Preparing for new risks when studying overseas

In Hong Kong, many young people aspire to study abroad, with – and in no particular order – the United Kingdom, the United States, Canada and Australia being among the most popular destinations. However, recent events have caused concern among Hong Kong students hoping to pursue their academic interests overseas.

In May this year, the United States government revoked Harvard University’s ability to enroll students from abroad, leaving thousands of foreign students in “administrative limbo”, according to news agency Reuters. Reportedly, the move affected some 7,000 students, which represent roughly 27% of the university’s total enrolment. Naturally, this included students from both Hong Kong and Mainland China.

So far, it appears that the ban has been limited to Harvard University and has not caused difficulties for Hong Kong students studying at other institutions in that country – or indeed anywhere else. The fact is, overseas students make a valuable contribution to the economies of their host countries. For example, the British government, citing consultancy London Economics, said that international students starting in 2021/2022 would bring economic benefits to the United Kingdom worth £41.9 billion. Clearly, there are huge advantages to welcoming students from overseas to study in higher education institutions, as well as opportunities for domestic students to learn about new cultures through interacting with their classmates from other countries. 

But in these geopolitically tense times, it may be wise for parents to prepare for new risks to their child’s studies if they are planning to go abroad. So what steps can you take to help your son or daughter cope in a world defined by uncertainty?

One of the biggest risks to overseas students is the possibility of their studies being interrupted or even cancelled if the child or their parents experience an unexpected accident or serious sickness. So, what if your child suddenly had to abandon their studies and leave the country immediately? If this were to happen, it could likely cost your family hundreds of thousands of Hong Kong dollars in tuition fees that have already been paid to a university, as well as accommodation and even flights back to Hong Kong.

MSIG’s Overseas Study Insurance plan addresses this possibility by providing a study interruption coverage of up to HK$200,000 in the event of death, serious injury or sickness affecting the child or their immediate family members. This fund assists in recouping unused prepaid tuition fees or re-attend fees for the missed course. Ultimately, you can have greater confidence that the money you have invested in your child’s education will be protected in the event of an unexpected occurrence. 

What’s more, there is growing interest among local students in studying in Mainland China. And it’s no surprise, with China being home to some of the world’s top universities, including Tsinghua University and Peking University in Beijing, and Fudan University in Shanghai. 

For Hong Kong students hoping to study in Mainland China, they should still consider purchasing insurance. Doing so will ensure they are financially protected against a range of situations that would be encountered anywhere else, including personal accident coverage, medical expenses and protection for personal belongings, leaving them to focus on the joys of learning and embracing new experiences.

If you have any queries regarding Overseas Study Insurance, please feel free to contact us or find out more about our insurance plans:

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Read more:
Protect your children abroad with overseas study insurance
Studying Abroad: A Journey of Opportunities and Variables How Overseas Study Insurance Alleviates Parents’ Concerns

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