New policy targets working adults facing severe financial strain from unexpected death.

AIA Hong Kong & Macau has launched the ProsperLife Insurance Plan, a participating whole life product aimed at providing long-term financial protection across different life stages, from starting a family to retirement.

The insurer said the plan offers lifelong protection, a flexible death benefit settlement option, and what it described as Hong Kong’s first beneficiary flexi option.

These features are designed to help policyholders and their families manage financial risks over time.

Data from the Insurance Authority shows that Hong Kong’s average mortality protection gap is around ~$250,000 (HK$1.9m) per working adult, indicating that many households may face financial strain in the event of an unexpected death.

The ProsperLife Insurance Plan includes an optional accidental death benefit rider, which can provide up to 200% of the basic sum assured if death is caused by a covered accident.

This applies on or before the earlier of the end of the 15th policy year or when the insured reaches age 75.

Premiums start from about $7.7 (HK$60) per day for a plan with a sum assured of ~$250,000 (HK$1.9m).

The product can also be combined with additional coverage for accidents, medical needs, critical illness and disability.

The plan is eligible under the Policy Reverse Mortgage Programme operated by The Hong Kong Mortgage Corporation Limited, allowing policyholders to receive a regular monthly income stream to support retirement planning.

Alice Liang, chief proposition and healthcare officer at AIA Hong Kong & Macau, said the plan is intended to provide long-term protection and flexible arrangements to support customers and their families.

($1.00 = HK$7.84)