Top 5 Life Insurance Companies In Hong Kong (2020)

best life insurance hk hong kong

While not everyone needs life insurance it’s certainly a good option for specific types of people. In this article we cover the most reliable trustworthy life-insurance providers in Hong Kong.

Before you go to one of the below-mentioned companies we’d strongly recommend educating yourself on what the different life-insurance types are offered in Hong Kong and which one would be best for you and your family.

We’ll give an outline of deciding below, however we’d recommend further research before speaking to a life insurance dealer/company, as they’re often going to push more expensive (full life insurance) plans even if they aren’t the best option for you.


Due to increasing risky behavior by certain banks/insurance providers we’ve replaced some of the best companies in our list below, and due to Mainland China’s increasing Nationalism we’ve removed the China Life as one of our top picks as they’re 70% state-owned and we know many Hong Kong residents would prefer not to support mainland China’s current government. If this isn’t a concern for you China Life is a decent choice, however we’d still say our top choices mentioned in this article are better choices for many reasons from service quality to financial strength/solvency.

Choosing The Best Life Insurance Plan For You:

Before we get into each specific companies we’d say are the best in Hong Kong we want to include a brief introduction to the types of plans they offer. We’ll focus on the top 3-4 types of plans — the other types we personally wouldn’t even consider, as the various other types of life insurance just aren’t very good compared to the types we’ll cover — as the other types are too specific and just aren’t practical or beneficial to most families/individuals.

The first type is Term Life Insurance — Term Life Insurance is the best option for folks who aren’t as settled down. If you aren’t the sole provider for your family, or own a home, and are single or married then this choice is likely the best for you, as it’s one of the cheapest for the benefit you get. These plans will give your beneficiary a large lump-sum payment if you, ahem, “expire.”

The second type we’d recommend is Mortgage Life Insurance — This plan is only for you if you own a house/apartment that you or your parents live in and if you died they’d simply pay off the remainder of the loan balance. This is a great budget option if you have a family or take care of your parents and want to ensure that they don’t lose the house if you died — as they’d get a paid-off home if that ever occurred and never would have to worry about a place to live again. This plan is the cheapest on average and is great if your spouse has a job as well and earns enough to continue paying for food/bills other than housing.

The Third type we’d recommend would be a “family benefit plan” it’s called different things at each insurance company, but this plan gives your family a set income per month paid from the insurance company for a set time period you choose when you sign up for the life insurance plan. This is good if you already own a home, or don’t want to be a home-owner and prefer to rent, and you have a family that you want to not have to worry about income if you died. This plan is particularly good if your partner/spouse isn’t very knowledgeable in finances and you want to make sure they don’t waste a lump-sum benefit and instead want them to receive a stable income that they’d be more likely to use on normal living expenses.

The Fourth type we’d consider/recommend would be just a simple Funeral plan — It only covers burial/cremation/funeral fees. This is a decent option for single people who simply want to make sure if you did experience an “unfortunate incident,” then your family wouldn’t be on the hook for funeral expenses as well as grieving your loss — we’d say this is a good option for single younger people and older people who lack savings for a situation like this, but it isn’t a good choice for families in our opinion simply because it doesn’t really provide much protection or benefit to family-units.

With this overview out of the way we’ll cover the best insurance providers in Hong Kong — including the 5 that are the best overall and that we’d consider using ourselves. We’d recommend getting quotes from 2 -> 3 of the below companies for the specific plan you’re interested in, then choosing the cheapest option, as all of the below insurance companies are 100% trustworthy in our view and aren’t going out of business anytime soon.

Our Personal Choice: Hang Seng Bank's Life Insurance

If you own and have a mortgage or hard-money loan this is absolutely the best insurer in Hong Kong as they’re one of the only that have cheap policies that’ll pay it off in-full if you pass away during the policy period. If we owned real estate and had a mortgage/HELOC/Loan of some sort on it we’d absolutely choose this as our life insurance option.

We don’t own property in hong kong though, so we don’t have that policy with them. They have tons of other great policies however that are in the lower-mid price range though including basic term insurance (our choice). They also have some good full-life policies, however these aren’t the best unless you are just bad at managing your finances and don’t want to have to bother thinking about investing/savings and instead want to just pay a little extra and have them do it for you and just request payment every month. It’s not something we’d recommend, as the returns aren’t very good due to the fees they take, however it’s an option.

Regardless we’d say this is one of our favorite providers, particularly because they have the best home-payment life insurance plan on the market in Hong Kong. You can check out all the plans they offer on this page of their website.

Our Second Choice: ManuLife Insurance

If you don’t own a home and just want a generally great insurance policy we’d say Manulife is probably the best bet — maybe even better than Hang Seng. They’re a little pricier (couple percent higher) than Heng Seng on average, but still in the mid-range price range of insurance providers. The plans and claim process isn’t really any different between the two companies, however from what we’ve heard and experienced Manulife has slightly more personal and friendly customer service — so if you don’t mind paying a couple extra percent in premiums you may prefer to go with Manulife over Hang Seng’s insurance.

Overall the only reason this would be our second choice rather than our personal (first) choice is that they don’t have a plan to cover your home debt, which is generally the most cost-effective plan. You can easily do the same with the Term Life plan, however it’s generally a little more expensive than a home-debt (mortgage) specific plan.

But Manulife does have it’s benefits, namely the customer service being slightly more personalized and friendly, coverage at any age (even if you’re 95 years old!), and the ability to (for some plans) choose a more “family protection” type of payment term where the beneficiary recieves monthly payments for a set amount of time rather than a lump-sum payment, which is a good thing if your beneficiary isn’t the most financially-educated individual and you want to ensure they have time to process your passing before emotionally spending all the money they got as your beneficiary.

You can check out all of Manulife’s plans on this page of their website.

An Overall Great Choice: FWD's Life Insurance

FWD’s plans are great in general with the ultimate level of flexibility allowing you to choose how the payout would be — you can even split it into a partial lump sum with monthly and/or yearly payments as well. FWD has fantastic service both in English and Chinese, and operates throughout many Asian countries, and really is overall one of the strongest insurance providers in the region.

The only downside to FWD’s policies is they tend to be a bit more expensive than other providers, so if you’re big on getting the best return/value on your money then you’d be better off going with another provider. But if you don’t mind paying a bit extra for their customization options, particualarly if you are upper-class and wealthy, then they’ll probably provide the best experience and peace of mind over-all.

We’d say the elite term plan is their best plan, but make sure to check out their other plans, as your needs and priorities may be different to ours.

Best All-Inclusive Insurance: AIA Hong Kong's Comprehensive Coverage

While it’s not the type of life insurance we personally prefer, as they have a lot of extras bundled in such as disability coverage, it’s a good option if you want to be covered from every angle and don’t mind paying a premium for this benefit. Personally we opt to simply get a basic plan with one of the other providers that offer basic plans and invest the savings, but if you get unlucky this could really screw you over — so if you want peace of mind and have little assets to live off of if you became disabled then it may be a good choice to get a more comprehensive plan like AIA provides, or like some of FWD’s plans are like.

We’d say if you’re upper-middle class and have high income it’s a good choice, at least if you’re settled down and have a family. You can view AIA’s policies on this page of their website, but most of them are relatively similar. We’d recommend changing the language to Chinese on that page if you can read Chinese, as in our opinion it’s more clear in what the plans cover and are for when read in Chinese.

An Overall Decent Choice: AXA's Insurance

There’s nothing special about AXA’s Insurance in Hong Kong — so we won’t tell you there is some benefit or special thing about them. They’re simply the next best provider in our opinion, as they have good financial health and overall decent to good plan options, customer service, and claims processes.

They’re generally one of the cheapest providers in Hong Kong for what they cover, particularly for their Smart Elite Term Life Plan, at least if you do not smoke. So if you’re on a budget but still feel the need to get life insurance they’re a good choice, however we wouldn’t say they’re so much cheaper to really provide a reason to pick them over other providers. But they certainly aren’t a bad choice and we’d never fault someone for going with them.

You can check out all their plans on this page of their website.

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