Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has backed the launch of a new life insurance product by Fanhua Inc. in China.
The product, which is also backed by Dingcheng Life Insurance Co., Ltd, is a customized whole-life insurance solution that targets at mid-and-high net worth individuals, and is called Huading Number One.
The key features of Huading Number One include high cash value that grows over the coverage period, flexibles option for better financial planning, an option to transfer the cash value balance into an annuity policy, and an option to place the insurance policy in a life insurance trust.
In addition, immune cell storage services are offered to guard against future health conditions.
“With the ending of implicit guarantee of return from financial products and declining interest rate, savings-oriented insurance products with guaranteed return, as an important component in family asset allocation to defend against financial risks, become increasingly favored by middle-class families in China,” said Chunlin Wang, Chairman and Chief Executive Officer of Fanhua.
“Huading Number One, co-designed by Fanhua, Dingcheng Life and Gen Re, is tailored to meet such needs of the mid-and-high net worth customers with its strengths in life protection and financial legacy management,” Wang continued.
“The launch of Huading Number One is another major milestone on our product customization journey. Fanhua will continue to focus on product customization and provide high-quality insurance products and services to our customers by leveraging the resources and strengths that Fanhua and our partners boast and algorithm-driven insights into customer needs.”