WealthApex Savings Protection Plan | Tahoe Life Insurance Company Limited

WealthApex Savings Protection Plan

Investment Product

Have you wisely accumulated and allocated your assets? Never forget to foresee and plan the future while enjoying the present, so that to multiply wealth and secure an affluent life. Tahoe Life offers you WealthApex Savings Protection Plan (the “Plan”), which is designed for long-term savings with protection till 130 years old. The Plan combines extended life insurance with higher potential returns thus you may reach your goals promptly, and prepare yourself, your beloved and the future generation for a prosperous life.

Advantages

  • Life protection up to age 130 of the initial insured

  • Change of Insured Option 

  • No Medical Underwriting

Features

The Plan provides an extended life protection up to age 130 of the initial insured2. During this extended protection period, you may change the insured1 according to your plan upon the completion of premium payment term of the policy and during the lifetime of the insured; so your beloved and future generations can also be protected. The plan will continue to be effective and bring you long-term potential returns until age 130 of the initial insured, helping you to build your legacy and making it a meaningful gift for the future generations.

In the unfortunate event of the death of the insured, the designated beneficiary will receive a Death Benefit according to the following calculation:

If the issue age of initial insured is 55 or below

The higher of the following:

  1. Guaranteed cash value + terminal dividend (if any); or
  2. Latest annual premium of the basic plan X Number of completed policy years within premium payment term  X Enhanced protection rate (i.e.105% in the 1st policy year and will be increased by 3.3% on each subsequent policy anniversary date, up to a maximum of 138%);

+    accumulated annual dividends and interest (if any) ; 

-     any indebtedness of the policy

If the issue age of initial insured is 56 or above

The higher of the following:

  1. Guaranteed cash value + terminal dividend (if any); or
  2. Latest annual premium of the basic plan X Number of completed policy years within premium payment term  X 105%;

+    accumulated annual dividends and interest (if any);

-     any indebtedness of the policy

Instead of a lump-sum payment of Death Benefit, you may choose a monthly instalment with fixed amount3 for settling the Death Benefit to your designated beneficiary(ies). So you are in control of the future financial arrangement for the loved ones, and your legacy and love can live on.

If you choose to settle the Death Benefit by monthly instalment with fixed amount, the premium payment term of the policy must be completed and the total Death Benefit amount must be at least equal to USD125,000. The monthly instalment amount is determined by a percentage of the Death Benefit while the minimum total monthly amount is 1% of the Death Benefit4. The unpaid balance of the Death Benefit will be accumulated at an interest rate5 to enhance the potential growth for your legacy.

The Plan helps boost your wealth by offering you an annual dividend which will be payable on every policy anniversary date and a guaranteed cash value. You may choose to leave the annual dividends6 in the policy to earn interest, receive them in cash to help you fulfill your ambitions or apply them towards future premium payments.

If the policy has been effective for 4 years, it will also bring you additional returns by providing a one-off terminal dividend7 upon the surrender of the policy, the maturity of the policy or the death of the insured. Both the annual dividends and terminal dividend are not guaranteed.

To fit your financial situation, the Plan offers two premium payment terms: 5 years and 10 years. The premium is guaranteed to remain unchanged once it is determined and will not be increased with your age, facilitating better financial planning for your future.

For 5-year premium payment term, you can choose to prepay8 all the future premiums upon policy application, which will be accumulated at an interest rate5 and used for the settlement of renewal premium due.

If you apply for the basic plan only, no health declaration and medical underwriting are required. You could instantly kick start your savings plan after the simplified approval process is completed.

According to your personal needs, you may choose to enhance the protection by adding various supplementary contracts9, such as medical, critical illness, accidental and premium waiver supplementary contracts.

Know more from the video

Please refer to the product brochure for details, or make an appointment for a financial needs analysis.

Call (852) 3767 9188 or

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WealthApex Savings Protection Plan | Tahoe Life Insurance Company Limited
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Product Brochure
About Policy Dividends and Investment Policy
  1. Change of insured is subject to the prevailing administrative rules, please refer to the relevant policy contract. On the effective date of change of new insured, the base annual premium, Death Benefit, accumulated annual dividends and interest (if any), terminal dividend (if any), guaranteed cash value, policy date, maturity of the policy and policy year will remain unchanged. Tahoe Life reserves the right to reject the application of change of insured.
  2. Initial insured means the insured whose life is insured by the policy at policy issuance.
  3. Only applicable to policies that the premium payment term has been completed. If the beneficiary passed away during the monthly instalment period, Tahoe Life shall, upon receipt and approval of due proof of death in the form specified by Tahoe Life, the balance of Death Benefit and its accumulated interest (if any) will be paid to the estate of the beneficiary in a lump sum payment. Please refer to the relevant policy contract for the details of the policy terms including the Death Benefit settlement option.
  4. The monthly instalment amount must not less than the minimum amount, which is determined in the sole discretion of Tahoe Life from time to time without prior notice. If there is more than one beneficiary, you must choose the same Death Benefit settlement option for all beneficiaries, failing of which, we will pay the Death Benefit in lump sum to all beneficiaries.
  5. Interest rate is not guaranteed, subject to change and will be determined by Tahoe Life from time to time.
  6. The Plan is a participating policy. Annual dividends and terminal dividend are not guaranteed, subject to change and will be determined by Tahoe Life from time to time. Annual dividends will only be payable when the policy is effective and there are no overdue premiums. The interest rate for annual dividends accumulation is not guaranteed, subject to change and will be determined by Tahoe Life from time to time. For details of the policy dividends, please refer to the below section on “About Policy Dividends” or visit Tahoe Life’s website, https://www.tahoelife.com.hk/tl/doc/pd_en.pdf.
  7. Terminal dividend may not form part of the Death Benefit. Please refer to the “Death Benefit” section under “Information at a Glance” for details.
  8. The premium must be paid by annual payment mode. The application of prepayment of renewal premium ("prepaid premium") can only be valid when the prepaid premium is paid at the time of policy application together with the filled application form and signed illustration of prepayment option. The prepaid premium will only be used for the settlement of renewal premium due. Prior to the settlement of renewal premium due, the prepaid premium will be kept in a designated account of the policy but will not form part of the paid premium until it is payable. The prepaid premium will not form part of the guaranteed cash value or any benefit under the policy and will not be attributed to the calculation of Death Benefit. If the insured passed away before the end of the premium payment term, the remaining balance of prepaid premium shall be returned to the policyowner or his/her estate. Upon policy surrender or full withdrawal of the balance of the prepaid premium before the end of the premium payment term, the surrender benefit or amount being withdrawn shall be returned to the policyowner, and any interest on the balance of the prepaid premium of that policy year will be forfeited.
  9. Medical underwriting is required for adding supplementary contract. Please refer to the respective policy contract for details of each supplementary contract. In condition of change of insured, all supplementary contracts attached to the policy will be terminated and no supplementary contract can be attached to the policy thereafter.
  • Suicide Exclusion 

If the initial insured (whether sane or insane) commits suicide within one year after the issue date, the effective date (as indicated in the relevant endorsement or supplementary contract) or the reinstatement date of the policy, whichever is later, Tahoe Life’s liability under the Plan will be limited to a refund of the premium paid to the basic plan of the policy, not including interest, less any indebtedness of the policy. In the case of reinstatement, the refund of premiums of the basic plan of the policy will be calculated from the reinstatement date. 

If the new insured commits suicide, whether sane or insane, within 1 year after the effective date of new insured, Tahoe Life’s liability under the Plan will be limited to a refund of the premium paid to the basic plan of the policy, not including interest, less any indebtedness of the policy and any type of dividend and its interest withdrawal under the policy. 

  • Cooling-off Right 

If you are not happy with your policy, you have a right to cancel it within the cooling off period and obtain a refund of any premiums paid. A written notice signed by you and the policy should be received by Tahoe Life’s Hong Kong Head Office at 15/F, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong within the cooling off period (that is, 21 days after the delivery of the policy or issue of a notice (informing you/your representative about the availability of the policy and expiry date of the cooling off period), whichever is the earlier). 

The policy will then be cancelled and the premiums paid will be refunded provided that no claim has been made under the policy. 

After the expiration of the cooling off period, if you cancel the policy before the end of the policy term, the projected total cash value may be less than the total premium you have paid.   

  • Overdue & Non-payment of Premium 

If any premium due remains unpaid at the end of the 31-day grace period, any unpaid premium will be settled by way of an automatic premium loan until the guaranteed cash value of the policy is exhausted and by then, Tahoe Life has the right to terminate the policy and all the benefits under the policy will automatically be terminated. 

  • Automatic Premium Loan 

Automatic premium loan will bear interest at a rate determined by Tahoe Life from time to time. You may inquire about the relevant interest rate from Tahoe Life. Any indebtedness of the policy may reduce the surrender benefit and the Death Benefit and lead to early termination of the policy. Tahoe Life has the right to terminate the policy if any indebtedness of the policy exceeds the guaranteed cash value and all the benefits under the policy will automatically be terminated. Please refer to the policy contract for details. 

  • Policy Loan 

You may apply for a policy loan from Tahoe Life with an amount not exceeding 80% of the guaranteed cash value available at the time of the policy loan’s approval. A policy loan will bear interest at a rate determined by Tahoe Life from time to time. You may inquire about the latest interest rate from Tahoe Life before applying the policy loan. Any indebtedness of the policy may reduce the surrender benefit and the Death Benefit and lead to early termination of the policy. Tahoe Life has the right to terminate the policy if any indebtedness of the policy exceeds the guaranteed cash value and all the benefits under the policy will automatically be terminated. Please refer to the policy contract for details.

  • Non-guaranteed Benefits 

Annual dividends and terminal dividend are NOT guaranteed. The annual dividends payable by Tahoe Life and guaranteed cash payments (if applicable) will be automatically accumulated at an applicable interest rate(s) until you tell us to do otherwise. The accumulated interest rate is not guaranteed and is not equal to the rate of return of your premiums paid. It is subject to change and will be determined by Tahoe Life from time to time.  The annual dividends, terminal dividend and accumulated interest rate set out in the illustration of the basic plan of the policy are projected figures only and are NOT guaranteed benefits of the Plan. Therefore, the actual benefits that you will receive under the Plan may be higher or lower than the illustrated amounts, and the potential return may not be comparable to the market rates or indexes throughout the benefit term. For details, please refer to the “About Policy Dividends” section below or visit the Tahoe Life website (https://www.tahoelife.com.hk/tl/doc/pd_en.pdf).  Please visit the Tahoe Life website (https://www.tahoelife.com.hk/tl/doc/hfr_en.pdf) for details of dividend history. 

  • Premium Payment Term and Related Costs 

The premium payment term of the Plan can be as long as 10 years. It is, therefore, important for you to reserve sufficient funds to pay all the premiums within the required premium payment term.  Part of the premiums paid will be used to pay for the cost of insurance and related costs.  

  • Prepayment Risk 

Prepaid premium will accumulate with Tahoe Life at a non-guaranteed interest rate which may vary from time to time without prior notice and can be higher or lower than that illustrated in the illustrations of the Plan. If the prepaid premium is insufficient to pay renewal premium due, the policyowner is required to pay the outstanding premium in order to keep the policy in force, otherwise the policy may lapse after the grace period. Only full withdrawal of the balance of the prepaid premium will be accepted by Tahoe Life. Upon policy surrender or full withdrawal of the balance of the prepaid premium before the end of the premium payment term, the surrender benefit or amount being withdrawn shall be returned to the policyowner, and any interest on the balance of the prepaid premium of that policy year will be forfeited. 

  • Termination Conditions 

Upon occurrence of any of the following events, Tahoe Life has the right to terminate the Plan before the maturity of the policy:

  1. death of the insured;
  2. failure to pay all the premiums due within the grace period, leading to policy indebtedness exceeding the guaranteed cash value of the policy;
  3. any indebtedness of the policy exceeding the guaranteed cash value of the policy; or
  4. in accordance with the applicable law, regulations or guidelines issued by any jurisdiction.

Please refer to the policy contract for details. 

  • Early Surrender Risk 

If you surrender your policy before the maturity of the policy, you may only receive the surrender benefit with all the indebtedness of the policy deducted which may be considerably less than the total amount of premiums paid. 

  • Liquidity Risk 

The Plan is designed for a long-term purpose. You may choose to withdraw part of its guaranteed cash value or apply for a policy loan while the policy is effective.  But this may reduce its guaranteed cash value and the Death Benefit.  If you surrender your policy before the maturity of the policy, you may only receive the surrender benefit with all the indebtedness of the policy deducted which may be considerably less than the total amount of premiums paid. The total amount of surrender value as set out in the illustration of the Plan is for reference only. 

  • Exchange Rate Risk 

You will be exposed to exchange rate risk if you pay your premium in a currency (e.g. Hong Kong dollars) other than the denominated currency of your policy (e.g. US dollars). The fluctuation in the exchange rates of the relevant currencies may render you to pay more premium than your last payment.  When you convert the policy benefits into the currency of the premium you pay, you may suffer loss in your policy benefits as a result of the relevant exchange rate fluctuation. Where the policy currency and/or the settlement currency differ(s) from your home currency, you will be subject to an exchange rate risk against your home currency. 

  • Credit Risk 

Benefits of your insurance policy issued by Tahoe Life are subject to the credit risk of Tahoe Life. If Tahoe Life becomes insolvent or default on any obligations under your policy, you could, in the worst case scenario, lose the entire premium(s) paid and policy benefits. 

  • Inflation Risk 

It is worth noting that the cost of living may be higher due to inflation. Where the actual rate of inflation is higher than expected, the payable benefits under the policy might become lesser in real terms than expected after adjustment of inflation even if Tahoe Life meets all of the contractual obligations. 

The information shown is only a brief description of the life insurance products mentioned in this product brochure for your reference. The information contained herein is not exhaustive and does not form part of a contract of insurance. You should read carefully the relevant policy contracts for the exact terms and conditions and the policy contracts shall prevail. Applicant should seek independent professional advice before making any decision if necessary.