YF Life Scores Two Wins at iMoney Insurance Excellence Awards 2022
Once Again Wins “Best Annuity Product” and “Most Popular Critical Illness Insurance Product”

December 1, 2022

Thanks to its innovative and unique products, YF Life Insurance International Limited (YF Life) garnered the “Best Annuity Product” award for the 5th consecutive year and the “Most Popular Critical Illness Insurance Product” for the third year running at the iMoney Insurance Excellence Awards 2022.

Mr. Victor Yip, Chief Executive Officer at YF Life, said, “We are truly honored to have received the ‘Best Annuity Product’ and the ‘Most Popular Critical Illness Insurance Product’ awards in their respective categories. Some 20 years ago, thanks to ‘Innovation’, the driving force behind the development of our business, and through the analysis of demographic changes in Hong Kong, we saw that life expectancy here was increasing significantly, and based on this finding we launched the first lifetime annuity plan in Hong Kong. Since then we have been constantly updating the plan to transform it into an integrated insurance solution that helps customers achieve capital accumulation, retirement planning, and wealth legacy. And recently, with the ongoing epidemic, the general public has become even more concerned about the risks to their health. In light of this, we launched our ‘PrimeHealth Pro’ and ‘PrimeHealth Jr. Care’ plans, with key optimizations so as to provide a comprehensive range of protection offerings to our customers. Looking forward, YF Life will continue to focus on constant innovation and leverage its advanced FinTech capabilities in order to help customers plan a worry-free life and ‘own the future’, as our brand promises.”

The winning product “MY Lifetime Annuity” is unique in the market, offering both guaranteed lifelong annuity income and 11 annuity options that cater to the personal retirement needs of different customers. As an annuity pioneer in the local insurance market, YF Life, with the unique advantage of its “genuine lifetime annuity plan”, guarantees lifelong monthly income to ensure a worry-free retirement for customers, effectively relieving the financial risks caused by extended longevity. On top of that, customers may take advantage of the flexibility of the plan by changing the Insured to grow and share the accumulated wealth across generations.

Meanwhile, “PrimeHealth Pro/PrimeHealth Jr. Care”, the winner of the “Most Popular Critical Illness Insurance Product,” provides comprehensive protections covering 148 critical illnesses, and offers up to 5 claim payments for cancer, heart attack, or stroke, each paying up to 100% of the basic sum insured. In addition, the plans offer cash benefits for critical illnesses to the insured upon diagnosis1, with no waiting period. In the case of cancer, regardless of it being a recurrence, metastasis, existing, or new cancer, customers may opt for the advance payout option, shortening the waiting period between the two diagnosis dates from 3 years to 1 year, with the benefit payable of up to 50% of the basic sum insured1. The plans also offer a “Sperm/Oocyte Cryopreservation Benefit”, a first for Hong Kong and Macau2, in order to help the insured extend family planning into the future1. In addition, expectant parents may opt to take out “PrimeHealth Jr. Care” from the 22nd week of gestation onward, providing protections for the soon-to-be-born child as well as the mother during pregnancy. Upon the birth of the baby, the child will seamlessly enjoy the full benefits of the policy.

The iMONEY Insurance Excellence Awards aims to celebrate Hong Kong’s exceptional finance and insurance sector, motivating the industry to pursue excellence and create greater value for customers. Over 10 awards were presented for 2022, the winners being selected following a stringent selection process, including a professional panel consisting of industry representatives, professionals, and scholars, as well as by a public online poll.

YF Life Insurance International Limited is a member of publicly listed Yunfeng Financial Group Limited, whose major shareholders include Yunfeng Financial Holdings Limited3 and Massachusetts Mutual Life Insurance Company3, one of the “Five Largest US Mutual Life Insurance Companies”4. Leveraging its robust financial background and solid reliability, YF Life is committed to helping customers “Own the future” by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.

Notes:

1.  For details, please refer to the relevant policy documents.
2. Based on the similar types of plan in the Hong Kong and Macau market, as of the launch date of this product in November 2021.
3. Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company have an indirect shareholding in Yunfeng Financial Group Limited.
4.  The “Five Largest US Mutual Life Insurance Companies” is ranked according to the results of “Insurance: Life, Health (Mutual)” on total revenues for 2021, and based on the FORTUNE 500 as published on May 23, 2022.
Mr. Peter Yip, Vice President of Marketing at YF Life (right), accepts the two awards on behalf of YF Life.

Mr. Peter Yip, Vice President of Marketing at YF Life (right), accepts the two awards on behalf of YF Life.

Department heads and representatives of YF Life celebrate the company's win at the ceremony.

Department heads and representatives of YF Life celebrate the company's win at the ceremony.

YF Life has won the “Best Annuity Product” award for 5 consecutive years, and the “Most Popular Critical Illness Insurance Product” award for 3 consecutive years.

YF Life has won the “Best Annuity Product” award for 5 consecutive years, and the “Most Popular Critical Illness Insurance Product” award for 3 consecutive years.

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