If you want to make Allianz cheaper, then go for global coverage, excluding the USA. We only pay about 17,000 HKD per year, and considering it covered all maternity costs including our HKD 100,000 delivery it's a bargain! That doesn't even include all the pre and post natal visits, scans, tests, and it even covered home visit midwife service!
Personally, we wanted TOTAL coverage so we didn't have to worry if there were problems. All pre-natal visits, all scans, all tests, normal or c-section, complications, etc...
Do read the fine print, many policies only cover a limited amount and USD 8,000 does not go far in HK private hospitals.
Now saying all that Queen Mary is excellent medical care, so without insurance you can still have a baby with superb medical care.
Waiting periods vary but most are about 10 months. Again, read the fine print - some will cover all the pre-natal costs, just not the delivery until 10 months. others will not cover the pre-natal costs until 10 months.
Corporate plans are different - they have a much large policy with the entire company and don't require the waiting periods. BUT not all corporate plans are created equal - again, read the fine print to see what is actually covered. Some of our friends have been shocked to learn that they were not fully covered when they thought they were.
Good luck
