MassMutual Asia launches all-new ‘Extra Cancer Care’:
Comprehensive cancer benefit before, during, and after treatment
Maximum lifetime limit HK$9 million
plus market-unique Monthly Living Benefit

August 15, 2016 Hong Kong

MassMutual Asia Ltd. (MassMutual Asia) has announced the launch of its new product - Extra Cancer Care, providing all-round coverage from diagnostic investigation to medical treatment of Carcinoma-in-situ, Early-stage and Later-stage Cancers, as well as ongoing monitoring after treatment. The plan also offers a market-unique Monthly Living Benefit, plus a maximum lifetime limit of up to HK$9 million. The actual medical expenses will be fully reimbursed, with no limit to the number of claims allowed.

According to statistics from the Hong Kong Hospital Authority, on average one in every five women or four men may suffer from cancer1. Worse of all, up to 40%2 of those newly diagnosed with cancer are aged in their 20s to 50s and in the middle of their careers.

Mr Victor Yip, Chief Operating Officer & Chief Actuary of MassMutual Asia, said, “In the unfortunate event of developing cancer, people not only lose their health but will probably also suffer from loss of income as the long treatment process keeps them from working. And if not previously insured, they will have to personally cover the medical expenses, which can amount to millions of dollars. Unlike other similar plans available in the market, Extra Cancer Care includes a market-unique Living Benefit of up to HK$30,000 a month3 to cover income loss and the extra expenses incurred during treatment for cancer. The plan provides comprehensive protection, with full reimbursement for the diagnostic investigation, consultation and hospitalization, as well as surgery and treatment, covering expenses incurred before, during, and after the treatment. On top of this, the plan delivers an array of extra-care benefits covering consultation services from Chinese herbalists, dieticians and physiotherapists to aid in the insured’s recovery, plus a hospital cash benefit of up to HK$1,000 per day. All in all, Extra Cancer Care provides sufficient financial support throughout the cancer treatment process, to enable the insured to receive timely and quality treatment and to enjoy absolute peace of mind during recovery.”

Mr Yip also points out that Extra Cancer Care provides multiple cancer benefits. The plan has significantly reduced the waiting period between multiple cancers while adopting more relaxed criteria to cover the recurrence or metastasis of a cancer, to provide customers with an even higher level of protection. Currently, other similar plans available in the market require a ‘waiting period’ of at least five years between the diagnosis of two different cancers, where the subsequent cancer is not a recurrence or metastasis of the preceding cancer. However, with Extra Cancer Care, any subsequent cancer will be considered as another cancer as long as the period elapsed between the diagnosis dates of the two different cancers is one year or more. If the cancer is a recurrence or metastasis of the preceding cancer, other plans would not treat it as a new cancer unless it is diagnosed five years after complete remission of the preceding cancer. With Extra Cancer Care, it will be treated as a new cancer as long as the period elapsed between the diagnosis dates of the relevant preceding cancer and the subsequent cancer is five years or more, during which period the preceding cancer was once in complete remission.

In addition, Extra Cancer Care offers worldwide coverage. The plan covers semi-private wards and delivers extra medical support services, including a second medical opinion provided by US medical specialists and quality treatment referrals in the USA. If the insured uses oral drugs at home instead of receiving medical treatment in hospitals, the actual charges incurred will also be reimbursed.

Ms Jeanne Sau, Chief Marketing Officer of MassMutual Asia, said, “Nowadays, Hong Kong people are very concerned about health protection and many of them have insured with plans that cover critical illnesses. However, the sums insured under those plans generally range from HK$500,000 to HK$1 million only. But cancer treatment can be extremely costly, especially if the newest treatments and drugs are used, and treatment is usually lengthy. In order to secure adequate benefits to cover the costs of cancer treatment, it would be advisable for customers to take out a comprehensive cancer protection plan. In response to this need, we have launched our Extra Cancer Care, with three plan levels—Prestige, Select, and Basic—at very affordable levels. Taking a non-smoking male and female, both aged 35, as examples, the annual premiums for the highest-level Prestige Plan are just HK$2,031 and HK$4,084 respectively. In other words, customers may enjoy comprehensive cancer coverage with a maximum lifetime limit of up to HK$9 million by paying what is just a trifling sum per day. Extra Cancer Care is therefore an ideal cancer protection plan that provides extra care for health-conscious customers.”

MassMutual Asia Ltd. is a member of the MassMutual Financial Group. Headquartered in Hong Kong, MassMutual Asia has some 2,800 consultants. The company delivers professional one-stop risk- and wealth-management consulting services, including a series of flexible and innovative life insurance products, retirement plans, and investment services. Besides the life insurance business, MassMutual Asia also operates several subsidiaries in Hong Kong, including MassMutual Trustees Ltd., which focuses on MPF, and MassMutual Insurance Consultants Ltd., which handles general insurance.

MassMutual Financial Group is a marketing designation for the Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates. With US$642 billion4 in assets under management and 13 million customers, MassMutual Financial Group is a global, growth-oriented and diversified financial-services organization. Established in 1851, MassMutual enjoys exceptionally high financial ratings from major ratings agencies, including A.M. Best Company "A++" (Superior; top category of 15), Fitch Ratings "AA+" (Very Strong; second category of 21) and Standard & Poor's "AA+" rating (Very Strong; second category of 21)5 and is ranked by FORTUNE as one of the “Five Largest US Life Insurance Companies”6 and “FORTUNE World’s Most Admired Companies”7.

1. Percentage of Hong Kong people developing cancer before the age of 75, according to Hong Kong Cancer Registry, Hospital Authority (2013).
2. The average percentage of cancer patients aged from 20 to 59 among all age groups, according to 2009-2013 Hong Kong Cancer Statistics, Hong Kong Cancer Registry, Hospital Authority (published in December 2015).
3. Applicable to the first diagnosis of a Later-stage cancer.
4. Figure as of December 31, 2015.
5. Ratings apply to Massachusetts Mutual Life Insurance Company and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company. Ratings are as of August 1, 2016 and are subject to change.
6. Ranked according to the aggregate results of [Insurance: Life, Health (Mutual)] and [Insurance: Life, Health (Stock)] on the total revenues for 2015, based on the FORTUNE 500 as published on June 15, 2016.
7. Ranked according to the results in “Life and Health Insurance” category in the 2014 FORTUNE World’s Most Admired Companies survey. The survey assessed nine reputation drivers considered to be crucial to a company’s global success: financial soundness, long-term investment value, people management, social responsibility, use of assets, quality of management, quality of products/services, innovation and global competiveness.

Mr Victor Yip, Chief Operating Officer & Chief Actuary, and Ms Jeanne Sau, Chief Marketing Officer, MassMutual Asia, announce the launch of ‘Extra Cancer Care’.