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HK Travel Insurance Comparison: Which is the Best in 2025? 

Which travel insurance is best? What should you pay attention to when comparing travel insurance? Is annual or single-trip travel insurance better? Know more! 

General Protection

<p>Want to&nbsp;make&nbsp;the&nbsp;most of&nbsp;your&nbsp;travels?&nbsp;Choosing the&nbsp;best travel insurance&nbsp;gives you peace of mind for any trip, covering emergencies and losses. When you&nbsp;compare travel insurance&nbsp;plans,&nbsp;what should you pay attention to? Would a&nbsp;single-trip&nbsp;or annual plan suit you better?&nbsp;FWD&nbsp;will&nbsp;list out&nbsp;some key points when&nbsp;comparing&nbsp;and choosing your&nbsp;best travel insurance.&nbsp;</p><h2>Annual Travel Insurance vs Single Trip Travel Insurance&nbsp;</h2><p>Travel insurance&nbsp;can be&nbsp;purchased&nbsp;per trip or as an annual coverage plan.&nbsp;You&nbsp;can&nbsp;map out your travel plans for the next 12 months and&nbsp;have a look at the&nbsp;travel insurance comparison&nbsp;table to&nbsp;find the&nbsp;option&nbsp;that best suits your needs:&nbsp;</p><table><thead><tr><th>&nbsp;</th><th>Annual Travel Insurance&nbsp;</th><th>Single Trip Travel Insurance&nbsp;</th></tr></thead><tbody><tr><td>Premium&nbsp;</td><td>Premium calculation per year&nbsp;</td><td>Premium calculated by&nbsp;each&nbsp;travel days and destination&nbsp;</td></tr><tr><td>Coverage period&nbsp;</td><td>12 months&nbsp;</td><td>Coverage duration depends on insured travel days&nbsp;</td></tr><tr><td>Number of trips covered&nbsp;</td><td>Unlimited per year&nbsp;</td><td>Only one trip&nbsp;</td></tr><tr><td>Trip duration&nbsp;</td><td>Maximum 90 days&nbsp;per trip&nbsp;</td><td>Maximum 180 days&nbsp;per trip&nbsp;</td></tr><tr><td>Who&nbsp;is this suitable for?&nbsp;</td><td>Suitable for frequent&nbsp;travellers—consider annual insurance if traveling multiple&nbsp;times&nbsp;a year&nbsp;</td><td>Suitable for infrequent&nbsp;travellers—consider single trip insurance as needed&nbsp;</td></tr></tbody></table><p>(For reference only,&nbsp;please refer to the product brochure for details)&nbsp;</p><h2>&nbsp;Travel Insurance Coverage&nbsp;&nbsp;</h2><p>Before buying&nbsp;travel insurance, it's important to understand your needs and&nbsp;compare&nbsp;the&nbsp;coverage&nbsp;options available.&nbsp;Below are some common coverage items of travel insurance:&nbsp;</p><h3>Delayed or Cancelled Flights&nbsp;</h3><p>Most travel insurance policies include compensation for flight delays or cancellations, but definitions and payout limits vary by providers.&nbsp;In addition to the&nbsp;cash benefits, some provide&nbsp;reimbursement of&nbsp;additional&nbsp;transportation expenses resulting from disrupted travel. Always clarify the coverage details with your insurer&nbsp;before&nbsp;purchasing&nbsp;and&nbsp;request&nbsp;official documentation&nbsp;from the&nbsp;airline&nbsp;in case of delays or cancellations to&nbsp;facilitate&nbsp;claims.&nbsp;</p><h3>Personal Belongings&nbsp;</h3><p>Mobile&nbsp;phones are among the most lost items&nbsp;during travel, but not all travel insurance&nbsp;policies&nbsp;cover phone&nbsp;loss. Some&nbsp;focus on theft or burglary-related losses for luggage or personal items&nbsp;but not&nbsp;accidental loss.&nbsp;Therefore, it is important for you to check&nbsp;policy details and&nbsp;compare travel insurance coverage. Claims typically require proof of purchase and police reports for lost items.&nbsp;</p><h3>High-Risk Activities&nbsp;</h3><p>Some policies cover high-risk activities, but definitions and conditions&nbsp;vary&nbsp;between policies.&nbsp;Therefore,&nbsp;compare travel insurance&nbsp;plans&nbsp;to see if&nbsp;your&nbsp;activities are covered&nbsp;and&nbsp;compare the&nbsp;limits,&nbsp;such as scuba&nbsp;diving&nbsp;depth or climbing altitude.&nbsp;</p><h3>Rental Car Excess Coverage&nbsp;</h3><p>When renting a car abroad, the rental fee&nbsp;usually&nbsp;includes&nbsp;basic&nbsp;car insurance. However, most car insurance policies&nbsp;include&nbsp;an excess, meaning&nbsp;that if an accident occurs or if the rental vehicle is damaged or stolen, the renter&nbsp;is responsible for&nbsp;a&nbsp;portion&nbsp;of the compensation. Therefore, if&nbsp;you are&nbsp;planning to drive during&nbsp;your&nbsp;trip, check whether the&nbsp;travel insurance&nbsp;covers rental car excess and&nbsp;compare&nbsp;coverage limits across&nbsp;different products.&nbsp;</p><h3>Age Limits&nbsp;</h3><p>Some travel insurance policies have age restrictions. If you&nbsp;are travelling with&nbsp;children&nbsp;and/or elderlies,&nbsp;please&nbsp;pay special attention to related policy terms.&nbsp;</p><h2>Travel Insurance Comparison&nbsp;2025&nbsp;</h2><table><thead><tr><th>&nbsp;</th><th>FWD&nbsp;MyTravel Insurance<sup>1&nbsp;</sup></th><th>Company A&nbsp;</th><th>Company B&nbsp;</th><th>Company Z&nbsp;</th></tr></thead><tbody><tr><td>Overseas Medical Coverage&nbsp;</td><td>Uniform protection regardless of age&nbsp;</td><td>Coverage for those under 18 and over 70 is reduced by 75% and 50%, respectively&nbsp;</td><td>Coverage for those under 18 and over 70 is reduced by 50%&nbsp;</td><td>Uniform protection regardless of age&nbsp;</td></tr><tr><td>Trip Cancellation&nbsp;</td><td>Cancel for any reason<sup>2</sup>,&nbsp;up to 50% compensation for public transport and accommodation,&nbsp;(superior&nbsp;plan only)&nbsp;</td><td>Compensation for specified reasons only&nbsp;</td><td>Compensation for specified reasons only&nbsp;</td><td>Compensation for specified reasons only&nbsp;</td></tr><tr><td>Emergency treatment for critically ill pets&nbsp;</td><td>Up to 50% compensation for trip interruption&nbsp;</td><td>No compensation&nbsp;</td><td>No compensation&nbsp;</td><td>No compensation&nbsp;</td></tr></tbody></table><p>(Information as of 13th&nbsp;January&nbsp;2025)&nbsp;</p>

<h2>Other&nbsp;Things to Note Before Buying Travel Insurance&nbsp;</h2><h3>Do you have to buy for&nbsp;extra&nbsp;more day if you are taking&nbsp;an early morning flight?&nbsp;</h3><p>Some people&nbsp;prefer early&nbsp;morning&nbsp;flights, but&nbsp;be aware&nbsp;of&nbsp;how travel insurance coverage dates are calculated.&nbsp;Most&nbsp;policies cover not just the international trip but also local transportation to and from the airport. If&nbsp;departing&nbsp;on a late-night flight,&nbsp;it’s&nbsp;best to&nbsp;set your coverage to begin the evening you leave for the airport and end with your arrival back at Hong Kong International—this ensures complete protection.&nbsp;</p><h3>Compare Travel Insurance&nbsp;Purchase Channels&nbsp;</h3><p>Before traveling, you can buy travel insurance through several common channels, each with its own benefits and considerations:&nbsp;</p><table><thead><tr><th>Purchase Channel&nbsp;</th><th>Advantages&nbsp;</th><th>Points to Note&nbsp;</th></tr></thead><tbody><tr><td>ATM&nbsp;</td><td>Fast and convenient: Buy travel insurance at the airport at the last minute&nbsp;</td><td>Harder to read detailed coverage and policy terms at an ATM&nbsp;</td></tr><tr><td>Airline&nbsp;</td><td>Saves time: Bundle insurance when&nbsp;you buy&nbsp;tickets&nbsp;</td><td>Airline may only offer products from one insurer&nbsp;</td></tr><tr><td>Insurance Broker&nbsp;</td><td>Full details: Get immediate answers about products&nbsp;</td><td>Not everyone has an available, trusted broker&nbsp;</td></tr><tr><td>Online Platform&nbsp;</td><td>Simple: Compare and buy easily from any device; price and terms are clear; instant online&nbsp;assistance&nbsp;available for questions&nbsp;</td><td>Be careful to select a reputable, official company site&nbsp;</td></tr></tbody></table><h2>Which&nbsp;Travel Insurance&nbsp;Is&nbsp;the&nbsp;Best?&nbsp;</h2><p>Unforeseen events,&nbsp;like lost belongings or illness,&nbsp;can take any&nbsp;traveller&nbsp;by surprise.&nbsp;It's&nbsp;best to buy travel insurance up front for medical and property coverage during your trip.&nbsp;You can purchase FWD MyTravel Insurance<sup>1</sup>&nbsp;via the FWD's&nbsp;online platform&nbsp;easily:&nbsp;</p><p><strong>1.&nbsp;[Cancel for any reason</strong><sup><strong>2,^</strong></sup><strong>]&nbsp;Cancel</strong><sup><strong>3</strong></sup><strong>&nbsp;or change</strong><sup><strong>3,5</strong></sup><strong>&nbsp;your&nbsp;journey, and enjoy up to&nbsp;HK$25,000&nbsp;coverage&nbsp;</strong></p><p>Cancel<sup>2&nbsp;</sup>or change<sup>3,5</sup>&nbsp;your trip for any reason before departure&nbsp;and enjoy up to 50%&nbsp;of the applicable public transportation and accommodation charges.&nbsp;</p><p><sup>^</sup>Subject to the exclusions&nbsp;</p><p><strong>2.&nbsp;Coverage for popular sports like&nbsp;[skiing, scuba diving, and mountaineering]&nbsp;</strong></p><p>Medical coverage includes leisure and amateur sports such as skiing, scuba diving, and&nbsp;hiking, with up to 80%&nbsp;protection<sup>3,4</sup>&nbsp;for loss&nbsp;or damage&nbsp;of sports equipment&nbsp;and&nbsp;gear.&nbsp;</p><p><strong>3. Protection for loss of personal belongings or luggage</strong><sup><strong>3,4</strong></sup><strong>, like [mobile phones and computers]&nbsp;</strong></p><p>MyTravel<sup>3,4</sup>&nbsp;covers baggage and personal belongings losses comprehensively, or stolen of devices including smartphones, laptops, tablets, with no deductible. Loss of travel documents or unauthorized use of credit cards are separately covered for up to HK$3,000 each.&nbsp;&nbsp;</p>

<ol><li>MyTravel Insurance is underwritten by&nbsp;bolttech&nbsp;Insurance (Hong Kong) Company Limited ("bolttech Insurance"). This platform is&nbsp;operated&nbsp;by FWD Financial Limited ("FWD Financial"). FWD Financial is an appointed insurance agency of bolttech Insurance&nbsp;(License Number: FA2568).&nbsp;For the detailed terms,&nbsp;conditions&nbsp;and exclusions of trip cancellation, please refer to the policy provisions. This product is only available for sale in Hong Kong and to Hong Kong residents only.&nbsp;</li><li>The policy must be&nbsp;purchased&nbsp;before or within 7 days from the date you make your&nbsp;initial&nbsp;payment or deposit for your trip, and the cancellation of journey or change of travel date must be made prior to the original departure time. Please refer to the policy terms, conditions, and exclusions for details.&nbsp;</li><li>Applicable only to Superior Plan.&nbsp;</li><li>Applicable only to Premium Plan.&nbsp;</li><li>Re-scheduled travel duration days must be equal to or less than the original policy period. If it is less than the original policy period, there will be no refund. The change of travel date must be made prior to the original departure time.&nbsp;</li></ol><p>The product information on this website does not&nbsp;contain&nbsp;full terms and conditions, key product&nbsp;risks&nbsp;and full list of exclusions of the policy. For the details of benefits and key product risks, please refer to the product brochure; and for exact terms and conditions and the full list of exclusions, please refer to the policy provisions of the plan. You should not&nbsp;purchase&nbsp;the plan solely based on the information on this webpage.&nbsp;</p>

HK Travel Insurance Comparison: Which is the Best in 2025?

旅遊保險比較2023｜想安心旅行，一份適合的旅遊保可讓您在不幸遇上旅遊意外時獲得保障。購買旅遊保險有什麼比較要留意？全年或單次旅遊保險比較適合您？

【旅遊保險比較2023】全年vs單次點揀好？留意保障範圍 | 富衛香港

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Travel Insurance Trip Cancellation: Things You Need to Know 

Trip cancellation is a type of travel insurance coverage, applicable when a trip is cancelled, delayed, or ended early due to unexpected events. Learn more now! 

Travel

<p>As travel season approaches, it's time to plan your next adventure. Travel insurance is essential — whether you're heading out for a family trip, a romantic getaway, or a solo exploration. One key consideration is understanding the coverage provided by travel insurance at every stage, especially for trip cancellation, delay, or early termination. FWD highlights everything you need to know about travel insurance, allowing you to handle any situation by adjusting your travel plans with flexibilities.</p><h2>What Is Trip Cancellation in Travel Insurances?</h2><p>Trip cancellation is a common feature in travel insurance, offering protection when unexpected events cause your trip to be canceled, delayed, or cut short.</p><p>Travel insurance typically reimburses prepaid expenses, such as flight tickets. Since flight tickets and accommodation expenses are often non-refundable, it could be very costly if the trip gets canceled, especially when it has been long awaited, making you frustrated and disappointed. With trip cancellation coverage, you can recover some of the costs, minimizing the financial impact of an interrupted or canceled trip.</p><p>Below are 3 common compensation items for trip cancellation:</p><h3>1. Trip Cancellation</h3><p>This is the most common coverage in travel insurance: if you need to cancel your trip before departure due to unexpected events, such as serious injury or the passing of a family member, travel insurance usually covers the related costs.</p><h3>2. Journey Change</h3><p>If you need to change your travel dates, travel insurance may reimburse part of the cost. Please check with the policy to know how much you'll have to bear yourself before buying the travel insurance.</p><h3>3. Returning Early</h3><p>Generally, travel insurance trip cancellation policies cover non-refundable prepaid expenses, but the exact coverage depends on your policy. Some travel insurance policies may only cover non-refundable travel and accommodation costs; others, such as FWD's MyTravel Insurance<sup>1</sup>, offers a more comprehensive coverage, including tour fees or rental car bookings that can't be refunded.</p><h2>How To Claim for Travel Insurance</h2><p>Vacations don't always go as planned. When you need to cancel, delay, or return early from a trip, you can submit a claim to your travel insurance provider. To ensure a faster claim process, it is recommended that you prepare the following supporting documents, and the claim amount will also have to be reasonable:</p><ul><li>Any receipts related to the journey, e.g. tour booking receipt, flight confirmation letter, or boarding pass.</li><li>Original invoices or receipts that list the expenses amount.</li><li>Confirmation letters from travel agencies or airlines that clearly state that prepaid travel costs are non-refundable.</li><li>Medical reports or certifications explaining why a trip can't proceed due to serious illness or injury.</li><li>Death certificate for insured person or family member (if applicable).</li></ul><h2>What Are the Valid Reasons for Trip Cancellation?</h2><p>Travel insurance usually only covers certain recognized reasons for trip cancellation, delay, and prematurely ending your journey, these reasons commonly include:</p><h3>Medical Emergencies</h3><p>You, a travel partner, or a family member is seriously injured or falls seriously ill and cannot travel.</p><h3>Home Damage</h3><p>Your home, or your travel companion's home is severely damaged by fire or natural disaster, needing you to cancel the trip or return early.</p><h3>Flight Cancellations</h3><p>The flight is canceled due to extreme weather at your destination, making your trip impossible to commence.</p><h3>Legal Obligations</h3><p>You are called to serve on a jury or as a court witness during your planned travel dates.</p><p>For example, if you are diagnosed with a serious illness, or a fire broke out at your house during the trip, you may be eligible for travel insurance trip cancellation or journey curtailment claims. Unexpected circumstances may also arise in daily life, such as sudden work arrangements that force you to change your travel plans, but most of these are not included in standard travel insurance coverage. In such cases, you may not be eligible for the protections.</p><h2>Is FWD Travel Insurance Good?</h2><p>If you're looking for a comprehensive travel insurance with broad coverage, FWD could be your best choice. <a href="https://www.fwd.com.hk/online-insurance/mytravel-insurance/en/" target="_blank">FWD MyTravel Insurance</a>'s<sup>1</sup> Superior plan includes "trip insurance cancel for any reason<sup>2,^</sup>", offering broader protection. The "cancel for any reason" clause is primarily composed of two parts:</p><ul><li>Trip cancellation<sup>3</sup> for any reason<sup>2</sup></li><li>Change of travel date<sup>3,4</sup> for any reason<sup>2</sup></li></ul><p>The "cancel for any reason<sup>2,^</sup>" clause covers almost any reason<sup>2</sup> for trip cancellation<sup>3</sup>, delay<sup>3,4</sup>, or early return, even those generally excluded from standard travel insurance trip cancellation policies:</p><ul><li>Pet falling ill and needing close care</li><li>Unforeseen work commitments</li><li>Problems obtaining travel visas on time</li><li>Missing flights due to traffic jams</li><li>Event cancellations at your destination (like concerts)</li><li>Other reasons not typically covered by regular travel insurance products</li></ul><p><sup>^</sup>Subject to the exclusions</p><h3>Special Notes</h3><p>FWD's extensive "cancel for any reason<sup>2,^</sup>" cover is only available if you purchase the superior plan within seven days after your first travel payment. With this coverage, if your trip is cancelled due to work obligations, FWD will let you claim up to 50% of the insured prepaid travel expenses, according to the highest claim limit.</p><h3>Exclusions for "Cancel for Any Reason<sup>2,^</sup>"</h3><p>Some exclusions still apply even under the comprehensive FWD MyTravel Insurance cancel for any reason<sup>2,^ </sup>policy, such as:</p><ul><li>War, civil war, invasion, insurrection, revolution, use of military power or usurpation of government or military power</li><li>Any prohibition or regulations by any government</li><li>Any pre-existing condition, congenital and heredity condition</li><li>Engaging in a professional capacity in any sport where an insured person would or could earn income or remuneration from engaging in such sport as a source of income</li><li>Any loss which has connection with the effects of alcohol or drugs other than those prescribed by a qualified medical practitioner</li></ul><h3>Exploring the world with more confidence</h3><p>While travel is exciting, unpredictable events can ruin your plans. FWD MyTravel Insurance Superior Plan's "cancel for any reason<sup>2,^</sup>" allows you to travel with confidence, knowing you're covered across virtually every situation. Whether your plans change unexpectedly or you simply want more flexibility, a comprehensive travel insurance cancellation cover ensures security at every stage of your journey. Find out more about FWD MyTravel Insurance and trip cancellation options for the ultimate peace of mind.</p><p><sup>^</sup>Subject to the exclusion</p>

<ol><li>MyTravel Insurance is underwritten by&nbsp;bBolttech Insurance (Hong Kong) Company Limited ("bolttech Insurance"). This platform is&nbsp;operated&nbsp;by FWD Financial Limited ("FWD Financial"). FWD Financial is an appointed insurance agency of bolttech Insurance&nbsp;(License Number: FA2568).&nbsp;For the detailed terms,&nbsp;conditions&nbsp;and exclusions of trip cancellation, please refer to the policy provisions.&nbsp;This product is only available for sale in Hong Kong and to Hong Kong residents only.&nbsp;</li><li>To claim under cancellation of journey or change of travel dates for any reasons, your policy must be&nbsp;purchased&nbsp;before or within 7 days from the date you make your&nbsp;initial&nbsp;payment or deposit for your trip, and the cancellation/change must be made prior to the original departure time. Please refer to the policy terms,&nbsp;conditions&nbsp;and exclusions for details.&nbsp;&nbsp;</li><li>Refers to MyTravel Insurance - Superior&nbsp;</li><li>Re-scheduled travel duration days must be equal to or less than the original policy period. If it is less than the original policy period, there will be no refund. The change of travel date must be made prior to the original departure time.&nbsp;</li><li>The Company shall reimburse the Insured Person up to the Sum Insured as stated in the Schedule of Benefits for the unused and forfeited travel cost where the Insured Person has to terminate and cut short the Journey and return to Hong Kong as a result of any of the following reasons: Death or Serious Injury or Serious Sickness of the Insured Person, Traveling Companion and/ or Immediate Family Member; Sudden occurrence of strike by the employees of a Common Carrier, unanticipated outbreak of riot or civil commotion or Natural Disasters or which prevents the Insured Person from continuing with his/ her scheduled Journey. The unexpected issuance of a Black Travel Alert for a destination scheduled in the Journey after this Policy becomes effective and which is in force at any time during the Journey, resulting in curtailment of the Journey.&nbsp;The Company will reimburse up to 100% of Sum Insured as&nbsp;stated&nbsp;in the Schedule of Benefits.&nbsp;The unexpected issuance of a Red Travel Alert for a destination scheduled in the Journey during this Policy effective and which is in force at any time during the Journey, resulting in curtailment of the Journey, the Company will reimburse, up to 50% of the Sum Insured as stated in the Schedule of Benefits.&nbsp;</li></ol><p>The product information on this website does not&nbsp;contain&nbsp;full terms and conditions, key product&nbsp;risks&nbsp;and full list of exclusions of the policy. For the details of benefits and key product risks, please refer to the product brochure; and for exact terms and conditions and the full list of exclusions, please refer to the policy provisions of the plan. You should not&nbsp;purchase&nbsp;the plan solely based on the information on this webpage.&nbsp;</p><p>The above information is provided by&nbsp;FWD Financial&nbsp;for reference only. It&nbsp;does not constitute&nbsp;an offer to buy or sell any insurance products outside of Hong Kong. Before&nbsp;purchasing&nbsp;any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product.&nbsp;FWD Financial, bolttech Insurance, their subsiding companies or their respective directors or employees make no express or implied representations,&nbsp;statements&nbsp;or warranties as to the accuracy,&nbsp;completeness&nbsp;or suitability for any particular purpose of the information provided. In no event shall FWD Financial, bolttech Insurance, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this&nbsp;article, and&nbsp;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>

Travel Insurance Trip Cancellation: Things You Need to Know

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How individual insurance differs from company insurance  

Which of these two products is right for you? 

VHIS

<p>When people fall sick, they usually turn to their personal health insurance or company health medical insurance for financial support to pay for their treatment. In recent years, voluntary health insurance is becoming increasingly popular, why is this so? With a limited budget, what are the differences between voluntary health insurance and traditional individual health insurance? How should we choose between these two insurances?</p><h2>What is the Voluntary Health Insurance Scheme (VHIS)?</h2><p>The VHIS was launched by the Food and Health Bureau of the Hong Kong government on April 1, 2019. Insurance policies approved by the bureau must comply with the frameworks and regulations and provide hospitalisation coverage and personal medical reimbursement. its established framework and regulations. This product is meant to enhance the level of protection offered by medical insurance products, allowing citizens to choose private medical services with insurance coverage, which can eventually help to ease the pressure on public hospitals in the long term.</p><p></p><p>The VHIS is divided into two types of plans, "Standard Plan" and "Flexi Plan". The Standard Plan will need to meet the minimum requirements and provide basic coverage. While the Flexi Plan covers additional protections, such as higher limits, to provide people with more comprehensive coverage.</p><p></p><p>Compared to traditional individual medical insurance, some of the benefits in the VHIS recognized products, for both "Standard Plan" and "Flexi Plan," are particularly noteworthy.</p><p></p><p>The differences between VHIS voluntary health insurance and traditional personal health insurance are:</p><table><colgroup data-width='666'><col style="width:33.7838%"/><col style="width:31.3814%"/><col style="width:34.8348%"/></colgroup><thead><tr><th></th><th><span>VHIS voluntary health insurance</span></th><th><span>Traditional personal health insurance</span></th></tr></thead><tbody><tr><td><p>Tax deduction</p></td><td><p>Possible</p></td><td><p>Not possible</p></td></tr><tr><td><p>Policy renewal</p></td><td><p>Guaranteed renewal of up to 100 years old</p></td><td><p>Policy renewal is dependent on the insured person’s health condition</p></td></tr><tr><td><p>Lifetime benefit limit</p></td><td><ul><li>Not applicable for standard plans</li><li>Depends on individual products for flexible plans</li></ul></td><td><p>Usually applicable</p></td></tr><tr><td><p>Unknown pre-existing conditions at the time of policy application</p></td><td><p>Insured (subject to waiting period)</p></td><td><p>Usually not insured</p></td></tr></tbody></table>

<h3>1. You can apply for tax deduction for premiums:</h3><p>Applying for VHIS allows you to apply for tax deduction. This means that taxpayers who apply for VHIS before 31 March can apply for tax deduction for the premiums paid for themselves and/or their specified relatives.</p><h3>2. Guaranteed renewal until the insured is 100 years old:</h3><p>After the VHIS voluntary health insurance policy takes effect, the insurance is guaranteed to be renewed until the age of 100, regardless of any changes in the health status of the insured.</p><h3>3. The VHIS standard plan does not set a lifetime benefit limit:</h3><p>The VHIS standard plan does not set a "lifetime insurance limit” but has an "annual insurance limit". This means that no matter whether there is a claim, or if the claim exceeds the annual insurance limit in the policy year, in the next policy year the benefit limit will be recalculated and will not be affected by previous claims. On the other hand, the flexible plan depends on individual product design.</p><h3>4. Unknown pre-existing conditions at the time of policy application</h3><p>The VHIS voluntary health insurance covers pre-existing diseases that are unknown at the time of insurance application.</p><h2>Why do I need to purchase additional voluntary health insurance when I already have company health insurance?</h2><p>Many people think they do not need to purchase additional personal medical insurance for themselves as they are already covered by their company’s medical insurance. However, this is the protection gap that many have overlooked.</p><ul><li>Coverage limit:</li></ul><p>For common colds and flu, you will likely head to the clinic to see a doctor. In this case, it would be okay to be reimbursed by the company’s medical insurance. However, most companies’ medical insurance may only provide outpatient, life, and hospitalization coverage. You are unlikely to be able to claim for items such as psychiatric treatment. Furthermore, the company's medical insurance may not be able to fully cover medical expenses for surgery or diseases. Therefore, purchasing voluntary health insurance while being covered by the company’s medical insurance can help reduce the protection gap.</p><ul><li>Guarantee period:</li></ul><p>Most salary workers will experience job changes. From resignation to joining a new company, and even during the probationary period, they may not be able to enjoy their company’s group medical insurance benefits. This period when one is not covered could last for half a year each time they change jobs. Additionally, when one reaches retirement age, it is likely that the company's medical insurance will no longer provide coverage for these employees. Having personal medical insurance will help to maintain protection according to the renewal period of different products. Among these products, the voluntary medical insurance will guarantee renewal until the age of 100, so you will not lose your medical insurance coverage due to work restrictions.</p>

<p></p><ol><li>Source: Cleveland Clinic, "<em>LDL</em>"</li><li>Source: Heart.org, "<em>Silent Ischemia and Ischemic Heart Disease</em>"</li></ol><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>

【自願醫保】與傳統個人醫保和公司醫保的分別？ | How individual insurance differs from company insurance

How individual insurance differs from company insurance | FWD HK

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Should you cancel or keep your critical illness policy when you immigrate?

Critical Illness Insurance

Critical Illness

<p>When you immigrate, you may be wondering whether or not you should keep your critical illness insurance policy. When you are away from home, you could experience feelings of insecurity more frequently. Changes in one's mental and physical state are typically brought on by travel, in conjunction with other, external environmental influences. So, having insurance coverage while you are traveling overseas might provide you with a sense of security and peace of mind. When you immigrate, what will happen to your health insurance and other plans? Should you cancel your insurance policy before making the move to a new country? If you relocate overseas, will the critical illness insurance policy that you already have continue to be valid for you? The following article will provide answers to these questions.</p><h2>Is coverage under your critical illness insurance plan provided if you travel outside the country?</h2><p>In most cases, critical illness insurance can be purchased anywhere in the world. You do not need to be concerned about being unable to file an insurance claim when traveling outside of the country if you have been diagnosed with a pre-existing condition that is covered by your policy. This applies regardless of where you purchased your policy. If your diagnosis is one that is covered by the policy and you adhere to the terms of the insurance, you will still be able to collect benefits from your critical illness insurance even if you move to another country or travel to another country.</p>

<p>If you are diagnosed with a critical illness while traveling outside of your home country by a local registered doctor, you have the right to submit an insurance claim within the claim period specified by the insurance company after receiving medical treatment or being discharged from the facility where you received treatment. You shall be responsible for submitting the appropriate proof documents in accordance with the requirements outlined in the actual policy terms. However, you should be aware that once the claims process has been finished, the insurance company may only deposit the pay out into the bank account of the nation in which you purchased the policy. This is something that you should keep in mind. It is possible that they will not be able to deposit the payoff into the policy beneficiary's account if it is located outside the country. Consequently, it is essential to verify with the original insurance company first in order to determine whether or not it is necessary to have a bank account from the original nation in order to get the compensation. In addition to this, it is essential to take into consideration whether the beneficiary has been named in the policy. If the beneficiary information has not been provided, the payout from the life insurance policy may, in the tragic event that you pass away, be included as part of the administration of your estate in some countries. Because of this, it is possible that the payout will be liable to inheritance tax, which is levied by the regional government.</p><h2>Before you immigrate, what steps should you take about your critical illness insurance?</h2><p>One of the things that goes into calculating the cost of critical illness insurance is the policyholder's expected length of life. Because of this, the premium for critical illness insurance acquired in nations with a high average life expectancy is typically more affordable, and the coverage is typically transferable to any location in the globe with no restrictions. If you have already purchased your critical illness insurance prior to immigration, you do not need to worry too much about the premium or if the critical illness medical coverage level will be changed. Both of these factors will not be relevant to you.</p><p>As it is quite possible that the insured person's place of residence would change because of immigration, the insurance company may request a re-evaluation of the insured person's status. If the risks faced by the insured person grow because of this, the premium for critical illness insurance may be subject to an increase. Yet, keeping your initial critical illness coverage before you immigrate can allow you to avoid the challenges of re-purchasing insurance after the move. When obtaining a new policy, for instance, the waiting period may be different from one to another depending not only on the illnesses that are covered but also on the insured person's present state of health. If you are diagnosed with a sickness or have symptoms appearing before your new policy goes into effect, it may result in increased rates, have an influence on the coverage provided by your critical illness insurance, or even put you at danger of having coverage denied. Purchasing insurance in your home country before immigrating can help fill the medical gap and save you the hassle of comparing and selecting insurance plans in a foreign country. Purchasing insurance in your home country before immigrating can also save you money.</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>

【移民保險 2023】手上的危疾保單應該退或留 | To keep or not. Should you sell your CI policy?

To keep or not. Should you sell your CI policy? | FWD HK

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Medical insurance vs critical illness insurance - what is the difference? What is voluntary health insurance?

Medical Protection

<p>While both medical insurance and critical illness insurance provide health protection to the insured, they are fundamentally different types of insurance which have different types of purposes, compensation methods and coverage. So, what exactly is the difference between these two types of insurance? In today’s article, we will be running through the differences and help you to identify what you should pay attention to when purchasing insurance.</p><h2>3 key differences between medical insurance and critical illness insurance</h2><h3>1. Purpose of insurance</h3><p>Medical insurance supports you financially for the payment of your medical expenses. It allows you to receive reimbursement for medical expenses such as hospitalization, surgical fees, and rehabilitation during your treatment period.</p><p>You will also be able to choose the medical services that you prefer based on the compensation limit of your policy. On the other hand, critical illness insurance emphasizes being able to receive financial support should one be diagnosed with a serious illness. Once diagnosed with any of the illnesses covered under the critical illness policy, you will receive a lump-sum cash pay-out. Whether you will want to use this money to help cope with daily living expenses or use it to pay for your medical expenses, it is entirely up to you. This helps to reduce the economic pressure of not being able to work due to your illness.</p><h3>2. Compensation method</h3><p>Another difference between medical insurance and critical illness insurance is their compensation method. Most medical insurance uses a "pay-first claim-later" format, where the insured pays for the medical expenses first and then applies for remuneration from the insurance company based on the expenses incurred. The insurance company would then compensate you based on the coverage limit of your policy. Should your coverage limit be higher than the medical expenses incurred, you will only be compensated based on your medical bill.</p><p>In contrast, a critical illness insurance policy gives you a pay out as long as you are diagnosed with an illness under the policy. The amount received will be lump-sum compensation, which is the sum insured by the policy. With this payout, you will have more cash to help you cope with your daily expenses or any unexpected expenses when you are ill.</p><h3>3. Insurance coverage</h3><p>As for coverage, medical insurance covers mainly medical expenses such as hospitalisation, surgery and rehabilitation. However, such medical insurance generally does not cover mental illnesses. Critical illness insurance is generally divided into two different types of insurance, regular critical illness insurance and lifetime critical illness insurance. The policy terminates after reaching a specified compensation limit. In general, critical illness insurance covers common serious illnesses such as heart disease, cancer, and stroke. The specific number of critical illnesses covered would depend on the individual policy terms.</p>

<h2>What is voluntary medical insurance scheme?</h2><p>In recent years, we often hear about the Voluntary Health Insurance Scheme (VHIS) product, which is a type of medical insurance which falls under the category of personal hospitalization indemnity insurance products. The government aims to encourage more people to purchase this insurance by through the unique features of this voluntary medical insurance. Through this voluntary medical insurance, you can not only enjoy real-time medical coverage, receive treatment as early as possible, but also be able to apply for tax reductions and experience quicker waiting times in public hospitals. Since the voluntary medical insurance scheme was launched, it has received good responses from the public. The number of policies purchased under the government's voluntary medical insurance plan has exceeded 790,000 as of March 2021.</p><p>In addition to providing cost savings to policyholders, the launch of Hong Kong's voluntary medical insurance program helps in addressing many of the gaps in critical illness and traditional medical insurance plans in the market. For example, the voluntary medical insurance can guarantee coverage up till the age of 100, cover unknown pre-existing conditions at the time of enrolment, and cover the cost of psychiatric treatment in Hong Kong hospitals. As some medical insurance products also do not have a lifetime coverage limit, this allows you to get more comprehensive coverage. If you require medical insurance, it is worth taking some time to understand if this voluntary medical insurance is suitable for you.</p><h2>Voluntary medical insurance scheme or critical illness insurance – can you only choose one?</h2><p>Many people in the process of purchasing insurance may find it difficult deciding between a voluntary medical insurance scheme and critical illness insurance, as both have their benefits. However, a voluntary medical insurance scheme and critical illness insurance are not in conflict with each other and can even serve as complements. For example, a lump sum payout from one’s critical illness insurance can help in reducing financial pressure on the insured person upon being diagnosed with a critical illness. With medical costs soaring, having just a critical illness insurance alone may not be sufficient. It is likely that you will also need to purchase a voluntary medical insurance scheme to cover the high hospitalization and medical expenses in the future.</p><p>To cope with the potentially high future medical expenses related to critical illnesses, having a voluntary medical insurance scheme may be one of your choices.</p>

【醫療保險vs危疾保險】大不同！自願醫保又是什麼？ | Medical insurance vs. critical illness insurance

Medical insurance vs. critical illness insurance | FWD HK 

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Voluntary Health Insurance Scheme: Does it cover mental illnesses? Understand the causes and treatment methods

What are the main types of mental illnesses?

Mental Health

<p>In 2023, everyone hopes to be physically healthy, but have you overlooked the importance of maintaining good mental health? Mental illness is becoming more common among people in Hong Kong, with an average of 1 in 7 people suffering from mental disorders or illnesses<sup>1</sup>. According to surveys conducted by the World Bank, the World Health Organization, and Harvard University, depression was the second most important disease in 2020, just behind heart disease<sup>2</sup>. In this article, we will learn about mental illness and how to cope with it.</p><h2>Do you know what are some causes of mental illness?</h2><p>Today, we often find ourselves in very fast-paced working environments. Coupled together with the various life pressures that we face; these situations can cause various mental and psychological problems. There can be negative impacts on our families and even society if we do not handle such problems properly.</p><p>The following three factors are some of the key causes of mental illness.</p><ol><li>Physiological factors: Having poor physical health can affect one’s emotions. If you continue to feel down over a long period of time with no improvement, there is a possibility that you may develop a mental illness.</li><li><p>Genetic factors: Some mental illnesses may be caused by genetics. Some examples of mental illnesses that may be caused by genetic reasons are schizophrenia and bipolar disorder<sup>3</sup>.</p></li><li><p> Psychological and social environmental factors: Experiencing conflicts, crises and trauma could lead to mental illness or even post-traumatic stress disorder.</p></li></ol>

<h2>Common types of psychological or mental illnesses:</h2><h3>Depression</h3><p>Depression is a common mild mental illness, in which one’s emotions are impaired, which causes physiological and psychological imbalances, sustained low mood, loss of interest or motivation in things, negative thoughts, which also affects their normal social life. The main causes of depression are genetics and stress from external circumstances. Under the situation when the brain is unable to cope with external stressors (such as unemployment, loss of a loved one, or major life changes), it will be more prone to depression<sup>4</sup>.</p><p>Depression is generally divided into three stages.</p><ul><li>Early-stage depression: Also known as mild depression, patients often experience emotional decline over a short period of time and do not have any interest in anything.</li><li><p>Moderate depression symptoms: It is difficult for the brain to concentrate, but the patient can still manage basic life and work.</p></li><li><p>Severe depression symptoms: Some patients may experience insomnia for a long period of time, and some may even think about suicide.</p></li></ul><h3>Obsessive-Compulsive Disorder (OCD)</h3><p>Obsessive-Compulsive Disorder is characterized by repetitive actions, such as washing hands repeatedly and constantly double-checking things. In serious cases, when patients experience OCD symptoms, such as compulsively generating a certain thought, it can cause mental tension which could affect social interaction. The causes of OCD are still uncertain, but it is generally believed to be related to psychological factors and one’s personality. For patients who experience mild symptoms of OCD, they can engage in self-treatment by doing activities to relax their mind such as exercise, meditation, and yoga. However, for severe cases of OCD, diagnosis and treatment by a psychiatrist is essential.</p><h3>Anxiety Disorder</h3><p>Anxiety disorder, also known as anxiety neurosis, causes one to feel anxious, nervous, fear and palpitations. Some common causes of anxiety disorder are generally related to heredity, personality, or having experienced life changing events. Patients who experience severe anxiety disorder may also suffer from other mental illnesses, such as OCD and post-traumatic stress disorder. If you suspect that you may have anxiety disorder, it is ideal if you can consult a psychiatrist for treatment methods and to get a professional diagnosis.</p><p>Mental illness has a significant impact on individuals and their lives. The number of people suffering from depression worldwide is also increasing. When helping those with mental illnesses, it is important to not only provide them with the emotional support they need but also practical medical support.</p>

<h2>Two methods to treat mental illness:</h2><h3>Psychological therapy</h3><p>Both private psychiatric clinics and public hospital psychiatric departments have professional psychologists who provide psychiatric diagnoses or psychiatric tests. These psychologists helps patients to make changes to their psychological behaviour and help them to rebuild their damaged mental health.</p><h3>Pharmacological treatment</h3><p>Psychological therapy is often accompanied by pharmacological treatment, which can effectively help patients regulate their mental symptoms such as excessive depression, anxiety and hallucinations. Psychologists give patients medications based on their mental condition, while ensuring that the treatment does not have a large impact on the patient’s intelligence and consciousness so that they are able to engage in normal social activities. If you have questions about the treatment of mental illness, do consult your doctor for professional advice.</p><p>Although public hospital psychiatric departments usually have lower fees, their resources may be scarce, which could lead to long waiting times, exacerbating the patient’s condition. One may then consider going to private hospitals for faster appointments and better medical environments, but this comes with expensive medical bills. The cost of treating mental illness is a significant amount for many. Some medical insurance, such as the VHIS voluntary medical insurance, allows you to claim the medical expenses incurred in psychiatric hospitalization in Hong Kong under the standard plan. For example, you can enjoy a compensation limit of up to HKD 30,000 for each policy.</p>

<h2>What is VHIS for Mental Illness?</h2><p>VHIS is a voluntary health insurance scheme launched by the Hong Kong government on April 1, 2019. It offers the following benefits for patients receiving treatment for mental illness in hospitals in Hong Kong:</p><ul><li>Most insurance plans do not cover treatment for mental illness, but VHIS covers eligible fees for psychiatric treatment during hospitalization in Hong Kong, as recommended by a specialist.</li><li><p>Mental illness does not have a specific age of onset. Traditional insurance plans typically only accept individuals under the age of 65, but VHIS accepts individuals from 15 days old to 80 years old (actual age) and guarantees coverage up to the age of 100 (actual age), providing comprehensive coverage for your medical expenses in your later years.</p></li><li><p>VHIS includes coverage for psychiatric treatment, with an annual limit of HKD 30,000 for psychiatric treatment. Even if the compensation limit has been reached, the coverage limit will be reset to HKD 30,000 in the next policy year, allowing patients to face possible medical expenses year after year.</p></li></ul><p>Mental illness may be closer to us than we think. It is important to stay financially covered for mental illness.</p>

<ol>
  <li>Source: Mind HK, “<em>Hong Kong’s mental health</em>”, 2022</li>
  <li>Source: United Christian Nethersole Community Health Service, “<em>Depression</em>”</li>
  <li>Source: The Mental Health Association of Hong Kong, “<em>Mental illness</em>”, 2021</li>
  <li>Source: Institute of Mental Health, Castle Peak Hospital, “<em>Depression</em>”</li>
</ol>
<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>

【自願醫保】保障精神疾病？認識成因及治療方法 | Learn the causes & treatment for mental illness

Learn the causes & treatment for mental illness | FWD HK

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

Considerations to boost your peace of mind.

Accident Insurance

Accident Protection

<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

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Do freelancers need medical insurance?

Learn what type of insurance best fits you.

<p>Freelancing is becoming increasingly popular in Hong Kong. According to data from the Hong Kong Special Administrative Region Government Census and Statistics Department<sup>1</sup>, as of 2022, the number of self-employed individuals in Hong Kong has reached 220,000, accounting for 6% of the total employment of 3.657 million. It is anticipated that there are increasingly more people who will abandon the traditional employment model with companies and choose the path of freelancing, working for themselves.</p><h2>What does it mean to be self-employed?&nbsp;</h2><p>Being self-employed refers to someone who earns income by taking contracts with a business instead of working for a business. Individuals who have a variety of jobs such as free lancers, or those who work in casual labour are considered self-employed.&nbsp;</p><h2>What are some downsides of being self-employed?&nbsp;</h2><p>While self-employed individuals have the flexibility of working independently, there may also be some downsides.</p><p></p><p>Firstly, they do not have a stable or fixed source of income as their monthly salary would depend on the amount of work that they take up. Secondly, they do not have the benefit of a group medical insurance purchased by their employers. This means that if they were to suffer from a serious illness, they would likely have to bear the medical expenses alone.&nbsp;&nbsp;</p><p></p><p>Therefore, purchasing personal medical insurance should be part of your consideration if you intend to become a self-employed individual or already are one. By planning for what lies ahead by purchasing medical insurance, it can help relieve any potential financial burden caused by an illness as you pursue a successful career as a freelancer.&nbsp;</p><h2>Why do self-employed individuals need personal medical insurance?</h2><p>In general, personal medical insurance is a policy that reimburses medical expenses that you incurred should you be required to undergo day surgery or be hospitalised. Unsure if you should purchase medical insurance? Here are three benefits of doing so.&nbsp;</p><p>Three benefits of purchasing personal medical insurance.</p><h3><strong>1.&nbsp;&nbsp;&nbsp;&nbsp; </strong>Obtain more comprehensive medical protection</h3><p>Freelancers or self-employed individuals experience more instability in their income, working hours and benefits compared to regular full-time employees. By planning for any potential medical expenses early and purchasing medical insurance, it can help ensure that you are able to establish a safety net for medical coverage. With the rise in the cost of medical care, it is expected that medical expenses will increase. With the unpredictable job changes and fluctuating incomes, many self-employed individuals face the threat of additional financial burden brought about by medical inflation.&nbsp;</p><h3>2. Substitute for company group medical insurance</h3><p>Despite the flexibility that self-employed individuals have to work with various companies, they do not have the same protection and benefits as a full-time employee. Thus, freelancers should think carefully about the medical protection they need. In case of an injury or illness, the absence of group medical insurance would result in a large financial burden in their life due to costly private medical services.&nbsp; Opting for lower-cost public medical services would inevitably result in them spending more time waiting, compromising on their flexible work schedules. Their financial burden would increase even further in the unfortunate scenario that they are unable to work due to illness and require the use of their savings to cope with the disease. Should self-employed individuals purchase personal medical insurance early, they are able to cover for the lack of company group medical insurance, enabling them to have more financial and health security.</p><h3>3. Reduce occupational injury losses</h3><p>According to the law, it is required for employers to purchase workers’ compensation insurance for their staff, which provides compensation for employees who meet with any accidental injuries or death. Unfortunately, most self-employed individuals do not benefit from such coverage. Self-employed individuals often undertake a variety of work, including full-time Key Opinion Leader (KOL), who often travels around for filming. During these filming sessions, there are often large machines and setups, increasing the risk of accidents. If the freelancers are hospitalised due to work-related injuries, it is often difficult to receive compensation from the companies they work with. However, if they have purchased personal medical insurance, they are able to claim for the medical expenses incurred. While medical insurance is not able to replace workers’ compensation insurance, it is still able to offer a certain level of medical protection in the event of work-related accidents, minimising losses resulting from occupational injuries.</p>

<h2>What is VHIS?</h2><p>What type of insurance can provide sufficient protection for self-employed individuals while meeting a reasonable premium budget?&nbsp; You can consider getting VHIS medical insurance. Here are 6 benefits of a VHIS medical insurance plan<sup>2</sup>:&nbsp;</p><table><colgroup data-width='697'><col style="width:41.46339999999999%"/><col style="width:58.53659999999999%"/></colgroup><thead><tr><th><span>Feature</span></th><th><span>Description</span></th></tr></thead><tbody><tr><td><p>Reimbursement of the actual cost&nbsp;</p></td><td><p>Most medical insurance plans will compensate you for a range of expenses such as surgery and hospitalisation through an actual cost reimbursement basis. Whether your expenses are for personal or work-related reasons, it can be claimed for reimbursement as long as it is covered under the insurance policy.&nbsp;</p><p><br/><br/></p></td></tr><tr><td><p>Coverage for unknown illnesses</p></td><td><p>Most traditional medical insurance does not provide coverage for pre-existing illnesses.&nbsp; However, the medical insurance plan offers different levels of protection depending on the policy year. With this medical insurance, freelancers are able to enjoy extensive illness coverage even without company group medical insurance.<br/><br/><br/></p></td></tr><tr><td><p>Tax deductible</p></td><td><p>According to the product regulations of voluntary medical insurance, if you are a Hong Kong taxpayer and have insured yourself and designated relatives, you may be eligible for a deduction of $8,000 per insured person per tax year based on the premiums you have paid.</p><p><br/><br/></p></td></tr><tr><td><p>Cooling-off period</p><p><br/><br/></p></td><td><p>A 21-day cooling-off period is part of the medical insurance plan, where you can reconsider your commitment to the plan after successful application.&nbsp;</p><p><br/><br/></p></td></tr><tr><td><p>No lifetime coverage limit</p><p><br/><br/></p></td><td><p>Coverage is guaranteed by the medical insurance plan up till the insured person reaches 100 years old. The amount of coverage can be recalculated every year, and there is no lifetime coverage limit.&nbsp;</p></td></tr><tr><td><p>Coverage for psychiatric treatment</p><p><br/><br/></p></td><td><p>The expenses incurred for psychiatric treatment during hospitalisation in a local hospital are also covered if the treatment is being provided by a specialist.&nbsp;</p></td></tr></tbody></table>

<p></p><ol><li>Source: HKSAR Census and Statistics Department, "<em>Quarterly Report on General Household Survey</em>", 2023</li><li>Source: Voluntary Health Insurance Scheme, "<em>Plan Overview"</em>, 2023</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><p></p>

【自僱人士】Freelancer / Slasher都需要醫療保障？ | Do freelancers need medical insurance?

Do freelancers need medical insurance? | FWD HK

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Deciding how much critical illness coverage you need

CI Protection

<p>We live in a very fast-paced and highly competitive era. As a result, stress has become a very common occurrence. Stress could result in increased risk of serious illnesses such as heart disease and stroke. To relieve the financial burden of medical expenses resulting from serious illnesses, many purchase critical illness insurance. However, how much critical illness coverage is enough? This article summarizes the potential expenses incurred in the unfortunate scenario if you were to suffer from a critical illness.&nbsp;&nbsp;</p><h2>How much critical illness insurance coverage should I buy?</h2><p>What amount of coverage should I purchase? The main purpose of buying an insurance product is to provide financial support for medical and living expenses should you suffer from a serious illness. Purchasing insurance would help to reduce the financial burden on yourself and your loved ones. In general, the recommended amount of coverage to purchase is about two to three times of your annual salary. However, such a concept of calculation may not be enough. On top of medical expenses, you should also estimate your living expenses, as this expense varies from person to person. Below are some points which you can use to measure your coverage needs and help fill your protection gap.</p><h3>1.&nbsp;&nbsp;&nbsp;&nbsp; Medical expenses</h3><p>Critical illness insurance typically offers a lump sum compensation and has no usage restrictions. You can better understand the expense of treating some frequent critical illnesses when choosing the amount of coverage to buy. For instance, a colonoscopy, colon resection surgery, anesthesia, physician costs, hospitalisation expenses, and medicine, might cost up to HKD 200,000<sup>1</sup>. An additional monthly fee of HKD 20,000 will be needed if targeted therapy is required<sup>2</sup>. Let’s assume that the sum insured is three times one’s annual salary, where we use the median annual salary of HKD 20,000 as an example, the sum insured would be HKD720,000. While HKD720,000 may seem like a large amount, it may not be enough to cover a few years of medical expenses. When calculating the required amount of critical illness coverage, we also need to take into account any coverage that we already have from our personal medical insurance or group medical insurance.</p>

<h3>2. Living expenses incurred during treatment</h3><p>Certain types of insurance such as medical insurance, hospitalisation insurance and outpatient insurance only provide coverage for medical expenses. However, when it comes to treatment expenses, medical expenses are not the only expense incurred during treatment. We should also take into account our daily living expenses such as purchasing healthy food to maintain one’s physical health and hiring a helper to take care of the household chores. It is also important to include certain fixed expenses such as monthly rent and education expenses for your children into your calculation.&nbsp;<br/></p><p>Here is an example on how you can calculate the amount of coverage you need:&nbsp;</p><p></p><p>Example: Assuming a 35-year-old married man with HKD 30,000, monthly income with no company medical insurance and has a home mortgage to pay, he might think about buying a critical illness insurance policy with a sum insured of HKD 300,000, which provides a lump-sum payout when diagnoses with critical illness.&nbsp;</p><table><colgroup data-width='663'><col style="width:54.44949999999999%"/><col style="width:45.55049999999999%"/></colgroup><tbody><tr><td><p>Item</p></td><td><p>Expected cost incurred (HKD)</p></td></tr><tr><td><p>Colon resection surgery&nbsp;</p></td><td><p>$200,000</p></td></tr><tr><td><p>Targeted drug treatment across 3 years</p></td><td><p>$720,000</p></td></tr><tr><td><p>Living expenses (assuming a monthly income of $30,000)</p></td><td><p>$720,000</p></td></tr><tr><td><p>Minus: savings from payout of critical illness insurance&nbsp;&nbsp;</p></td><td><p>($300,000)</p></td></tr><tr><td><p>Total cost</p><p><br/><br/></p></td><td><p>$1,340,000</p><p><br/><br/></p></td></tr></tbody></table><p>Summing up the medical expenses and living expenses, the total expenditure across three years is approximately HKD 1,640,000. Should he rely on the payout from the critical illness insurance, he would still have a shortfall of HKD 1,340,000 in protection. Thus, in general, it is recommended to use a time period of three years when calculating the amount of critical illness coverage required. The example above is a rather general one. You should consider all the expenses listed in the article above to get a more accurate and comprehensive estimate of the ideal coverage amount.&nbsp;</p><h2>Do I need to increase my coverage amount if I already have savings critical illness insurance?&nbsp;</h2><p>As the name suggests, a savings critical illness insurance plan includes a savings component. As compared to a term critical illness insurance plan, the premiums will be proportionately higher for the same coverage amount.&nbsp; A savings critical illness insurance plan is more suitable for those who have a larger budget and want the cash value of the policy. However, as the optimal coverage amount increases as you age and go through different life stages, and together with inflation, this policy which you have taken up many years ago may no longer have enough coverage. Thus, it is necessary to continuously review one’s policy, protection needs and coverage amount. &nbsp;</p><h2>Is it always better to have more coverage?&nbsp;</h2><p>Many people would assume that more diseases are covered at higher coverage amounts. Most would also think that higher coverage would help them to better cope with the financial burden of suffering from a critical illness. However, higher coverage means higher premiums, which may exceed your budget. Additionally, while some policies claim to provide coverage for over a hundred diseases, it is important to consider if such a benefit meets your needs. According to FWD's claims report in 2020, the "big three diseases" of cancer, heart attack, and stroke accounted for 90% of FWD's critical illness compensation in Hong Kong in 2020. This could imply that the extent of disease protection may not need to be over extensive.&nbsp;&nbsp;</p><p>Having a critical illness plan together with a medical insurance plan which reimburses your medical expenses allows you to have a two-in-one financial protection against critical illness insurance. Insurance helps to financially protect yourself and your loved ones. It is important for one to carefully assess the economic expenses of falling ill and purchase a suitable critical illness insurance and medical insurance to avoid any gaps in protection.&nbsp;&nbsp;</p>

<p></p><ol><li>Source: HK Adventist Hospital, "<em>Operations Cost List</em>"</li><li>Source: St. Paul’s Hospital, "<em>Common In-Patient Treatment &amp; Inspection Items and Costs for 2020"</em>, 2020</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><p></p>

【危疾保險】保障額如何決定買大買細？ | How much critical illness coverage do you need?

How much critical illness coverage do you need? | FWD HK

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