Frequently asked Questions

General FAQ’s

1.  Do I need insurance?

A:  Yes, because uncertainty is the only certainty in life and is often linked to unfortunate occurrences leaving you financially destabilized. Insurance provides a financial backup providing you coverage across a series of adverse circumstances like disability, accident, sickness and death. With soaring medical treatment costs and other expenses, buying insurance in exchange for a small amount of money (called premium) is a wise decision. Moreover, some insurance policies offer you a means to accrue your wealth for retirement, child’s education and such activities. At GPA, we offer a flexible product range with various benefits that can fit with your budget.

2.  What extent of insurance coverage do I need?

A:   The extent of insurance coverage you need depends on two major factors: your risk exposure (how much risk you are exposed to depending on your age, gender, etc.) and your insurance budget allocation. At GPA, we offer you a mix and match products set out of life, critical illness and income protection to match the extent of coverage you need. For more advice, feel free to get in touch with us.

3.  I am not a resident of Hong Kong. Can I buy insurance from GPA?

A:  If any person coming to Hong Kong is interested in buying a policy from us, we are ready to extend our insurance facilities to them once they provide us with evidence of entry.

4.  Do I need to get a medical check-up done before policy is issued?

A:  Generally the answer is yes. In case of life insurance many insurers require you to go for a medical checkup or else they settle for a policy with a lower sum assured (the maximum claim amount) without a medical-checkup. At GPA, we have high non-medical limits, i.e. the sum assured in considerably high even without medical checkup. The same applies for critical illness policies. Usually for income protection insurance, you don’t need to go for a medical checkup and can simply do with some lifestyle based questions.

5.  How do I make a claim?

A:  The insurer should be contacted as soon as possible after the occurrence of the covered event. As identified in the “making a claim” guidelines mentioned in the policy, the required documents (death certificate, medical certificate, identity proof, medical reports, etc.) need to be sent to the insurer for claim adjudication. The claim will be is processed within the defined timeline and payment made to the claimant.

Life Insurance FAQ’s

1.  Is life insurance required for me?

A:   If you have any dependent who might financially suffer in the untimely occurrence of your death, then a life insurance is definitely required for you. Following the death of the insured, the life insurance policy pays a specified sum to the designated beneficiaries.

2.  What are the benefits that I get from a life insurance policy?

A:   Life insurance can ensure a number of benefits like paying for estate taxes, financially supporting your dependents, providing for funeral expenses, ensuring educational expenses and the like. Recent plans also incorporate facilities for critical illness, retirement and savings.

3.  How much do I need to pay and how frequently?

A:  Rates vary from company to company and also depend on the type of policy (term policy, whole life policy, market linked policy or endowment policy). Premiums need to be paid monthly, quarterly, half yearly or annually depending on the company from which you are buying the policy. GPA provides you life insurance policies at competitive premium rates and payment terms.

4.  What if I fail to pay on time?

A:  The policy has a 30 day period of grade.  This means that in the 30 days following your annual policy renewal date payment of premiums can be made.
Please note that the grace period does not apply to premiums that are paid on an installment basis, excepting for the first payment due for the policy renewal. NO interest are charged during the grace period.

5.  Is there any age limit for buying life insurance?

A:  The age limit depends on insurance type and service provider. Usually, applications for life insurance are acceptable up to 65 years of age at date of entry.  Other policies have differing age.   

Critical Illness Insurance FAQ’s

1.  What is critical illness insurance?

A:   Critical illness insurance policies pay the insured a lump sum once is diagnosed with listed critical illness, namely cancer, multiple organ failure, etc.

2.  I am in sound health. Why do I need critical illness insurance?

A:  Given our fast paced yet sedentary lifestyle, we are prone to lifestyle diseases, more so as age approaches. With the rising cost of medical expenses, a major critical illness may become a crucial financial setback for your family and loved ones. Critical illness insurance policies provide a lump sum once the illness is diagnosed thereby offering considerable financial backup for the family through payment of the sum insured to meet the cost of  treatment and other expenses.

3.  How does critical illness insurance differ from any other medical insurance?

A:  Generally medical insurance policies are reimbursement policies, i.e. they reimburse you or the medical services provider the agreed expenses incurred in treatment subject to the benefit limits of your policy. Non-medical associated expenses are excluded in the policy.
Critical illness policies offers a lump sum on the occurrence of the diagnosed illness as defined in the policy. The sum paid does not depend on the expense of treatment.

4.  What are the complete benefits that I get from a critical illness insurance policy?

A:  A critical illness insurance policy covers you against major illnesses as defined in your policy.

5.   What is survival period in critical insurance?

A:   In critical illness insurance, survival period refers to a specified period through which the insured must survive following the first diagnosis of the ailment. 

Income Protection Insurance FAQ’s

1.  Why do I need income protection insurance?

A:   Income protection insurance is a wise step towards protecting yourself against unfortunate loss of income due to disability or sickness which make you unfit for work. GPA provides income protection insurance at competitive premium rates.

2.  How does an income protection policy work?

A:  An income protection policy works by protecting your income from unforeseen circumstances. The level of income is agreed within the policy which includes both full benefit and partial benefit.  A partial benefit “makes up” an income shortfall which has occurred at the time e.g. A partner in a law firm who suffers a Stroke and can no longer hold this position, however he or she and must work in a lesser capacity.  

3.  Do I need to continue paying the premium if I am unable to generate income following an illness or accident while under a policy claim?

A:  Some policies provide premium waiver for complete disability. Other policies the period extends for 6 months or more (as per specific terms in specific policies).

4.  Can I get income protection if I am self employed or unemployed?

A:  Yes. The principle used is the level of declared income through company financial statements and government taxation offices.
Salary statements,pay slips are used to determine income levels at the time of application.  

5.  What is deferred period in income protection insurance?

A:  Deferred period refers to the period between your claim and payment of the first benefit. This concept referred to is where the majority of policyholders get some help from the employer for a certain period of time e.g. 3 months. The policy then pays once the financial support from the employer stops. Income protection insurance becomes cheaper as the deferred period increases.