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Everyone looks forward to enjoying life after retirement. No matter whether you want to be a world traveler or a lifestyle seeker, you need a well-funded retirement reserve. Generally speaking, retirees have a greater demand for quality medical services, but are no longer covered by a group medical plan. So, there is a need to get another backup. Besides, before retiring to enjoy your golden days, you may want to secure your family with comprehensive protection and be well prepared for your legacy planning. So, how to make an all-round and solid financial plan that can address all these needs in preparation for your ideal retirement life?

Protection Solution for Golden Retirement
While you will probably receive a retirement fund when you retire, rising prices may make it worth less1. To beat inflation and realise your ideal retirement life, you need a prudent financial plan with both wealth accumulation and protection features. A retirement insurance plan can help by building up your wealth through steady asset accumulation while offering capital and life protection, paving the way to your carefree retirement life. Meanwhile, your family will enjoy the needed protection and your legacy planning can be laid down on a solid track. When an all-round medical protection plan is in place as well, you will be able to enjoy utmost protection after retirement. When making your choice, the following key points should be considered:
  • You should carefully understand and compare the features of different retirement insurance plans before making a choice. In particular, some plans provide choices on the payment term and cash withdrawal options to better cater for the needs of different individuals for retirement savings, protection and legacy planning.
  • Some plans allow the life insured to adjust the sum insured and pay unscheduled premiums or withdraw cash from the policy account when needed, giving him or her greater financial flexibility in the long term.
  • Look around to see if any supplemental benefits are available, such as the waiver of premium on disability benefit and the payor’s benefit, which can help ensure the continuity of the policy despite any sudden changes.
  • Medical and Critical Illness protection plans have different features. You should understand and compare the plans in respect of the scope of coverage, exclusions and other terms, before choosing the protection plan that best suits you and your family’s needs. Some plans offer limitless medical benefits and the flexibility to adjust the scope of coverage, satisfying the needs of all walks of life.
  • You can enjoy more convenience and advantages by buying insurance through your bank with other banking services. Besides offering a wide range of life insurance products, Hang Seng jointly provides medical protection schemes with the health insurance specialist in Hong Kong. For more details of medical protection schemes , please click here.

1 Source: Annual Report on the Consumer Price Index 2017, Census and Statistics Department, Hong Kong Special Administrative Region
https://www.statistics.gov.hk/pub/B10600022017AN17B0100.pdf