YF Life Insurance Review

YF Life Insurance Review

Private Life and medical insurance provider offering excellent term, whole, and universal insurance products that are flexible options for most demographics.

Good for

  • Young adults and seniors
  • Flexible premium payment terms
  • Diverse plans for term, whole, and universal life insurance policies

Bad for

  • Those looking for supplemental benefits and riders

Editor's Rating

4.0/5.0

YF Life offers competitive term and whole life insurance products for both young adults and seniors. They offer flexible premium payment options and excellent universal life insurance policies with guaranteed interest rates

What Makes YF Life Stand Out

YF Life stands out for offering a diversified line of different medical and life insurance products since 1975. They have excellent claims handling history and a strong FitchRatings score of A-. Additionally, insureds can access and manage their policy online using YF Life's e-policy service.

YF Life offers over 10 different life insurance products for term, whole, and universal life to Hong Kong consumers. Additionally, the insurer provides excellent options that fit a broad range of consumers shopping for a life insurance plan for each type of life insurance plan.

Although YF Life offers an excellent digital shopping experience with an online customer service platform, insureds cannot receive a direct quote for term life insurance. You will have to go through an insurance agent to purchase a product from YF Life. See how to apply below.

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.

YF Life Term Life Insurance Plan Benefits

YF Life offers 3 term life insurance products and 1 modified life insurance plan similar to a term life plan. The 3 term life insurance products have similar coverage benefits, but consumers can select the benefit term from annual, 5-year, and 10-year terms. Each plan is renewable and offers guaranteed convertibility to a whole life insurance plan if your financial needs change in the future.

1, 5, 10 Year Renewable and Convertible Term Life Plan

Each benefit term is sold separately under a different plan name:

  • 1 year: Yearly Renewable and Convertible Term Insurance Plan
  • 5 year: 5-Year Renewable and Convertible Term Insurance Plan
  • 10 year: Convertible Term Insurance

These three plans offer similar basic coverage and renewability up to the age of 100. The 10-year plan is renewable up to the age of 75. Additionally, all three plans offer convertibility to a permanent life insurance plan if your financial needs change. The convertibility feature is useful to consumers since sickness and accidents can result in the inability to purchase life insurance in the future. Guaranteed convertibility allows you to lock-in the option to change to a permanent plan despite your future medical history.

Benefits
Benefit Term1, 5, 10
RenewableUp to age 100 (depending on the benefit term)

Benefits
Benefit Term1, 5, 10
RenewableUp to age 100 (depending on the benefit term)

Guaranteed Acceptance Policy

The Guaranteed Acceptance Policy is an attractive plan for individuals who struggle to purchase life insurance due to their medical history. YF Life is guaranteeing application acceptance regardless of medical history between the ages of 18 to 65. There are no medical examination requirements, and the Guaranteed Acceptance Policy offers a maximum of HK$1,000,000 sum insured. Since YF Life will be taking on more risk, this plan will be more expensive.

Keep in mind that this is not a traditional term life insurance plan, nor does it qualify as a whole life insurance plan. This plan lives somewhere in the middle of these two types and offers guaranteed coverage up to the age of 100 as long as you continue to pay premiums.

Additionally, the Guaranteed Acceptance Policy includes a surrender option to terminate your policy in the future and receive premiums paid. This is not the same as a guaranteed cash value or terminal dividend offered for whole life insurance plans. This is simply a surrender where coverage will no longer continue.

Benefits
Benefit TermUp to age 100
Maximum Sum insuredHK$1,000,000
Guaranteed Refund of PremiumSurrender on or after the 20th policy year for 100% premiums paid

Benefits
Benefit TermUp to age 100
Maximum Sum insuredHK$1,000,000
Guaranteed Refund of PremiumSurrender on or after the 20th policy year for 100% premiums paid

YF Life Whole Life Insurance Plan Benefits

YF Life offers a wide range of different whole life insurance options. These whole life plans provide flexible premium payment terms and late issue age requirements. YF Life stands out in this category by offering unique whole life insurance options to a broad range of consumers.

YF Life's plans include a guaranteed cash value, terminal dividend, and an annual dividend that grows over the years. Coupled with optional supplemental benefits—total disability, critical illness benefit, and an accident benefit—YF Life's whole life insurance plans offer competitive coverage terms.

Legacy Plan - Preeminence

Preeminence is a whole life insurance policy that offers a legacy planning feature. The legacy feature allows you to select a lump-sum payment or monthly installments without setting up a trust for your beneficiaries. Additionally, it guarantees a 100% death benefit if the insured passes before the 70th birthday or the 20th policy anniversary.

The base policy is a standard whole life insurance plan that you can find across the market. It offers a guaranteed cash value, terminal bonus, annual dividends, and the ability to take out a policy loan without surrendering life insurance coverage. The Preeminence insurance plan also comes with flexible premium payment terms of 5, 10, or 20 years.

Benefits
Premium payment terms5, 10, 20 year terms (or single premium payment option)
Issue ageUp to 70 years
Legacy feature100% death benefit

Benefits
Premium payment terms5, 10, 20 year terms (or single premium payment option)
Issue ageUp to 70 years
Legacy feature100% death benefit

Best for seniors - Respected Choice Life Insurance

The Respected Choice Life Insurance Plan is specifically designed for seniors. There is no medical exam required, and the issue age is set at 50 to 70 years old. Seniors can enjoy a benefit term up to 100 years old with a premium payment term of 10 years.

Unfortunately, the plan does not offer more flexible premium payment options. However, in an emergency, the plan offers up to a 90% policy loan of the guaranteed cash value earned without terminating the policy.

The minimum sum assured starts as low as HK$40,000, with a maximum sum assured to be considered on an individual basis.

Like other whole life insurance plans in Hong Kong, the Respected Choice Life Insurance Plan offers an annual dividend, terminal dividend, and guaranteed cash value. This plan is an excellent choice if you are older and struggling to find life insurance coverage due to your medical history.

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

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

Wealth Builder Life Insurance Plan

The Wealth Builder Life Insurance Plan is YF Life's standard whole life insurance policy. The plan is an excellent option for young adults who are looking for a lower initial sum assured. The minimum sum assured begins at HK$240,000 one of the lowest in the market. The premium payment terms include 10 and 20-year options or up to the age of 85—affording you more flexibility as you build your wealth.

The Wealth Builder Life Insurance Plan offers the standard annual dividend, terminal bonus, and guaranteed cash value that you will see across the market. Additionally, the plan allows you to take up to 90% of the premium paid as a loan without terminating coverage for emergencies.

Overall, this whole life insurance plan offers competitive terms and flexible premium payment terms from a strong life insurance company in Hong Kong.

Benefits
Minimum sum assuredHK$240,000
Premium payment terms10, 20, or up to the age 85
Policy LoanUp to 90% of the guaranteed cash value earned

Benefits
Minimum sum assuredHK$240,000
Premium payment terms10, 20, or up to the age 85
Policy LoanUp to 90% of the guaranteed cash value earned

YF Life Universal Life Insurance Plan Benefits

Universal life insurance and whole life insurance are both permanent life insurance plans, but universal life insurance offers a bit more flexibility in terms of premiums and death benefits. Essentially, under a universal life insurance policy, you can change the premium payment and the sum assured depending on your financial needs. In contrast, whole life insurance offers more consistent premiums and a guaranteed cash value accumulation.

YF Life offers several universal life insurance products. Among the three, we found that the Flexi-ULife Prime Saver offers the most value to most consumers due to its 3% guaranteed interest rate, terminal illness benefit, and lower sum assured entry requirement.

Make sure to talk to your financial advisor before purchasing to determine which option is best for you.

Best for young adults - Flexi-ULife Prime Saver

The Flexi-ULife Prime Saver is an excellent alternative to a whole life insurance plan for individuals looking for more flexible premium payment terms. You can adjust the original policy to increase the sum insured without applying for a new policy at no additional costs. This plan is perfect for insured who expect to make significantly more in the future as they progress in their career.

With a low minimum sum assured at HK$240,000, the Flexi-ULife Prime Saver is more accessible to younger insureds. Additionally, with a 3% guaranteed interest rate, you can begin building your wealth at any point in your career.

For higher-income earners, the Prestige-ULife Insurance plan offers better terms and similarly flexible coverage terms. Although the Prestige plan's minimum sum insured is USD 1,000,000, it enjoys a higher guaranteed interest rate of 2.75% plus an additional 1% interest bonus.

Benefits
Minimum sum assuredHK$240,000
Guaranteed interest rate3%

Benefits
Minimum sum assuredHK$240,000
Guaranteed interest rate3%

How to Apply for YF Life Insurance

Flexible and unique life insurance solutions

Applicants in Hong Kong can call to inquire about policy details at (852) 2533 5555. Additionally, you can contact an independent insurance agent to inquire and apply for this policy.

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.