GL30 Guideline on Financial Needs Analysis Mar 2021 - 新華保險 ...
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GL30 Guideline on Financial Needs Analysis Mar 2021
Guideline(GL) Update
Materials are for internal use only and may not be copied or distributed to the outside in any form 2Disclaimer
This material is produced by Agency Training and Development Department,
which is intended for internal training only and it cannot be reproduced and
distributed to any third party (including but not limited to the general public,
customers or potential customers) in any format. It provides an overview of the
new/revised guidelines issued by Insurance Authority (IA), Insurance
Consultant should not only rely on this material when selling of insurance
products or responding to client’s enquiry and insurance consultant should
read this material together with the relevant guidelines issued by IA to
understand the details of the requirements of the guidelines.
Materials are for internal use only and may not be copied or distributed to the outside in any form 3Background
The Guideline (GL) on Financial Needs Analysis (FNA) (GL30) is
meant to replace the current “Initiative on Financial Needs
Analysis” maintained by the HKFI.
While the GL adopts almost all the rules from the existing codes,
the IA has refined the FNA Guideline by adopting a principle-
based approach to allow sufficient flexibility, widened the scope of
exempted products, add requirements during assessment before
recommendation.
Effective date:
Apr 1, 2021
Materials are for internal use only and may not be copied or distributed to the outside in any form 43 Principles of GL30
1. Treat Customer Fairly
This Guideline stipulates that the conduct of the insurance business should ensure
that customers are treated fairly. The FNA process is vital and must adhere to:
(a) customers are provided with adequate and accurate information before, during
and after the point-of-sale of a life insurance policy; and
(b) any recommendation given to a customer in respect of a life insurance policy is
suitable for the customer.
2. Suitability and Affordability Assessment
Authorized insurers and licensed insurance intermediaries to ensure that a proper
assessment of each customer’s circumstances including needs, financial situation,
ability and willingness to pay premiums, etc., is undertaken before any
recommendation is made in respect of a suitable life insurance policy for the
customer, and that the recommendation is based on that assessment.
3. Mismatch Cases Handling
When a licensed insurance intermediary recommends an insurance product which
does not meet the needs and circumstances of the customer based on the
information collected during the FNA process, this is regarded as a “mismatch”.
Authorized insurers must put in place appropriate control measures to handle
mismatch cases based on the principle of “fair customer treatment”.
Materials are for internal use only and may not be copied or distributed to the outside in any form 5Update Summary of GL30
1. Key Highlights of the GL30’s
Requirements
2. Key Changes on Financial Needs Analysis
(FNA) Form
❑ Added New Questions or Fields related to
• Healthcare / Medical products
• ILAS products
• Premium Financing
• Target Retirement Age
❑ Suitability Assessment Requirement
• Target Saving Amount within Certain Period
❑ Mismatch Cases Handling
3. Case Study
4. Key Changes on the Requirements
Materials are for internal use only and may not be copied or distributed to the outside in any form 6Key Highlights of the GL30’s Requirements
The licensed insurance intermediary is required to explain and document the
reasons for recommending a product to the customer
A completed FNA form must be signed and dated by the customer and the
licensed insurance intermediary
If the customer refuses to disclose certain information during FNA process,
insurance intermediary cannot recommend any insurance products to the
customer
If an insurance policy is intended to be purchased through a trust
arrangement or power of attorney, this Form should be completed based on
the insured or the settlor in the case of trust, or the donor or grantor in the
case of power of attorney
If a customer purchases an additional insurance policy(ies) or coverage from
the same authorized insurer or via the same licensed insurance intermediary
within 12 months after an FNA form is completed, it is not necessary to
conduct another FNA ; But if there are material changes in the circumstances
of the customer or the purchase of the additional insurance policy or the
additional coverage would result in a mismatch, a new FNA is required to be
conducted.
Materials are for internal use only and may not be copied or distributed to the outside in any form 7Key Highlights of the GL30’s Requirements
o Supplementary question for ILAS product
o Supplementary question for medical and critical
illness products
o Add a question for target retirement age and
New areas in Needs
premium financing
Analysis o Add a new objective specified for UCSP
o Target saving need
o Source of fund after retirement
o Question for mismatch case
o Assessment is conducted based on all in-force
policies of customer
Assessment for o Identify customer’s protection need and target
saving need separately
Suitability and o Source of funds that the customer can afford the
Affordability entire duration of the premium payment term
(including the premium payment period after
retirement)
If the coverage of the recommended product or the
target savings amount within the specified time is less
Handling of Mismatch
than 50% of the coverage or target savings indicated in
Case the financial needs analysis process, an explanation is
required
Materials are for internal use only and may not be copied or distributed to the outside in any form 8Key Highlights of the GL30’s Requirements
Suitability and Affordability Assessment
The assessment should be based on an aggregate of all in force policies
(including the policies from other insurers) of the customer, rather than
just the policy which is the subject of the application.
The licensed insurance intermediary must take into account while
assessing customer’s ability and willingness to pay insurance premium
1. The premium payment term of the recommended policy will last
beyond the target retirement age of the customer who can afford the
premium payment after his/her retirement.
2. Customer has indicated that premium financing is intended to be used
3. The Source of funds that the customer can afford the recommended
product(s) throughout the entire duration of the premium payment
term (including the payment period after retirement).
No ILAS product should be introduced or recommended in any of the
followings
1. If the customer has indicated that he/she does not want or is unwilling
to choose or manage different investment options, or
2. If the customer requests for the professional advice on the choice and
management of different investment option to be provided by the
authorized insurer and/or licensed insurance intermediaries
Materials are for internal use only and may not be copied or distributed to the outside in any form 9Key Highlights of the GL30’s Requirements
Mismatch case Mismatch Case Handling
The recommended product does Application will be
not meet the needs and
circumstances of the customer rejected
based on the information
a. if the recommended level is
collected during the FNA process
higher than the level of
The recommended policy has a protection or target saving
longer premium payment term amount identified in the FNA,
than the target premium term the application will be
indicated by the customer rejected;
b. if the recommended level is
Recommended product is not able 50% lower than the level of
to achieve the target savings protection or target saving
amount within the timeframe amount identified in the FNA,
indicated by the customer the licensed insurance
intermediary is required to
The recommended benefit / clearly explain the mismatch
protection period deviates from to the customer and provides
the customer’s choice identified the reason for the
in the FNA recommendation (despite the
mismatch) to the customer.
Materials are for internal use only and may not be copied or distributed to the outside in any form 10Key Changes on FNA Form
The Revised FNA Form will be effective from Apr 1, 2021
1) Personal Particulars Section
❖ Add a field ‘Target Retirement Age”
Application Number/Policy Number: Proposed Insured/Insured: Applicant/Owner: (if other than Proposed Insured
申請書編號/保單編號: 準受保人/受保人: /Insured)
保單申請人/持有人: (如非準受保人/受保人)
Personal Particulars 個人資料
Name of Applicant/Owner 保單申請人/持有人姓名
Sex 性別 □ Male 男 □ Female 女
Date of birth 出生日期 /dd 日 / mm 月 / yyyy 年
Occupation/Nature of business 職業/業務性質
Self-employed 自僱 □ Yes 是 □ No 否
Marital status 婚姻狀況 □ Single 單身 □ Married 已婚 □ Widowed 鰥寡 □ Divorced 離婚
Number of dependent(s) 供養人數
□ Primary 6 or below 小六或以下 □ Post-secondary education/College 預科/專上學院
Education level 教育程度
□ Secondary education 中學 □ University or above 大學或以上
Target retirement age 目標退休年齡
Materials are for internal use only and may not be copied or distributed to the outside in any form 11Key Changes on FNA Form
1. What are your current financial needs? (You may tick one or more)
閣下現時的財務需要爲何? (可選多於一項)
□ 1) Financial protection against adversities (e.g. death, accident, disability etc.) 為應付不時之需提供
財務保障 (例如: 身故、意外、殘疾等)
□ 2) Preparation for health care needs (e.g. critical illness, hospitalization etc.) 為應付醫療保健需要 (
例如: 危疾、住院等)
Note: If you choose “2) Preparation for health care needs” as one of the objectives, you must
answer this supplementary question.
注意: 如選擇「2) 為應付醫療保健需要」作為目標之一的情况，閣下必須回答此補充問題。
1a What are your healthcare needs? (You may tick one or more) Eg. CI Product
閣下的醫療保健需要是什麼? CID/CIB
□ 1) A lump sum payout if I were to be diagnosed with a critical or specific illness
當本人被診斷患有危疾(或指定疾病)時，可得到一筆過支付的保障賠償
□ 2) Reimbursements for expenses if I need to be hospitalized or undergo a surgery Eg. Medical Product
當本人需要住院或進行手術時，醫療費用可實報實銷 AMS /VF
□ 3) Small regular payouts during the period of hospitalization to compensate loss of income or
other expenses
於住院期間，可得到定期保障賠償，以補償收入損失或其他費用
Eg. Hospital Cash
Product HC
□ 3) Providing regular income in the future (e.g. retirement income etc.) 為未來提供定期的收入 (例如
: 退休收入等)
□ 4) Saving up for the future (e.g. child education, retirement etc.) 為未來需要作儲蓄 (例如: 子女教育、
退休等)
Materials are for internal use only and may not be copied or distributed to the outside in any form 12Key Changes on FNA Form
□ 5) Wealth accumulation through Investment 以投資方式來累積財富
Note: If you ticked “5) Wealth accumulation through Investment” , you must answer this supplementary
question. If option 2/3 is selected in this question, we might not be able to recommend any Investment
Linked Assurance Scheme (ILAS) products to you.
注意: 如選擇「5) 以投資方式來累積財富」，閣下必須回答此補充問題。如在此補充問題中選擇選項2/3，
我們有可能未能建議任何投資相連壽險計劃(投連壽險)產品給 閣下。
1b To meet your “Investment” objective indicated above, how would you prefer to manage different
investment options/investment choices, if available, under the insurance product? (Please tick one only)
為實現上述「投資」的目標，閣下希望如何管理保險產品項下的不同投資選項/投資選擇(如有)？ (請選
一項)
□ 1) I want to make my own decisions (without any professional advice to be provided by the authorized
insurer and/or licensed insurance intermediaries) to choose and manage different investment Eg. ILAS Product
options/investment choices, if available, under an insurance product, and I am willing to do it
throughout the entire duration of the target benefit/protection period of an insurance product
WLPR2/WLPS2
本人願意按個人決定 (毋須獲授權保險人及/或持牌保險中介人提供任何專業意見的情況) 選擇及
管理保險產品項下的不同投資選項/投資選擇(如有)，並且願意在保險產品的目標利益/保障期的整
個期間作出此決定 If customer
□ 2) I want to make my own decisions (with professional advice to be provided by the authorized insurer
chooses 2) or 3),
and/or licensed insurance intermediaries) to choose and manage different investment
options/investment choices, if available, under an insurance product, and I am willing to do it no ILAS product
throughout the entire duration of the target benefit / protection period of an insurance product can be
本人願意按個人決定 (經獲授權保險人及/或持牌保險中介人提供專業意見的情況) 選擇及管理保 recommended
險產品項下的不同投資選項/投資選擇 (如有)，並且願意在保險產品的目標利益/保障期的整個期
間作出此決定
□ 3) I do not want to choose or manage different investment options/investment choices, if available, under
an insurance product本人不願意選擇或管理保險產品項下的不同投資選項/投資選擇 (如有)
□ 6) Setting aside a single lump sum meant for future premium payments to earn non-guaranteed crediting New Option
interest Only applicable to
撥出一筆一次性款項以用作繳交將來的保費並同時可以賺取非保證的利息
□ 7) Others 其他 (Please specify 請詳述:_______________________________________________________)
UCSP
Materials are for internal use only and may not be copied or distributed to the outside in any form 13Key Changes on FNA Form
2. What is your target benefit/protection period for meeting the target amount for insurance policy? (Please
tick one only)
閣下的保單目標利益/保障期的預期時間為？ (請選一項) Question No
□ Less than 1 year 少於1年 □ 11-15 years 11-15年 □ Whole of life 終身
Chnage
□ 1-5 years 1-5年 □ 16-20 years 16-20年
□ 6-10 years 6-10年 □ More than 20 years 超過20年
Materials are for internal use only and may not be copied or distributed to the outside in any form 14Key Changes on FNA Form
Note: You must answer either question (3a) or (3b). If you do not wish to answer either one of them, please cross it out.
注意: 閣下必須回答問題(3a)或(3b) 其中一條。如 閣下不欲回答問題(3a)或(3b) 其中一條，請將之刪去。
3. Financial Circumstances 財務概況 Q3a) change to
“disposable income”
3a. What is your average monthly disposable income (i.e. after deducting the expenditures including but not limited to living (i.e. after deducting the
expenses, mortgage payment, other regular payment for loan, family expenses, and fees for premium financing, etc.) from all
sources (including income from liquid assets) in the past 2 years? (You may tick one or more)
expenditures including
在過去兩年內，閣下透過所有收入來源 (包括流動資產收入) 獲得的平均每月可動用收入 (即經扣除包括但不限於生活支出、 but not limited to living
按揭還款、其他定期的貸款還款、家庭開支，及保費融資費用等開支後)為？(可選多於一項) expenses, mortgage
i. □ Not less than HK$ ______________________; or 不少於港幣 ______________________;或 payment, other regular
ii. □ In the following range 在以下範圍內:
payment for loan,
□ Less than HK$10,000 少於港幣 10,000 □ HK$50,000 - 100,000 港幣50,000 - 100,000
□ HK$10,000 - 19,999 港幣10,000 - 19,999 □ Over HK$100,000 超過港幣100,000 family expenses, and
□ HK$20,000 - 49,999 港幣20,000 - 49,999 fees for premium
3b What is your approximate current accumulative amount of liquid assets? Please specify type(s) and total amount. (You may tick
financing, etc.)
one or more)
閣下現時累積的流動資產約有多少? 請註明種類及金額 (可選多於一項):
Type 種類:
□ Cash 現金 □ Bonds and mutual funds 債券及互惠基金
□ Money in bank accounts 銀行存款 □ US Treasury bills 美國國庫債券 Question No
□ Money market accounts 貨幣市場賬戶 □ Others其他 (Please specify 請詳述: )
□ Actively traded stocks 交投活躍的股票 Change
Amount HK$ 港幣金額:
Note: Liquid assets are assets which may be easily turned into cash. Real estate, coin collection and artwork are not considered
to be liquid assets.
備註: 流動資產是指可以容易變為現金的資產。物業、錢幣收藏及藝術品均不被視為流動資產。
If you choose not to disclose any income/asset information either under question (3a) or (3b) above, you must indicate your
reason(s) in your own handwriting in the box below. Please note that we will not be able to recommend you a suitable product
to meet your needs if you choose not to respond to both (3a) and (3b).
如 閣下選擇不在上述問題(3a)或(3b) 中透露 閣下的收入/資產資料，閣下必須在下欄內親筆詳述有關原因。如 閣下選
擇同時不回應上述問題(3a)及(3b)，我們因此而不能為滿足 閣下的需要而提供合適產品之建議。
(Applicant/Owner must complete explanation in own handwriting in this box 保單申請人/持有人必須親筆於此欄內提供原因)
Materials are for internal use only and may not be copied or distributed to the outside in any form 15Key Changes on FNA Form
3c. Based on your current financial circumstances, how long are you able and willing to pay for an insurance policy?
(Please tick one only)
根據 閣下現有的財務狀況，閣下能夠及願意爲保單支付保費的年期為? (請選一項)
Q3c) Newly added “A
□ 2 - 5 years 2 - 5年 □ More than 20 Years 超過20年
single payment of not more
□ 6 - 10 years 6 - 10年 □ Whole of life 終身
□ 11 - 15 years 11 - 15年 □ A single payment of not more than HK$ ________ 不超過港幣________的一次
than HK$”. Applicable to
□ 16 - 20 years 16 - 20年 性付款 the products such as
UCSP/WLPS2
3d. What percentage of your monthly disposable income (i.e. after deducting the expenditures including but not
limited to living expenses, mortgage payment, other regular payment for loan, family expenses, and fees for premium
financing, etc.) from all sources (including income from liquid assets) would you be able and willing to use to pay for
the insurance premium (including your existing insurance policy(ies)) throughout the entire term of the insurance
policy? (Please tick one only)
Question No Change
在整個保單期內，閣下能夠及願意繳付的保費 (包括 閣下現有的其他保單) 佔 閣下透過所有收入來源 (包括
流動資產收入) 獲得的每月可動用收入 (即經扣除包括但不限於生活支出、按揭還款、其他定期的貸款還款、家
庭開支，及保費融資費用等開支後) 的比率為？(請選一項)
□ Less than 10% 少於 10% □ 31% - 40%
□ 10% - 20% □ 41% - 50%
□ 21% - 30% □ More than 50% 超過50%
3e. What are your sources of funds for paying insurance premiums? (You may tick one or more)
閣下繳付保費的資金來源為? (可選多於一項)
i. Before retirement 退休前
□ Salary 薪酬 □ Rental income 租金收入 Q3e) Licensed
□ Income 收入 □ Pension 退休金 Insurance
□ Savings 儲蓄 □ Premium financing 保費融資 (total interest paid總利息開支: _____________ ) Intermediary must
□ Investments 投資 □ Others 其他 (Please specify 請詳述:________________________________ ) need to understand
□ Family members 家人給予 the source of fund of
ii. After retirement 退休後 the customer for
□ Income 收入 □ Rental income 租金收入 paying the premium
□ Savings 儲蓄 □ Pension 退休金 before and after
□ Investments 投資 □ Premium financing 保費融資 (total interest paid總利息開支: _____________ ) retirement
□ Family members 家人給予 □ Others 其他 (Please specify 請詳述:________________________________ )
Materials are for internal use only and may not be copied or distributed to the outside in any form 16Key Changes on FNA Form
3f Financial needs and expenses analysis 財務需要及支出分析: □ HK$港幣 □ US$美元 □ CNY人民
. 幣
(Please tick one only. Default as
HK$ if not selected) (請選一項。如
沒有選擇，將視為港幣)
Current protection shortfall 現時的保障需要
(exclude value of any existing assets that have already been set aside for protection
needs and coverage amount that are already provided under existing life insurance
General Customer
policies 排除任何預留作保障需要的資產價值及現時持有的壽險保障金額) needs to answer the
Current saving shortfall 現時的儲蓄需要
protection need,
(exclude any current existing saving you already have, including but not limited to saving need and the
cash, money in bank account, fixed deposit, return from your existing insurance
policies, etc 排除任何現有的儲蓄，包括但不限於現金、銀行存款、現時持有的儲
year to achieve total
蓄保障的預計回報等) saving needs
Year to achieve total saving needs 滿足儲蓄需要的目標年期 year(s)年
Note: For vulnerable customers*, please answer the following financial needs and expenses analysis.
注意：需要特別關顧的客戶*，請填寫以下財務需要及支出分析。
□ HK$港幣 □ US$美元 □ CNY人民幣 Needs to explain every
(Please tick one only. Default as HK$
if not selected) (請選一項。如沒有 points with vulnerable
選擇，將視為港幣) customer for calculation
Protection needs 保障需要 of needs
(1) Total Protection Needs 總保障需要 (1)
Assets 資產
(2) Value of existing assets that have already been set aside for protection needs 預 Vulnerable customer
留作保障需要的資產價值
(3) Coverage from existing life insurance policies 現時持有的壽險保障
(2)
(3)
is a person
(4) Current protection shortfall 現時的保障需要 (1)-(2)-(3)=(4) i) over 65 years of
Saving needs 儲蓄需要
age,
(5) Total Saving Needs 總儲蓄需要 (5) ii) whose education
Year to achieve total saving needs 滿足儲蓄需要的目標年期
(6) Value of existing assets that have already been set aside for protection needs 預留
year(s)年
level is “primary
作儲蓄需要的資產價值 (6) level” or below, or
(7) Projected returns from existing savings policies 現時持有的儲蓄保障的預計回報
(8) Current saving shortfall 現時的儲蓄需要
(7)
(5)-(6)-(7)=(8)
iii)occupation is
* A vulnerable customer is a person i) over 65 years of age, ii) whose education level is “primary level” or below, or iii) occupation housewife/
is housewife/ retiree/student. 要特別關顧的客戶是指 i）65歲以上人士 ； ii） 教育水平屬小學或以下程度的人士，或 iii） retiree/student
職業為家庭主婦/退休人士/學生。
Materials are for internal use only and may not be copied or distributed to the outside in any form 17Key Changes on FNA Form
4. Recommendation 建議
Notes to Agent/Intermediary 保險代理/中介人須知:
- The Agent/ Intermediary must introduce more than one insurance product.
保險代理/中介人須介紹多於一個保險產品。
- If any ILAS product is recommended to fulfil both insurance protection and investment needs of the customer, the Agent/
Intermediary must introduce a participating insurance policy as an option.
如果建議任何投連壽險產品以滿足客户的保險保障及投資需要，保險代理/中介人須介紹一份分紅保單作為其中一個選
項。
Notes to the Applicant/ Owner 保單申請人/持有人須知:
Under the regulations, we are required to recommend to you:
在規例的要求下，我們須要向 閣下建議:
- At least two insurance products that suit your needs, so that you can compare and make a better decision.
最少兩份符合 閣下需要的保險產品以作比較，並讓 閣下作出合適決定。
- A participating insurance policy for your consideration if any of the recommended products is an ILAS product.
如果建議的是投連壽險產品，則須建議一份分紅保單給 閣下考慮。
Based on your answers to the questions above, the Agent/ Intermediary concerned has explored the following insurance
product(s) (as available to the Agent/ Intermediary) to meet your objective(s) and need(s):
根據 閣下對上述問題的回答，保險代理/中介人已經與 閣下討論下列保險產品 (因應保險代理/中介人所能提供的產品)，
以符合 閣下的目標及需要:
(a) Objective(s) of buying our insurance (b) Preferred types (c) Preferred way (d) Name of insurance (e) Insurance product(s)
product(s)(Q1) of medical to manage product(s) introduced (full selected by
購買本公司保險產品的目標(問題1) insurance different plan code, if any) Applicant/Owner (full plan
You may tick one or more for each products(Q1a) (If investment 曾介紹的保險產品名稱 (完 code, if any)
product introduced (Please (✓) tick) 整產品代號，如有) 保單申請人/持有人選購的
每個介紹的產品可選多於一項
applicable)
希望購買的醫療
options/
investment choices 保險產品 (完整產品代號， Newly added questions
(請以(✓)剔號表示) 保險產品類型(問 如有) in Q1 should be
(Q1b) (If
題1a) (如適用) applicable) answered in Q4 again
You may tick one 希望如何管理保
or more for each 險產品項下的不
product 同投資選項/投資
introduced (Please 選擇 (問題1b) (如
(✓) tick) 適用)
每個介紹的產品
可選多於一項 (請
以(✓)剔號表示)
1 2 3 4 5 6 1 2 3 1 2 3
Materials are for internal use only and may not be copied or distributed to the outside in any form 18Key Changes on FNA Form
5 Reason(s) for Recommendation (to be completed by the Agent/Intermediary) 建議原因 (由保險代理/中介人填寫):
□ I recommended the product(s) listed in the table above to the customer because the features and the benefits of the
recommended product(s) meets the customer’s current needs and the coverage period of this/these product(s) also meets the
customer’s target benefit/protection period. Moreover, the proposed premiums and the premium paying term are within the
customer’s current affordability and the time horizon which the customer is willing to pay for an insurance policy. I have
Needs to provide the
considered that the possible risks and limitations of this/these product(s) are within the customer’s risk tolerance. Based on the reason for
consideration of the factors mentioned, therefore I made the above recommendation. recommendation
我向客戶建議了上表中列出的產品，因為建議產品的特點和權益可以滿足客戶的當前需要，並且該/這些產品的保障期也可
以達到客戶的利益/保障目標年期。 此外，建議的保費和保費支付期均符合客戶當前的承受能力和客戶願意為保單支付保
費的年期範圍內。我認為該/這些產品的潛在風險和限制均在客戶的風險承受能力之內。 因此，基於對所述因素的考慮，
我提出了上述建議。
□ Others 其他 (Please specify 請詳述)
__________________________________________________________________________________________________________
Materials are for internal use only and may not be copied or distributed to the outside in any form 19Key Changes on FNA Form
Note: If the proposed Sum Insured is less than 50% of the current protection shortfall in Question 3f, you must answer the question
below. (If the proposed Sum Insured is higher than the current protection shortfall in Question 3f, the Company will reject the
application.)
注意: 如果建議保額少於上述問題 (3f) 中填寫的保障需要的50％，閣下必須回答以下問題。(如果建議保額大於上述問題 (3f) 中填
❖If the recommended
寫的保障需要，本公司將會拒絕此次申請。) level is 50% lower than
5a. Please explain the mismatch between the proposed Sum Insured and current protection shortfall. (You may tick one or more) the level of protection
如建議保額與保障需要不符，請作出解釋。(可選多於一項) and/or target saving
□ The Applicant/ Owner currently has limited disposable income to achieve his/her total protection needs
amount identified in the
保單申請人/持有人只有有限的可動用收入來實現其保障需要
□ The Applicant/ Owner prefers to use only part of his/her disposable income to achieve part of his/her total protection needs FNA, the licensed
保單申請人/持有人選擇只使用部份的可動用收入來實現其保障需要 insurance intermediary is
□ The Applicant/ Owner prefers to retain part of his/her disposable income for other needs that may arise in the near future required to clearly explain
保單申請人/持有人選擇保留部份的可動用收入用於日後可能產生的其它保障需要 the mismatch to the
□ The Applicant/ Owner prefers to retain part of his/her disposable income for new financial protection products that may be
introduced in the near future customer and provide the
保單申請人/持有人選擇保留部份的可動用收入於日後購買其它新財務保障產品 reason for recommending
□ Others 其他 (Please specify 請詳述: _________________________________________________________________________) the product with lower
Note: If the proposed policy’s projected returns at the targeted year is less than 50% of the current savings shortfall in Question 3f, recommended level
you must answer the question below. (If the proposed policy’s projected returns at the targeted year is higher than the current
savings shortfall in Question 3f, the Company will reject the application).
注意: 如果建議書上指定目標年期的預計回報少於上述問題 (3f) 中填寫的儲蓄需要的50％，閣下必須回答以下問題。(如果建議 ❖If the recommended
書上指定目標年期的預計回報大於上述問題 (3f) 中填寫的儲蓄需要，本公司將會拒絕此次申請。) level is higher than the
5b. Please explain the mismatch between the proposed policy’s projected returns and the current savings shortfall. (You may tick one or level of protection or
more) target saving amount
如建議書上指定目標年期的預計回報與儲蓄需要不符，請作出解釋。(可選多於一項)
□ The Applicant/ Owner currently has limited disposable income to achieve his/her total savings needs
identified in the FNA, the
保單申請人/持有人只有有限的可動用收入來實現其儲蓄需要 application will be
□ The Applicant/ Owner prefers to use only part of his/her disposable income to achieve part of his/her total savings needs rejected
保單申請人/持有人選擇只使用部份的可動用收入來實現其儲蓄需要
□ The Applicant/ Owner prefers to retain part of his/her disposable income for other needs that may arise in the near future
保單申請人/持有人選擇保留部份的可動用收入用於日後可能產生的其它儲蓄需要
□ The Applicant/ Owner prefers to retain part of his/her disposable income for new savings products that may be introduced in
the near future
保單申請人/持有人選擇保留部份的可動用收入於日後購買其它新財務保障產品
□ Others 其他 (Please specify 請詳述: ___________________________________________________________________________)
Licensed insurance intermediary needs to compare the recommended level with the protection level and/or
estimated target saving amount in the specific year shown in the proposal in order to identify if there is a
mismatch. Please refer to the case study.
Materials are for internal use only and may not be copied or distributed to the outside in any form 20Key Changes on FNA Form
Remarks
1 For the calculation of Saving Needs
o Target saving amount will be the total surrender value with specified period of time
of the selected products which meet the objective (3) is ‘Providing regular income in
the future’ and/or the objective (4) ‘Saving up for the future’ ONLY.
o For UCSP, if it is used to pay the future premium of other policy, that is, it is for
fulfilling the objective (6) ‘Setting aside a single lump sum meant for future
premium payments to earn non-guaranteed crediting interest”, the cash value
generated from UCSP will not take into account for the saving need; but if the UCSP
plan is used to meet the objective ‘Saving up for the future’, the total surrender value
with specified period of time will be counted in the target saving amount.
o For the avoidance of doubt, the return from ILAS plan will NOT take into account
for the saving need.
2 Recommendation
o Licensed insurance intermediary must introduce more than one insurance product.
o Licensed insurance intermediary must introduce a participating insurance policy as
an option if any ILAS product is recommended to fulfil both insurance protection
and investment needs of the customer
Materials are for internal use only and may not be copied or distributed to the outside in any form 21Case Study
The following case study is purely fictional and is for illustrative purposes
only. Any relation to or reference to any actual person, party or event is
purely coincidental. The nature of the case study herein should not be
interpreted as any comment on, or confirmation or extension of, insurance
coverage for any past, present or future case. Furthermore, this case study
should not be relied upon to predict the outcome of any actual case as all
cases are evaluated on their own individual merits and subject to the actual
terms and conditions of the relevant Policy. It is important to note that each
actual case is unique.
Materials are for internal use only and may not be copied or distributed to the outside in any form 22Case Study 1
Customer Mr Chan Marital status Married Monthly Income HK$40,000
Age 35 Son’s Age 1 Monthly HK$16,000
Disposable Income
Q1 Q1a Q1b
Opt 1 & 4 N/A N/A
Protection Saving (in 20 years)
Needs HK$4,000,000 HK$2,000,000
Existing Coverage HK$1,500,000 HK$0
Asset set aside for HK$500,000 HK$500,000
Shortfall HK$2,000,000 HK$1,500,000
Target Retirement Age 65 Payment Term > 20 years
Benefit / Protection Period > 20 Years Saving Period 20 Years
Materials are for internal use only and may not be copied or distributed to the outside in any form 23Case Study 1
The above information are collected from the customer during the FNA process, licensed
insurance intermediary has identified the needs of the customer based on those
information. Therefore, the MS plan and FDR plan are recommended to meet his need.
(a) Objective(s) of buying our insurance (b) Preferred types (c) Preferred way to (d) Name of insurance (e) Insurance product(s)
product(s)(Q1) of medical manage different product(s) introduced (full selected by Applicant/Owner
購買本公司保險產品的目標(問題1) insurance investment options/ plan code, if any) (full plan code, if any)
You may tick one or more for each product products(Q1a) (If investment choices 曾介紹的保險產品名稱 (完整產品 保單申請人/持有人選購的保險產
introduced (Please (ü) tick) applicable) 代號，如有) 品 (完整產品代號，如有)
每個介紹的產品可選多於一項 (Q1b) (If applicable)
希望購買的醫療保險產 希望如何管理保險產品
(請以(ü)剔號表示)
品類型(問題1a) (如適 項下的不同投資選項/投
用) 資選擇 (問題1b) (如適
You may tick one or 用)
more for each
product introduced
(Please (ü) tick)
每個介紹的產品可選多
於一項 (請以(ü)剔號表
示)
1 2 3 4 5 6 1 2 3 1 2 3
√ MS MS25
√ √ FDR FDR18
Since MS plan and FDR can fulfill protection need and saving need respectively
The recommended products details:
Plan Payment Term Annual Premium Sum Assured Surrender Value at end of year 20
MS25 25 years US$362 US$250,000 N/A
FDR18 18 years US$7,664 N/A US$187,500
The total surrender value at the end of 20 years is US$187,500 (equivalent to HK$1.5M).
The Sum Assured of MS is US$250K (equivalent to HK$2M). (US$1=HK$8). This can
meet the protection and target saving amount indicated by the customer in the FNA.
Materials are for internal use only and may not be copied or distributed to the outside in any form 24Case Study 2
Customer Mr Chan Marital status Married Monthly Income HK$75,000
Age 45 Son’s Age 5 Monthly HK$40,000
Disposable Income
Q1 Q1a Q1b
Opt 1, 2 & 4 Opt 1 N/A
Protection Saving (in 20 years)
Needs HK$4,000,000 HK$6,000,000
Existing Coverage HK$1,000,000 HK$2,000,000
Asset set aside for HK$1,000,000 HK$1,000,000
Shortfall HK$2,000,000 HK$3,000,000
Target Retirement Age 65 Payment Term > 20 years
Benefit / Protection Period > 20 Years Saving Period 20 Years
Materials are for internal use only and may not be copied or distributed to the outside in any form 25Case Study 2
The above information are collected from the customer during the FNA process, licensed
insurance intermediary has identified the needs of the customer based on those
information. Therefore, the CID plan and PP plan are recommended to meet his need.
(a) Objective(s) of buying our insurance (b) Preferred types (c) Preferred way to (d) Name of insurance (e) Insurance product(s)
product(s)(Q1) of medical manage different product(s) introduced (full selected by Applicant/Owner
購買本公司保險產品的目標(問題1) insurance investment options/ plan code, if any) (full plan code, if any)
You may tick one or more for each product products(Q1a) (If investment choices 曾介紹的保險產品名稱 (完整產品 保單申請人/持有人選購的保險產
introduced (Please (ü) tick) applicable) 代號，如有) 品 (完整產品代號，如有)
每個介紹的產品可選多於一項 (Q1b) (If applicable)
希望購買的醫療保險產 希望如何管理保險產品
(請以(ü)剔號表示)
品類型(問題1a) (如適 項下的不同投資選項/投
用) 資選擇 (問題1b) (如適
You may tick one or 用)
more for each
product introduced
(Please (ü) tick)
每個介紹的產品可選多
於一項 (請以(ü)剔號表
示)
1 2 3 4 5 6 1 2 3 1 2 3
√ √ √ √ CID CID25
√ √ PP PP08
Since CID plan can fulfill both CI protection need and saving need, the cash value generated from CID
should take into account for the saving need.
The recommended products details:
Plan Payment Term Annual Premium Sum Assured Surrender Value at end of year 20
CID25 25 years US$9,480 US$250,000 US$191,153
PP08 8 years US$10,500 N/A US$174,305
The total surrender value at the end of 20 years is US$365,458 (equivalent to HK$2,923,664). The
Sum Assured of CID is US$250K (equivalent to HK$2M). (US$1=HK$8). This can meet the protection
and target saving amount indicated by the customer in the FNA. But the payment term for CID25 is
beyond the target retirement age, so source of fund after retirement has to be identified and assessed
(Q3e).
Materials are for internal use only and may not be copied or distributed to the outside in any form 26Case Study 3
Customer Mr Chan Marital status Married Monthly Income HK$85,000
Age 50 Son’s Age 10 Monthly HK$40,000
Disposable Income
Q1 Q1a Q1b
Opt 1, 4 & 6 N/A N/A
Protection Saving (in 20 years)
Needs HK$5,000,000 HK$6,000,000
Existing Coverage HK$4,000,000 HK$2,000,000
Asset set aside for HK$1,000,000 HK$2,000,000
Shortfall HK$0 HK$2,000,000
Target Retirement Age 65 Payment Term > 20 years
Benefit / Protection Period > 20 Years Saving Period 20 Years
Single Premium HK$200,000
Materials are for internal use only and may not be copied or distributed to the outside in any form 27Case Study 3
The above information are collected from the customer during the FNA process, licensed
insurance intermediary has identified the needs of the customer based on those
information. Therefore, the FRD plan and UCSP plan are recommended to meet his
need.
(a) Objective(s) of buying our insurance
product(s)(Q1)
(b) Preferred types
of medical
(c) Preferred way to (d) Name of insurance
product(s) introduced (full
(e) Insurance product(s)
selected by Applicant/Owner
manage different
購買本公司保險產品的目標(問題1) insurance investment options/ plan code, if any) (full plan code, if any)
You may tick one or more for each product products(Q1a) (If investment choices 曾介紹的保險產品名稱 (完整產品 保單申請人/持有人選購的保險產
introduced (Please (ü) tick) applicable) 代號，如有) 品 (完整產品代號，如有)
每個介紹的產品可選多於一項 (Q1b) (If applicable)
希望購買的醫療保險產 希望如何管理保險產品
(請以(ü)剔號表示)
品類型(問題1a) (如適 項下的不同投資選項/投
用) 資選擇 (問題1b) (如適
You may tick one or 用)
more for each
product introduced
(Please (ü) tick)
每個介紹的產品可選多
於一項 (請以(ü)剔號表
示)
1 2 3 4 5 6 1 2 3 1 2 3
√ √ UCSP UCSP
√ √ FDR FDR18
Since the UCSP is used to pay premium of other policy, the cash value generated from
UCSP will not take into account for the saving need. The recommended products details:
Plan Payment Term Annual Premium Sum Assured Surrender Value at end of year 20
UCSP Single Premium US$25,000 N/A US$31,454 (will not count for saving need)
FDR18 18 year US$10,439 N/A US$250,000
The total surrender value at the end of 20 years is US$250,000 (equivalent to HK$2M).
(US$1=HK$8). This can meet the target saving amount indicated by the customer in the
FNA. Since the payment term for FDR is beyond the target retirement age, the source of
fund after retirement has to be identified and assessed (Q3e).
Materials are for internal use only and may not be copied or distributed to the outside in any form 28Case Study 4
Customer Mr Chan Marital status Married Monthly Income HK$85,000
Age 50 Son’s Age 10 Monthly HK$40,000
Disposable Income
Q1 Q1a Q1b
Opt 1 & 4 N/A N/A
Protection Saving (in 20 years)
Needs HK$5,000,000 HK$6,000,000
Existing Coverage HK$4,000,000 HK$2,000,000
Asset set aside for HK$1,000,000 HK$2,000,000
Shortfall HK$0 HK$2,000,000
Target Retirement Age 65 Payment Term > 20 years
Benefit / Protection Period > 20 Years Saving Period 20 Years
Single Premium HK$200,000
Materials are for internal use only and may not be copied or distributed to the outside in any form 29Case Study 4
The above information are collected from the customer during the FNA process, licensed
insurance intermediary has identified the needs of the customer based on those
information. Therefore, the FDR plan and UCSP plan are recommended to meet his
need.
(a) Objective(s) of buying our insurance
product(s)(Q1)
(b) Preferred types
of medical
(c) Preferred way to (d) Name of insurance
product(s) introduced (full
(e) Insurance product(s)
selected by Applicant/Owner
manage different
購買本公司保險產品的目標(問題1) insurance investment options/ plan code, if any) (full plan code, if any)
You may tick one or more for each product products(Q1a) (If investment choices 曾介紹的保險產品名稱 (完整產品 保單申請人/持有人選購的保險產
introduced (Please (ü) tick) applicable) 代號，如有) 品 (完整產品代號，如有)
每個介紹的產品可選多於一項 (Q1b) (If applicable)
希望購買的醫療保險產 希望如何管理保險產品
(請以(ü)剔號表示)
品類型(問題1a) (如適 項下的不同投資選項/投
用) 資選擇 (問題1b) (如適
You may tick one or 用)
more for each
product introduced
(Please (ü) tick)
每個介紹的產品可選多
於一項 (請以(ü)剔號表
示)
1 2 3 4 5 6 1 2 3 1 2 3
√ √ UCSP UCSP
√ √ FDR FDR18
Since the UCSP is used for saving for the future, the cash value generated from UCSP will
take into account for the saving need. The recommended products details:
Plan Payment Term Annual Premium Sum Assured Surrender Value at end of year 20
UCSP Single Premium US$25,000 N/A US$31,454
FDR18 18 year US$8,356 N/A US$200,000
The total surrender value at the end of 20 years is US$231,454 (equivalent to
HK$1.85M). (US$1=HK$8). This can meet the target saving amount indicated by the
customer in the FNA. Since the payment term for FDR is beyond the target retirement
age, the source of fund after retirement has to be identified and assessed (Q3e).
Materials are for internal use only and may not be copied or distributed to the outside in any form 30Case Study 5
Customer Mr Chan Marital status Married Monthly Income HK$85,000
Age 50 Son’s Age 10 Monthly HK$40,000
Disposable Income
Q1 Q1a Q1b
Opt 1 & 4 N/A N/A
Protection Saving (in 20 years)
Needs HK$5,000,000 HK$6,000,000
Existing Coverage HK$4,000,000 HK$0
Asset set aside for HK$1,000,000 HK$2,000,000
Shortfall HK$0 HK$2,000,000
Target Retirement Age 65 Payment Term > 20 years
Benefit / Protection Period > 20 Years Saving Period 20 Years
Single Premium HK$200,000
Materials are for internal use only and may not be copied or distributed to the outside in any form 31Case Study 5
The above information are collected from the customer during the FNA process, licensed
insurance intermediary has identified the needs of the customer based on those
information. Therefore, the FDR plan and UCSP plan are recommended to meet his
need.
(a) Objective(s) of buying our insurance
product(s)(Q1)
(b) Preferred types
of medical
(c) Preferred way to (d) Name of insurance
product(s) introduced (full
(e) Insurance product(s)
selected by Applicant/Owner
manage different
購買本公司保險產品的目標(問題1) insurance investment options/ plan code, if any) (full plan code, if any)
You may tick one or more for each product products(Q1a) (If investment choices 曾介紹的保險產品名稱 (完整產品 保單申請人/持有人選購的保險產
introduced (Please (ü) tick) applicable) 代號，如有) 品 (完整產品代號，如有)
每個介紹的產品可選多於一項 (Q1b) (If applicable)
希望購買的醫療保險產 希望如何管理保險產品
(請以(ü)剔號表示)
品類型(問題1a) (如適 項下的不同投資選項/投
用) 資選擇 (問題1b) (如適
You may tick one or 用)
more for each
product introduced
(Please (ü) tick)
每個介紹的產品可選多
於一項 (請以(ü)剔號表
示)
1 2 3 4 5 6 1 2 3 1 2 3
√ √ UCSP UCSP
√ √ FDR FDR18
Since the UCSP is used for saving for the future, the cash value generated from UCSP will
take into account for the saving need. The recommended products details:
Plan Payment Term Annual Premium Sum Assured Surrender Value at end of year 20
UCSP Single Premium US$25,000 N/A US$31,454
FDR18 18 year US$8,356 N/A US$200,000
Total surrender value at the end of 20 years is US$231,454 (equivalent to HK$1.85M).
(US$1=HK$8). Since the estimated surrender value at the end of 20 years is less than
50% of the Saving needs identified in the FNA, licensed insurance intermediary needs to
provide an explanation (Q5b). The payment term for FDR is beyond the target retirement
age, so the source of fund after retirement has to be identified and assessed (Q3e).
Materials are for internal use only and may not be copied or distributed to the outside in any form 32Case Study 6
Customer Mr Chan Marital status Married Monthly Income HK$85,000
Age 35 Son’s Age 10 Monthly HK$40,000
Disposable Income
Q1 Q1a Q1b
Opt 1 & 4 N/A N/A
Protection Saving (in 20 years)
Needs HK$5,000,000 HK$3,000,000
Existing Coverage HK$4,000,000 HK$0
Asset set aside for HK$500,000 HK$2,000,000
Shortfall HK$500,000 HK$1,000,000
Target Retirement Age 65 Payment Term > 20 years
Benefit / Protection Period > 20 Years Saving Period 20 Years
Materials are for internal use only and may not be copied or distributed to the outside in any form 33Case Study 6
The above information are collected from the customer during the FNA process, licensed
insurance intermediary has identified the needs of the customer based on those
information. Therefore, the MS plan and FDR plan are recommended to meet his need.
(a) Objective(s) of buying our insurance (b) Preferred types (c) Preferred way to (d) Name of insurance (e) Insurance product(s)
product(s)(Q1) of medical manage different product(s) introduced (full selected by Applicant/Owner
購買本公司保險產品的目標(問題1) insurance investment options/ plan code, if any) (full plan code, if any)
You may tick one or more for each product products(Q1a) (If investment choices 曾介紹的保險產品名稱 (完整產品 保單申請人/持有人選購的保險產
introduced (Please (ü) tick) applicable) 代號，如有) 品 (完整產品代號，如有)
每個介紹的產品可選多於一項 (Q1b) (If applicable)
希望購買的醫療保險產 希望如何管理保險產品
(請以(ü)剔號表示)
品類型(問題1a) (如適 項下的不同投資選項/投
用) 資選擇 (問題1b) (如適
You may tick one or 用)
more for each
product introduced
(Please (ü) tick)
每個介紹的產品可選多
於一項 (請以(ü)剔號表
示)
1 2 3 4 5 6 1 2 3 1 2 3
√ MS MS25
√ √ FDR FDR18
Since MS plan and FDR can fulfill protection need and saving need respectively
The recommended products details:
Plan Payment Term Annual Premium Sum Assured Surrender Value at end of year 20
MS25 25 years US$362 US$250,000 N/A
FDR18 18 years US$7,664 N/A US$187,500
The total surrender value at the end of 20 years is US$187,500 (equivalent to HK$1.5M) which is
higher than the customer’s saving need (HK$1M), so the application is rejected. The Sum Assured of
MS is US$250K (equivalent to HK$2M) which is higher than the customer’s protection need
(HK$500K), so the application is rejected. (US$1=HK$8). The proposed protection level and saving
amount level are higher than the protection and target saving amount indicated by the customer in the
FNA.
Materials are for internal use only and may not be copied or distributed to the outside in any form 34Case Study 7
Customer Mr Chan Marital status Married Monthly Income HK$85,000
Age 50 Son’s Age 10 Monthly HK$40,000
Disposable Income
Q1 Q1a Q1b
Opt 1, 4 & 5 N/A N/A
Protection Saving (in 20 years)
Needs HK$5,000,000 HK$6,000,000
Existing Coverage HK$4,000,000 HK$2,000,000
Asset set aside for HK$1,000,000 HK$2,000,000
Shortfall HK$0 HK$2,000,000
Target Retirement Age 65 Payment Term > 20 years
Benefit / Protection Period > 20 Years Saving Period 20 Years
Materials are for internal use only and may not be copied or distributed to the outside in any form 35Case Study 7
The above information are collected from the customer during the FNA process, licensed
insurance intermediary has identified the needs of the customer based on those
information. So the FRD plan and WLPR2 plan are recommended to meet his need.
(a) Objective(s) of buying our insurance (b) Preferred types (c) Preferred way to (d) Name of insurance (e) Insurance product(s)
product(s)(Q1) of medical manage different product(s) introduced (full selected by Applicant/Owner
購買本公司保險產品的目標(問題1) insurance investment options/ plan code, if any) (full plan code, if any)
You may tick one or more for each product products(Q1a) (If investment choices 曾介紹的保險產品名稱 (完整產品 保單申請人/持有人選購的保險產
introduced (Please (ü) tick) applicable) 代號，如有) 品 (完整產品代號，如有)
每個介紹的產品可選多於一項 (Q1b) (If applicable)
希望購買的醫療保險產 希望如何管理保險產品
(請以(ü)剔號表示)
品類型(問題1a) (如適 項下的不同投資選項/投
用) 資選擇 (問題1b) (如適
You may tick one or 用)
more for each
product introduced
(Please (ü) tick)
每個介紹的產品可選多
於一項 (請以(ü)剔號表
示)
1 2 3 4 5 6 1 2 3 1 2 3
√ √ √ WLPR2 WLPR2 (20 years)
√ √ FDR FDR18
Since the cash value generated from WLPR2 will not take into account for the saving
need, the recommended products details:
Plan Payment Term Annual Premium Sum Assured Surrender Value at end of year 20
US$163,447 (Net rate of return @ 6%)
WLPR2 20-year US$5,000 N/A (will not count for saving need)
FDR18 18-year US$10,439 N/A US$250,000
The total surrender value of FDR18 at the end of 20 years is US$250,000 (equivalent to
HK$2M). (US$1=HK$8). This can meet the target saving amount indicated by the
customer in the FNA. But the payment term for FDR and WLPR2 is beyond the target
retirement age, so source of fund after retirement has to be identified and assessed (Q3e).
Materials are for internal use only and may not be copied or distributed to the outside in any form 36Key Changes on the Requirements
Current Practice Practice after GL30 implementation
Completed FNA Form must be signed and Completed FNA form must be signed and
dated by customer only dated by the customer and the licensed
insurance intermediary
Suitability and Affordability Assessment is Suitability and Affordability Assessment
based on each application of policy of the will be based on an aggregate of all in force
customer policies (including the policies form other
insurers) of the customer
No specific requirement to consider Need to assess the affordability (source of
retirement age fund) before and after retirement
Assess the Protection Needs which includes Need to assess Protection Needs (Life and
life, CI protection, saving needs altogether Medical) and Saving Needs with the
specified period of time separately
Sum assured or target saving amount of the Sum assured and/or target saving amount
selected product is higher than the with specified period of the selected
Protection Needs indicated in the FNA is product is higher than the corresponding
NOT accepted Protection Needs and/or Saving Needs
indicated in the FNA is NOT accepted
Sum assured of the selected product is not Need to provide explanation if sum assured
more than the Protection Needs indicated of the selected product is less than 50% of
in the FNA is accepted the Protection Needs indicated in the FNA
Materials are for internal use only and may not be copied or distributed to the outside in any form 37Key Changes on the Requirements
Current Practice Practice after GL30 implementation
Target saving amount of the selected Need to provide explanation if target saving
product is not more than the Protection amount with the specified period of the
Needs indicated in the FNA is accepted selected product is less than 50% of the
Saving Needs indicated in the FNA
For the consideration of recommending For the consideration of recommending
ILAS plan, the objective of ‘Financial ILAS plan, the objective of ‘Financial
Protection Against Adversities’ and Protection Against Adversities’ and ‘Wealth
‘Investment’ and the type of insurance accumulation through Investment’ should
product of ‘Insurance product with be selected and ‘I want to make my own
investment element (Investment decisions decisions (without any professional advice
and risks borne by policyholder) (e.g. to be provided by the authorized insurer
Investment-Linked Assurance Schemes) and/or licensed insurance intermediaries)
should be selected in order to recommend to choose and manage different investment
ILAS product options/investment choices, if available,
under an insurance product, and I am
willing to do it throughout the entire
duration of the target benefit/protection
period of an insurance product’ in the
supplementary question is also selected for
the preference on the management of
investment options/choices in order to
recommend ILAS product
Materials are for internal use only and may not be copied or distributed to the outside in any form 38Key Changes on the Requirements
Current Practice Practice after GL30 implementation
No specific questions to identify the Add supplementary question to identify the
healthcare or medical needs healthcare or medical needs
Q1a What are your healthcare needs?
□ 1) A lump sum payout if I were to be
diagnosed with a critical or specific illness
□ 2) Reimbursements for expenses if I need
to be hospitalized or undergo a surgery
□ 3) Small regular payouts during the
period of hospitalization to compensate
loss of income or other expenses
More than one option can be selected
If the policy is to be held on trust, the If an insurance policy is intended to be
assessment made based on the purchased through a trust arrangement or
circumstances of the trustee is accepted power of attorney, FNA Form should be
completed based on the insured or the
settlor in the case of trust (Assessment on
the trustee is NOT accepted), or the donor
or grantor in the case of power of attorney.
Proper documentation should be
maintained.
Materials are for internal use only and may not be copied or distributed to the outside in any form 39Key Changes on the Requirements
Current Practice Practice after GL30 implementation
FNA is mandatory for every new FNA is mandatory for every new
application. (Company requirement) application for all product type. (Company
requirement)
(Remain the same)
For Top-up (Increase Sum Assured) or add If customer purchases an additional
rider case within 12 months after an FNA insurance policy(ies) or coverage (Increase
from is completed, original FNA or new Sum Assured or add rider) within 12
FNA is required for the submission months after an FNA form is completed, it
may not be necessary to conduct another
FNA if no material changes in customer’s
circumstances, the assessment will be
based on the information provided in the
original FNA.
If there are material changes in the
circumstances of the customer or the
additional coverage would result in a
mismatch, new FNA is required to be
conducted and the assessment will be
based on the information provided in the
new FNA.
Materials are for internal use only and may not be copied or distributed to the outside in any form 40Summary on GL30
From 1st Apr 2021
• Revised FNA Form will be used
• Applicant and licensed insurance intermediary need to sign on
the completed FNA Form
• licensed insurance intermediaries conduct a proper
assessment of customer’s circumstances including needs,
financial situation, ability and willingness to pay premiums,
etc. before any recommendation of a suitable life insurance
policy for the customer,
• licensed insurance intermediary must duly consider and
assess customer’s ability and willingness to pay insurance
premium, the source of funds of the customer to ensure that
the customer can afford the recommended product(s)
throughout the entire duration of the premium payment term.
• licensed insurance intermediary is required to clearly explain
the mismatch to the customer and why (despite the mismatch)
the product is recommended to the customer.
• If the customer refuses to disclose certain information during
FNA process, licensed insurance intermediary cannot
recommend any insurance products to the customer
Materials are for internal use only and may not be copied or distributed to the outside in any form 41End of the update
Chubb. Insured.
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