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Do you need personal accident insurance? 5 things to note when purchasing!

Considerations to boost your peace of mind.

<p>Accidents can take place unexpectedly, leaving you unprepared, and may even disrupt your future with your family.  In this article, we will explain what personal accident insurance is, who needs it and what are some things to note when purchasing. &nbsp;</p><h2>What is personal accident insurance?</h2><p>Personal accident insurance is a product which is designed to provide coverage against “accidental events”. These “accidental events” refers to non-disease-related events which are sudden or external. Below is a quick definition of sudden, external, and non-disease-related events.&nbsp;</p><ul><li>"Sudden" refers to situations that take place unexpectedly</li><li>“External” refers to factors that are beyond one’s control such as the weather and the environment</li><li>“Non-disease-related” refers to changes to one’s body that is not due to illness&nbsp;</li></ul><p>Having a personal accident insurance provides a lump-sum cash compensation to the insured or their family members in the unfortunate scenario where the insured passes away, get injured or become disabled. The insured will be able to use this payout for economic assistance.</p><h2>Is it important to have personal accident insurance?&nbsp;</h2><p>Many people who have medical insurance may think it is not necessary to purchase personal accident insurance since their medical expenses would have been covered by their medical insurance on a reimbursement basis. When an unexpected accident occurs, on top of incurring medical expenses, it could cause you to be unable to work, affecting your livelihood and potentially disrupting future plans. Personal accident insurance provides you with cash payout for specified situations (such as injury, accidental death, disability or injury) resulting from an accident, which could help to ease various financial burdens, allowing you to focus on your recovery.&nbsp;<br/></p><p>Accidents are unavoidable. Here is a list some characteristics of people who may need to purchase personal accident insurance:&nbsp;</p><ul><li>Children</li></ul><p>Children are usually more active and are more likely to experience household accidents. These accidents range from small cuts and bruises to more serious injuries like fractures. Personal accident insurance can help ensure that the child’s growth path is not financially affected by this accident, such as by covering their medical expenses.</p><ul><li>Sporting beginners</li></ul><p>In the last few years, sports such as yoga and running have become increasingly popular. Many beginners are engaging in sports but lack the knowledge of the proper warm-ups and training required for the sport. As a result, this increases the risk of accidents. A report by the Department of Health<sup>1</sup> indicated that there were as many as 57,000 cases of sports injuries, and even experienced sports enthusiasts are not uncommonly injured. Medical insurance only provides coverage for medical expenses, such as surgical costs and hospitalisation. On the contrary, personal accident insurance gives a lump sum cash payout, which could also be used to cover rehabilitation expenses such as physical therapy, acupuncture, or trauma treatment.</p><ul><li>Sole breadwinners&nbsp;</li></ul><p>With the unpredictable nature of accidents, it is impossible to predict when an accident will occur no matter how cautious you are. For example, one could get into an accident when taking public transportation which could lead to suffering from an injury that requires some time off work. As a result of being unable to work, it could increase the economic burden on your family. The cash compensation received from the payout of your personal accident insurance can help you to get through difficult times.</p>

<h2>5 things to take note of when purchasing personal accident insurance</h2><p>When deciding which personal accident insurance to purchase, you will likely have the question of “which company is better to buy my personal accident insurance from?”. Every insurance company has different products. Here are some things that you may want to take note of when deciding which policy to purchase:&nbsp;</p><h3>1.&nbsp;&nbsp;&nbsp;&nbsp; Age of the insured&nbsp;</h3><p>Similar to other insurance products, there are age restrictions for coverage and a maximum limit for renewable age for personal accident insurance. The extent of coverage may also be changed according to the age of the insured person. When purchasing personal accident insurance for the elderly or children, you may need to pay attention to age restrictions.&nbsp;&nbsp;</p><h3>2. Different premiums for different occupations</h3><p>As every profession experience different risks, insurance companies may charge different premiums based on the insured person’s occupation even if the coverage extent in the same. In general, the occupation levels are divided into four categories based on their job risk:</p><table><colgroup data-width='624'><col style="width:33.8141%"/><col style="width:66.1859%"/></colgroup><tbody><tr><td><p>Category</p></td><td><p>Description</p></td></tr><tr><td><p>Category 1</p></td><td><p>Individuals who engage in indoor work or non-physical labor professions. For example, administrators, managers, doctors, teachers and lawyers.&nbsp;&nbsp;</p></td></tr><tr><td><p>Category 2</p><p><br/><br/></p></td><td><p>Individuals who engage in non-physical outdoor labor work or supervisory work. Some examples include domestic helpers, engineers and salesperson.&nbsp;</p></td></tr><tr><td><p>Category 3</p><p><br/><br/></p></td><td><p>Individuals who engage in light physical labor work without using heavy machinery. Some examples include waiters, bakers and locksmiths.&nbsp;&nbsp;</p></td></tr><tr><td><p>Category 4</p><p><br/><br/></p></td><td><p>Individuals who engage in physical labor work. These include technicians and indoor electricians.&nbsp;<br/></p></td></tr></tbody></table><p>Individuals who fall into category 1 tend to have a lower premium as they are considered to have a lower risk of accidents. In contrast, those who fall into category 4 will likely have a higher premium as they are considered to have a higher risk of accidents. However, some professions are not covered by insurance as they may be considered too high-risk. Thus, it is important to check if your job falls into the coverage scenario before purchasing the insurance. Should you change your profession, you should notify the insurance company to assess the risk of your new job to ensure that your claims will not be affected.</p><h3>3. Extent of coverage</h3><p>Some sports such as diving or skiing are considered as more dangerous and maybe labelled as “high-risk” items. The amount of compensation you can receive from your personal accident insurance may be lower if you are injured while engaging in such sports. As it is very common for accidents to take place during sports, it is essential to double check that the sport that you frequently engage in is covered by the policy.</p><h3>4. Does the policy have a comprehensive coverage of medical expenses?</h3><p>Certain personal accident insurance policies may only cover basic medical expenses or hospitalisation. Some do not provide coverage for treatment during the recovery period, such as acupuncture or physical therapy. Thus, when comparing personal accident insurance policies, one area which you can take note of is whether the policy covers additional medical expenses such as acupuncture, and if the compensation provided is based on the actual cost or if there limits on the amount and number of claims.</p><h3>5. Does the policy provide additional coverage?</h3><p>Several personal accident insurance policies give cash compensation for certain accidents. For example, if you get into a traffic accident while on board public transport, or experience a fire while shopping in a mall, you may be eligible to receive double the compensation. Some policies also help with the insured’s living expenses should they be unable to work due to the accident by monthly allowances to help them cope with the economic loss of being unable to work. You can also check if the policy provides cash compensation for large area scars caused by accidents.</p><p></p><p>Unexpected scenarios may lead to significant consequences. Keeping yourself financially protected with personal accident insurance can provide you and your loved ones with more comprehensive protection. It is important to compare the different personal accident insurance policies available in the market and review your lifestyle before deciding which policy to purchase.&nbsp;</p>

<p></p><ol><li>Source: HKSAR Department of Health, "<em>DH releases Unintentional Injury Survey Report</em>", 2021</li></ol><p></p><p>The above information is provided by FWD Financial Limited ("FWD Financial") for reference and educational purposes only. It does not constitute an offer to buy or sell any insurance products outside of Hong Kong. Before purchasing any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product. FWD Financial is an appointed insurance agency of FWD Life Insurance (Bermuda) Company Limited (incorporated in Bermuda with limited liability) (“FWD Life”). FWD Financial, FWD Life, their subsiding companies or their respective directors or employees make no express or implied representations, statements or warranties as to the accuracy, completeness or suitability for any particular purpose of the information provided. In no event shall FWD Financial, FWD Life, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this article, and shall not incur any legal liability (including third-party liability). Users should evaluate all the information contained in this article and seek independent professional advice.</p>

【意外保險比較 2023】適合誰？投保時5大注意細節！ | Things to note for personal accident insurance

Things to note when purchasing personal accident insurance | FWD HK