cover or up to a max of $300k per life whichever lower. Option must be exercised 90days of occurrence of life stage.
Lastly, this option must be exercised before the life assured reaches age55.
Insurers will offer new product features and I believe limited payment term plans is a useful feature.
You may even choose to take the guaranteed cash value by surrendering the plan if you do not have dependents anymore at an older age.
Do also note that as of now, the HSBC Life term protect advantage plan does not have early CI accelerator.
From NOW till 31Dec2020, enjoy 25% off first year premium on HSBC TERM PROTECT ADVANTAGE!