Blue Life Insurance Review

Blue Life Insurance Review

A digital life insurance company in Hong Kong offers online digital quoting and a combination of term, critical illness, savings, and personal accident insurance products

Good for

  • Cheap term life insurance
  • Online quotable terms
  • Regular promotions

Bad for

  • Those looking for whole life insurance
  • Premier insurance products

Editor's Rating

4.5/5.0

Blue offers convenient and affordable term life insurance products as well as critical illness plans with a life insurance component. If you are looking for flexible benefit terms or value a simple and easy purchase, Blue makes it easy for you to shop for insurance.

What Makes Blue Stand Out

Blue stands out by offering cheap and convenient standard life insurance plans in exchange for fancy plans that often come with special perks offered by their competitors. Blue Insurance is Hong Kong's first digital life insurance provider that continues to expand its product line. Currently, Blue only offers term life and some critical illness packages that include a life insurance component.

Since they do not offer whole life or universal life insurance plans, these term life insurance policies are not convertible. This means that if your financial needs change in the future and you want a whole life insurance plan, you will have to purchase a new plan from a different insurer and go through their application process.

If you are looking for a whole life insurance plan, look at our picks for the Best Life Insurance Plans in Hong Kong.

Blue Term Life Insurance Plan Benefits

Blue offers 2 term life insurance plans that can be quoted online by asking only 5 questions. The plans are very similar. However, the WeCare TL1 Term Life Plan offers more flexibility and additional benefits at only a marginally higher premium. If you are shopping for a basic plan for you and your family, Blue makes it easy to understand, apply, and purchase all from your computer at home.

Most Flexible - WeCare TL1 Term Life Plan

The WeCare TL1 term life insurance plan is convenient and flexible but among the cheapest in the market. Consumers can enjoy renewable coverage up to the age 85 and a low sum assured minimum of HK$250,000. Insureds looking for a higher sum assured can also be covered up to a maximum of HK$8,000,000.

Some things that stand out for the WeCare TL1 Term Life Plan are the flexibility to choose between 1-30 year benefit terms and making changes to the sum assured and premium payment term. Additionally, the WeCare TL1 Term Life Plan has a money-back component if you choose to change or terminate your policy. This is calculated by the total premiums paid less the insurance cost up to the change or termination date.

Consumers can easily get quotes and purchase a policy online--removing any commission paid to agents. A 25 year-old non-smoking male will only have to pay HK$13.15 a month in premium for a HK$250,000 sum assured.

Benefits
Benefit termUp to age 65
Maximum sum insuredHK$8,000,000
Issue age18-65 years-old

Benefits
Benefit termUp to age 65
Maximum sum insuredHK$8,000,000
Issue age18-65 years-old

WeCare TL2 Term Life Plan

WeCare TL2 Term Life Plan is Blue's basic protection plan. Although it is very similar to the WeCare TL1 Term Plan, there are 2 major differences.

  • You cannot change the sum assured, policy benefit term and premium payment term
  • WeCare TL2 Term Life Plan does not include a refund of premium

Some minor notable differences are that the WeCare TL2 Term Life Plan only offers 5, 10, 15, and 20-year benefit terms, whereas the WeCare TL1 Term Life Plan offers a choice between 1-30 year benefit terms. Additionally, the maximum sum assured is HK$8,0900,000, whereas the WeCare TL2 Term Life Plan is HK$5,500,000.

If you are not looking to change your policy or expect to cancel the policy before the expiration date, the WeCare TL2 Term Life Plan is a cheaper option than it's slightly more expensive sister, WeCare TL1. A 25 year-old non-smoking male will expect to pay HK$12,50 a month in premium.

Benefits
Benefit term5, 10, 15, 20 years
Maximum sum insuredHK$5,500,000
Issue age18-55 years-old

Benefits
Benefit term5, 10, 15, 20 years
Maximum sum insuredHK$5,500,000
Issue age18-55 years-old

Blue Critical Illness Insurance Plan Benefits

Blue offers three affordable basic critical illness plans. The plans primarily differ in types of illnesses covered and premium will range based on the number of illnesses covered. Each plan either includes an accidental death benefit or a compassionate death benefit. These benefits are not to be confused with a traditional life insurance death benefit that will often cover most incidents that lead to the insured's death.

An accidental death benefit will only pay out the sum insured in the event of death caused by an accident. The compassionate death benefit has a broader definition. It will not pay out the sum insured but rather the total premiums paid in a given policy term. For more comprehensive critical illness plans, check out our top picks for critical illness plans in Hong Kong.

WeCare CI1

Blue offers 3 critical illness plans. The WeCare CI1 plan is their standard critical illness plan also includes a compassionate death benefit. Although it isn't the most comprehensive plan in the market for critical illnesses, insureds who are at risk for cancer, heart attacks, or a stroke can purchase one of the cheapest critical illness plans on the market.

The WeCare CI1 plan offers 5 and 10-year terms and a maximum sum assured of up to HK$2,500,000. A 25 year-old non-smoking male can expect to pay as low as HK$10.10 a month for HK$100,000 coverage.

Keep in mind that the compassionate death benefit is not the same as a traditional life insurance death benefit. The main difference is that a traditional life insurance plan will pay a percentage of the sum assured. The WeCare CI1 plan's compassionate death benefit will pay a percentage of the total premiums paid up to the date the insured dies.

Benefits
Benefit term5, 10, years
Maximum sum insuredHK$2,500,000
Illnesses coveredCancer, heart attack, stroke
Issue age18-65 years-old

Benefits
Benefit term5, 10, years
Maximum sum insuredHK$2,500,000
Illnesses coveredCancer, heart attack, stroke
Issue age18-65 years-old

WeCare CA1

The WeCare CA1 plan is a cancer-specific critical illness plan. It offers similar coverage terms, but includes carcinoma in situ (CIS) and early-stage cancer and serious cancer benefits.

Like the WeCareCI1 this plan comes at very low annual premiums. However the minimum sum assured is HK$200,000 and the maximum is HK$500,000. If you are looking for intermediate cancer coverage with moderate but not exceptional sum assured benefit amounts, the WeCare CA1 plan is an affordable option. A 25 year-old non-smoking male can expect to pay only HK$37.76 a month for a HK$200,000 sum assured.

To get a quote will only require you to answer 2 questions. However, there are a few health assessment questions as a part of their online application to purchase a plan.

Benefits
Benefit term1 year, yearly renewal up to age 85
Minimum sum assuredHK$200,000
Maximum sum assuredHK$500,000
Issue age18-65 years

Benefits
Minimum sum assuredHK$40,000
Issue age50 to 70 years old
Policy LoanUp to 90% of the guaranteed cash value earned

Downsides

Blue offers straightforward plans that require minimal underwriting to provide consumers with a seamless application process. For consumers who value simplicity and a straightforward product, Blue makes it exceptionally easy for you to shop for life insurance. However, as easy as it is to apply, you have fewer options compared to products featured by competitors. Term life insurance is a simple life insurance product and relatively standard across the market. However, you may benefit from a more comprehensive and long-term whole life insurance plan depending on your financial needs.

Unfortunately, you cannot purchase a whole life insurance plan through Blue. Life insurance companies who offer both term and whole life insurance products typically offer the ability to convert a term life insurance plan into a whole life insurance plan at a future date. Blue does not have this option for their customers.

This means your plan does not grow with your needs and is something you should consider for your future financial planning. For convertible term life plan or insurers who offer whole life insurance plans, check out our picks for the on_current="true" url="https://www.valuechampion.hk/en/life-insurance/best-life-insurance-plans-in-hong-kong"Best Life Insurance Plans in Hong Kong[/link.

How to Apply for Blue Insurance

Convenient and easy life insurance quotes available

As Blue Insurance is a digital insurance provider, you can apply, receive customer support, and process claims completely online. Blue has created a simple portal design that allows you to quickly input your details, receive a quote, and purchase in a few simple steps. Alternatively, you can send inquiries to their hotline +852 3550 9600 or email them at [email protected]

To make a claim, visit their claims portal for detailed instructions.

Applicants for Blue's life insurance plans must be Hong Kong residents with a permanent Hong Kong address. You also must be in Hong Kong when you purchase the plan. The issue age restrictions are plan specific. Please see plan details above for age requirements.

Stephen Lee

Stephen Lee is a Senior Research Analyst at ValueChampion Hong Kong, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.