Accident Plans In Hong Kong And How They Can Benefit You
Some people do not see the need for accident plans. They think that a life and a health insurance is enough. That is not always true.
If you are trying to lower your monthly expenses, this concern makes a lot of sense. However, you need to make a quick analysis of your lifestyle before you disregard the need for an accident plan. The tricky thing about an accident is that it can happen any time and anywhere. Not only that, it is not always something that you cause. Take a traffic accident, for instance. It takes only one erratic driver to cause a multiple collision – something that you can easily be a part of. According to the data from the Police.gov, there was a total of 9,198 traffic-related accidents in Hong Kong as of July of 2016. This is already a high statistic considering how small Hong Kong is.
Take note that a traffic accident is not the only way you can get into an accident. You can get an accident at home or in your workplace. You can get into an accident while walking down the street. We are always at risk – specifically since Hong Kong is a very densely populated place.
How can an accident plan benefit you?
This is the reason why accident plans may be necessary. This is a type of insurance that can financially help you when you get into a minor to a severe accident.
The coverage of an accident insurance will depend on the company where you will get the policy from.
Generally, this insurance plan will cover the following:
- Loss of one or more limb (arm or leg)
- Permanent blindness (one or both eyes)
- Loss of hearing
- Paralysis
- Serious burns
- Accidental death
The seriousness of the disability will dictate how much you can get from your accident insurance claim. For instance, losing one limb will get you a smaller claim compared for losing both – the same is true for going blind. You will not get as much if you lose your sense of sight in only one eye as compared to being blind on both eyes.
If you notice, accident plans will only cover disabilities that can compromise your ability to earn an income. In most cases, these plans will help cover the medical expense that is necessary to recover after the actual accident. However, most of the coverage will be dedicated to the after effects of the accident. Most insurance companies will give you a lump-sum money after proving that the accident left you disabled and unable to earn a living.
When getting accident plans, you have to check the extent of the coverage in terms of location. There are accident insurance policies that can cover you regardless of where it happens in the world. There are some that will only cover you when the accident happened in Hong Kong. Obviously, an international coverage will cost you more in your premiums. But it may be enough if you do not travel a lot. You can always get a travel insurance whenever you travel.
Sometimes, companies offer accident plans for jobs that put employees in danger as they work. For instance, those who are always out in the field or doing construction work – these people should be covered by an accident insurance and the company must shoulder the expense of the premium.
Take note that there are some plans that include a coverage for accidents. For instance, a life insurance can include a coverage in case of an accidental death. Some health insurance policies also offer accident claims – just inquire with the insurance provider. You do not have to get it as a standalone policy – you can combine it with other insurance policies to help lower the cost.
3 accident plans you can avail in Hong Kong
Most insurance companies in Hong Kong offer accident plans for companies and individuals. If you want to see what a typical accident insurance offers, here are three companies that you can look into.
FWD
FWD is an insurance company that is associated with Pacific Century Group. They offer 5 different accident plans for their clients. The Attentive Care Accident Protection plan will provide policyholders with a lump sum payment in case of a loss of limb or accidental death and will reimburse any medical cost spent. The Income Protection Series will provide policyholders with a monthly benefit in case of total disability.
The AccidentCare Plus Insurance will provide policyholders with a compensation for permanent disability and will even double the benefits in case the accident happened in a public transport system or a public building. FWD is also one of the insurance companies that offer a specific accident plan for students under the Student AccidentCare Insurance. This is applicable to all students studying in Hong Kong and covers any medical expense or surgical treatment. Finally, the AccidentCare Site Worker Insurance is perfect for high-risk occupations. This policy offers a daily allowance if the hospitalisation takes more than 3 days. With FWD, you get the option to choose the specific type of policy that you will avail – based on your lifestyle and personal needs.
Bank of China Group Insurance Company Limited
The company offers the Personal Accident Comprehensive Protection Plan that can provide an insurance coverage for the whole family (parents and unlimited number of children). You can get protection of up to HK$2 million and a benefit of up to HK$4 million in the event of a death or permanent disability caused by a landslide, traffic or public transportation accident. This accident insurance policy can also provide up to HK$50,000 protection for medical expenses incurred because of the accident. You can choose to extend the policy to cover any injuries or death caused by food poisoning or chemical leakage. This plan does not cover pre-existing ailments or disabilities, pregnancy, or death caused by suicide, acts of war, military/police/fire emergencies, criminal acts, or dangerous sports activities.
Citibank Hong Kong
This company offers just one accident plan – the SafeGuard Personal Insurance Plan that can provide up to HK$1 million for the insured individual. The coverage also includes an Accidental Medical Expense benefit that will cover as much as HK$20,000 for each accident. This include costs associated with bone-setting and acupuncture. In case you are hospitalised, you can expect to receive up to HK$500 each day as your allowance. There is a limit of 365 days per accident. This plan is offered with a Junior plan for children, an Adult plan, and an Elderly plan. The benefits and monetary claims will vary depending on what plan you fall under (e.g. elderly plan).
These three are only a few of the accident plans that you can avail. Make sure you understand your needs so you can get the right policy that will provide you with the peace of mind – knowing that you can get financial support after an accident.
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