Personal accident insurance: mitigating the financial burden of injuries

Accidents and injuries are an unfortunate part of everyday life, affecting not only sports enthusiasts, but also ordinary people going about their day-to-day activities. They can occur at work, at home or elsewhere – at any time. According to a government report released in 2021, nearly 5% of residents had experienced an accident in the previous year, with falls accounting for nearly 40% of incidents. Clearly, these figures show that the potential for accidents is ever-present. In the unfortunate event of an accidental injury, medical expenses can be a burden. It is in precisely these situations that personal accident insurance can play a pivotal role, alleviating your financial burden and providing the necessary protection.

As summer fades to autumn, hiking becomes the recreational activity of choice for many in Hong Kong. However, without taking the necessary precautions in mountainous terrain, hikers risk suffering accidental sprains or even falls. Recovering from these types of injuries usually takes a long time, which disrupts daily life. They can also require expensive treatment, such as physiotherapy, to prevent further complications. By having personal accident insurance, you can share the associated medical expenses with the insurance company, allowing you to rest easy as you look forward to your next, hopefully injury-free, hike.

Personal accident insurance offers coverage for injuries resulting from common sports activities, such as running, hiking and going to the gym. Moreover, even high-intensity or high-risk sports, including horse riding, skiing and water skiing are usually included under this coverage, ensuring you are protected while engaging in these exhilarating activities. Additionally, personal accident insurance typically extends its coverage beyond sports to encompass accidental injuries that occur at work or at home. By providing more comprehensive protection, personal accident insurance helps mitigate the financial burden associated with accidents, giving you peace of mind in nearly any situation.

In the unfortunate event that something really serious happens, accident insurance will typically include coverage for accidental death and permanent disability. The insurance covers medical expenses and hospitalisation costs arising from the accident, as well as coverage for physiotherapy and chiropractic services, acupuncture and moxibustion, and cosmetic surgery requited as a result of a serious accident. Moreover, personal accident insurance usually extends to looking after your mental health by providing coverage for trauma counselling.

Serious accidents can have a profound impact on your livelihood. To address this, certain protection plans offer up to 52 weeks of temporary disability coverage, as well as allowances for accidental hospitalisation. These provisions help policyholders meet their immediate financial needs, even if they are unable to resume work straight after an accident.

In addition to safeguarding the insured person, personal accident insurance also takes into consideration the needs of their family members. It may include additional benefits, such as trauma counselling services and bereavement counselling services, with the aim of providing comprehensive support to affected family members while they are struggling to get their lives back on track. While no one wishes to experience an accident, the unforeseen can and does occur. However, with the right preparation, we can mitigate potential problems before they arise.

By obtaining suitable coverage early, you can be safe in the knowledge that you will receive the necessary support and assistance in the face of unexpected events, enabling you to face the future with confidence.

This Chinese version of this article was published in the Hong Kong Economic Journal.

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