[urban.boi]

^ yes Infinite flight delay/luggage is all covered in resident country as well as departing.
Not sure about the insurance, never actually checked or had to use it.

There are lounge access for couple of the "travel" cards;
American Express 'The Platinum Card' will get you access into the lounges.

but if you fly a lot, just stick with one carrier and rack up the sectors points (cathay for me) and even if you fly in econ, you are still allow into the lounges if you are in a certain tier of membership.