Chubb Life Insurance Review

Chubb Life Insurance Review

Chubb Life offers comprehensive life insurance with multiple purchasable riders

Good for

  • Comprehensive coverage
  • Flexible plans
  • Unique riders

Bad for

  • Those who are price shopping
  • Those looking for online quotes

Editor's Rating

4.5/5.0

Chubb offers strong term life, whole life, and additional riders for your life insurance plan. We've reviewed 8 of their life insurance plans analyzing product options, coverage, benefit terms, and minimum and maximum sum assured to help you shop for the best plan. Take a look below to see if Chubb's plans meet your insurance needs.

What Makes Chubb Stand Out

Chubb stands out in Hong Kong as a global financial institution, known for its excellent underwriting. Their great underwriting translates to fast claims handling and transparent pricing for consumers. Chubb's expertise primarily is in property and casualty insurance and other commercial lines of insurance. However, when it comes to personal lines—like life insurance—Chubb’s offerings are limited. They have a total of 8 life insurance products: term life, whole life, and riders. However, you can find more robust product offerings from Chubb's competitors.

Life insurance offers payment to your loved ones in the event you pass away. Life insurance is not a substitute for medical insurance coverage. If you are looking for the best medical insurance plans, look at our best picks for VHIS plans in Hong Kong.

Chubb Term Life Insurance Plan Benefits

Chubb offers 2 term life insurance products: The WiseChoice Term Life Protector and The Multi-Select Term. Both plans are similar in coverage as they offer basic life protection, however, the Multi-Select Term plan offers much flexibility in benefit terms as well as payment options. Check out the details below.

Standard - WiseChoice Term Life Protector

WiseChoice Term Life Protector is Chubb's basic term life insurance policy. You will find similar terms and conditions on the market for this level of coverage. This plan offers guaranteed convertibility into a whole life insurance plan and a minimum sum assured of HK$500,000.

One thing to keep note is that the term limit's issue age will restrict the maximum sum assured you are allowed to insure. For example, between the age 18-45, the WiseChoice Term Life Protector allows you to insure up to a maximum sum assured of HK$4,000,000. In comparison, if you fall between the age 56-65 when purchasing this plan, you will only be able to insure a maximum sum assured of HK$1,000,000. For more term life insurance options, check out our top picks for life insurance in Hong Kong.

Benefits
Benefit Term1, 5, 10
RenewableUp to age 100 (depending on the benefit term)
Minimum Sum AssuredHK$500,000
Maximum Sum AssuredUp to HK$4,000,000 (depending on issue age)

Benefits
Benefit Term1, 5, 10
RenewableUp to age 100 (depending on the benefit term)
Minimum Sum AssuredHK$500,000
Maximum Sum AssuredUp to HK$4,000,000 (depending on issue age)

Most Flexible - Multi-Select Term

The Multi-Select Term plan is Chubb's most flexible term life insurance plan. The Multi-Select Term plan is similar in basic life protection coverage to the WiseChoice Term Life Protector plan, but with added flexibility in the benefit term and the issue age. Moreover, this plan can also act as an additional rider on top of a basic plan, which gives you the option to increase your total life insurance coverage if you purchased a basic term plan with Chubb.

This plan is far more flexible with 1, 5, 10, 15, 20, and 25-year benefit term options and a high issue age of up to 65 years old for even their 20-year option—far more flexible than many competitors. Additionally, this plan does not include a maximum sum assured. Although the maximum limit is subject to Chubb's underwriting's discretion, theoretically, you can insure much higher than the WiseChoice Term Life Protector.

Benefits
Benefit Term1, 5, 10, 15, 20, 25, and up to age 65 years old.
RenewableUp to age 100 (depending on the benefit term)
Minimum Sum AssuredHK$585,000
Maximum Sum AssuredIndividual consideration

Benefits
Benefit Term1, 5, 10, 15, 20, 25, and up to age 65 years old.
RenewableUp to age 100 (depending on the benefit term)
Minimum Sum AssuredHK$585,000
Maximum Sum AssuredIndividual consideration

Chubb Whole Life Insurance Plan Benefits

Chubb offers 4 different whole life insurance options. These whole life plans provide flexible premium payment terms and a varied combination of unique whole life insurance options to fit a broad range of consumers. Chubb's plans include a guaranteed cash value, terminal dividend, terminal illness benefits, and an annual dividend that grows over the years. Coupled with multiple riders—medical benefit, critical illness benefit, and retirement benefits—Chubb's whole life insurance plans offer competitive coverage terms.

Most Flexible - Custom Whole Life

The Custom Whole Life plan offers Chubb's most flexible whole life insurance plan. It offers premium payment terms from 5 up to 25 year terms and an option to pay up to the age 100 of the insured. Additionally, the low minimum sum assured of HK$78,000 makes this plan affordable to most consumers looking for a whole life insurance policy.

Much like other competitive whole life insurance plans on the market, the Custom Whole Life plan offers basic life protection, guaranteed cash value, non-guaranteed annual dividends, as well as a terminal dividend. What makes this plan stand out more is the free terminal illness benefit, free personal accident coverage, and the additional riders.

Benefits
Premium payment terms5, 10, 15, 18, 20, 25 year terms
Issue ageUp to 70 years
Minimum sum assuredHK$78,000

Benefits
Premium payment terms5, 10, 15, 18, 20, 25 year terms
Issue ageUp to 70 years
Minimum sum assuredHK$78,000

Best for Couples - Perpetual Life Series

You will not find any other whole life insurance plan on the market with the ability to insure both you and your spouse as joint insureds listed under the policy. Chubb offers 2 different underwriting classes as a single life option or a joint-life option. In the case of the joint-life option. You and your spouse choose to purchase life insurance under one policy.

Keep in mind that this means the policy will only payout a death benefit after both insureds have passed away. Perpetual Life Series' benefit is that you will likely pay less premium than to purchase separately. However, that means the spouse left behind will not benefit from this policy, but rather the next generation.

Benefits
Premium payment termsSingle payment, 5 years
Minimum sum assuredHK$1,000,000
Issue age18 to 70 years old
Death benefit
  • Single Life: on death of insured
  • Joint Life: on second death basis

Benefits
Premium payment termsSingle payment, 5 years
Minimum sum assuredHK$1,000,000
Issue age18 to 70 years old
Death benefit
  • Single Life: on death of insured
  • Joint Life: on second death basis

Standard - Lifetime Protector

Chubb's Lifetime Protector is a strong basic whole life insurance plan. Unlike the Custom Whole Life plan, however, the Lifetime Protector offers much less flexible terms.

Like many whole life insurance products, you will also find that this plan offers a guaranteed cash value, non-guaranteed annual dividend, and a terminal dividend. One unique value proposition for the Lifetime Protector plan is the Spouse's Paid-Up Insurance Purchase Option. This option allows the spouse to exercise the right of using part or all of the death benefit and any terminal dividend to purchase a life insurance policy for her own life.

Benefits
Premium payment terms25 years, up to age 100 of the insured
Minimum sum assuredUS$25,000
Issue age15 days to 75 years old

Benefits
Premium payment terms25 years, up to age 100 of the insured
Minimum sum assuredUS$25,000
Issue age15 days to 75 years old

Chubb riders for life insurance

Chubb offers a multitude of riders. The ones that stand out in the life insurance category are the Child's Protection Benefit and the Lady's Partner Plan. Keep in mind that some of the term and whole life insurance plans also offer supplemental benefits for accidental injury, critical illness, and medical benefits for an additional premium.

Child's Protection Benefit

The Child's Protection Benefits allows you to insure your child up to the age 25 or age 60 for the premium payor (whichever is earlier). This policy rider can be attached to most basic plans offered by Chubb.

Lady's Partner Plan

Lady's Partner Plan is a rider designed for women between the ages 16 and 60. The Lady's Partner Plan offers three benefit levels, Female Cover, Female Cover Plus, and Pregnancy Cover. This rider is unique in HK and supplements medical coverage for women-specific illnesses and check-ups.

How to Apply for Chubb Life Insurance

Flexible and unique life insurance solutions

Applicants in Hong Kong can call to enquire about policy details at +852 2894 9833 Additionally, you can contact a Chubb representative through their Chubb Life Insurance Enquiry page.

To make a claim, please visit their claims corner. There you will find forms and detailed information on how to submit a claim under your life insurance policy.

All Hong Kong policyholders are subject to a premium levy by the Insurance Authority. The insurer will collect the levy on behalf of the Insurance Authority for the insurance policies issued in Hong Kong.

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.