How do par and non-par whole life policies differ?

No. The IA describes whole life as lifetime death protection with a savings element, and says some products are participating. Participation describes profit-sharing through dividends or bonuses; it is not another name for lifetime coverage. Ask the insurer to identify the participation clause in the proposed contract. [C1, C2]

Singapore government financial education service MoneySense explains the basic distinction: non-participating whole life provides guaranteed benefits without participation in profits. This is a structural explanation, not Singapore rules applied to Hong Kong. For a Hong Kong contract, request the actual guaranteed death- benefit and cash-value schedules, their conditions and the premium obligations supporting them. [C3, C4] Prepare a comparison sheet with separate spaces for guaranteed benefits, non-guaranteed benefits and the clause supporting each entry. Leave an entry unresolved until the insurer explains it; do not infer a guarantee from the product name. [C1, C3]

The IA explains that dividends or bonuses depend on investment performance, claims experience and expenses; projected amounts can change. Distinguish future bonuses from amounts already declared, and ask how each is treated under the contract. A projected total is not the same as a guaranteed benefit. [C1, C2] The IA glossary distinguishes annual dividends, reversionary bonuses and terminal dividends. Check the relevant payment event and whether a stated figure is a face value or a cash value. Do not assume that every bonus is immediately withdrawable at its stated face value. [C2]

Record the covered life, death-benefit formula, guaranteed and non-guaranteed components, surrender-value schedule, required premiums and exclusions. Compare the same event at the same policy duration. A death-benefit figure does not establish the amount available on voluntary surrender. [C1, C2, C3] Bring the contract and your questions to a licensed Hong Kong broker for an individual assessment. Your protection needs, affordability and tolerance for uncertain benefits matter. Ask a relevant tax adviser or lawyer about cross-border tax or estate questions; these sources do not determine your personal treatment. [C1, C5]

Are all whole life policies participating?

No. The IA says some whole life products participate; check the contract. [C1]

Does non-participating mean no death benefit?

No. The basic structure includes contractual benefits without profit-sharing bonuses. [C3, C4]

Is a projected participating total guaranteed?

No. Separate the guaranteed amount from projected non-guaranteed benefits. [C1]

Are insurer investment returns my dividend rate?

Not necessarily. The IA distinguishes investment returns from policy bonuses. [C1]

Is bonus face value always cash available now?

No. The IA distinguishes the face value and surrender cash value of reversionary bonuses. [C2]

Does a death-benefit illustration set surrender value?

No. Compare the relevant payment events and their separate values. [C1, C2]

Can these labels decide which contract suits me?

No. Read the contract and assess personal needs and finances with a licensed broker. [C1, C5]

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General information, not advice.