Blue Launches WeCare Term Life Protection Plan 2 (“WeCare TL2”)

HONG KONG, 22 May 2020 – Blue, Hong Kong’s first digital life insurer, today launched its new term life product, WeCare TL2, in response to the increasing need for pure life protection that has been generated by the COVID-19 outbreak. WeCare TL2 provides term life protection at a low cost with a sum assured starting from HK$250,000 as well as complimentary coverage for Novel Coronavirus. The plan offers the best-priced protection against the pandemic in Hong Kong.

Key benefits of WeCare Term Life Protection Plan 2

1. Low premium, high coverage

• As a pure life insurance product without a savings element, the Plan is designed to offer maximum value for money to meet consumers’ basic needs for affordable protection with a minimum sum assured of HK$250,000. For example, a 20-year-old non-smoking female seeking protection for a 10-year period would be entitled to a sum assured of HK$1 million at a daily premium of just HK$1.

2. Guaranteed renewal

• The Plan aims to provide a worry-free experience with automatic renewal guaranteed upon the expiry of the policy term. No additional proof of health is required.

3. Online application within a few minutes

• Customers can complete the online application for the Plan by answering just three health-related questions on Blue’s digital platform. The entire process can be completed in just a few minutes.

4. Complimentary Novel Coronavirus coverage

• From today until 31 July 2020, customers who own an in-force policy under WeCare TL2 will be entitled to complimentary coverage for Novel Coronavirus. If the customer is diagnosed with COVID-19 and supporting medical evidence is provided within the coverage period, HK$10,000 will be paid. The coverage will automatically apply to the policies at no additional cost and with no waiting period required.

Mr. Charles Hung, CEO & Executive Director of Blue, said, “The devastating nature of the COVID-19 pandemic has highlighted the urgent need for many Hong Kong citizens to acquire life protection. We recorded an increase of over 170% in the number of applications for life protection insurance products between January and April 2020 compared to the previous four months in 2019. The newly launched WeCare TL2 is designed to address these needs, catering to customers looking for a simple and affordable life insurance plan that provides sufficient protection to their families during this COVID-19 outbreak.”