Protect your children abroad with overseas study insurance

The International Baccalaureate Diploma Programme Examinations (IB Examinations) results have just been announced, creating a buzz about the number of top scorers, their results and the international schools they attended. Currently, there are 54 international schools in Hong Kong catering to over 42,000 students. So, why are so many parents keen to invest their time, money and effort in sending their children to international schools, despite the high costs of bonds and tuition fees, as well as the lengthy waiting periods for admission interviews?

The curricula of international schools are recognised by universities in Europe and the United States, serving as a valuable stepping stone for students seeking higher education overseas. While at school, children acclimatise to the multi-cultural environment, preparing them for future studies abroad. However, parents often worry about whether their children will adapt to life in a foreign country, especially if it’s their first time away from home, and whether they will be able to look after themselves in the event of illness or accidents. With these concerns in mind, prudent parents will opt for an overseas study insurance policy for their children, ensuring they can enjoy their time studying abroad with peace of mind, knowing they have comprehensive protection against various challenges life may present.

Overseas study insurance mainly covers medical expenses, hospitalisation allowance, personal belongings and protection for overseas home contents. Among these, medical protection is the most crucial, as medical expenses in many countries are significantly higher than in Hong Kong, which can place an extra financial burden on families back home. This type of insurance covers the cost of treatment for accidental bodily injury or illness, including overseas hospitalisation or outpatient treatment, as well as follow-up consultations when the student returns to Hong Kong during the holidays.

Unlike single-trip travel insurance, overseas study insurance provides year-round uninterrupted coverage across regions and includes leisure and cultural exchange activities during the study trip. This insurance protects students against the loss of travel documents, as well as travel and baggage delays. In addition, international students may participate in various activities, including high-risk sports like skiing, horse riding and diving. Therefore, some insurance companies have incorporated these activities into their coverage. If, unfortunately, the insured students get injured during these activities, overseas study insurance provides 24-hour emergency support services to ensure that they can receive immediate medical assistance, including worldwide medical evacuation and repatriation services after treatment, compassionate visits and hospitalisation deposits.

Another important feature of overseas study insurance is protection for tuition expenses. If the insured student’s parent or guardian suffers is accidentally disabled or passes away, the insurance company will provide a one-time education fund to help the student finish their studies. Plus, if the student has to cancel their study trip due to an insured event before departure, or if they or a family member need to interrupt their studies because of illness, injury or death, the insurer will cover any unused tuition expenses that have been paid or the cost of resuming the course in which they have been absent.

Laptops and smartphones are essential for overseas study, and many students bring other valuables with them. For this reason, overseas study insurance also provides coverage for personal belongings, reimbursing students for baggage and items that are lost or damaged during their studies. Some insurance companies go a step further by offering coverage for contents at the insured’s accommodation. This protects against loss or damage to household items caused by natural disasters such as floods or earthquakes, as well as the cost of temporary accommodation while their own is being repaired.

In general, applications for overseas study insurance are accepted within 90 days prior to departure. This timeframe allows parents to thoroughly understand the policy’s terms and conditions, including the age limits for the insured student and their parents, along with the student's initial place of departure and passport requirements. Parents should also familiarise themselves with general living costs at the study location in advance to help them reasonably assess the amount of coverage and the scope of protection required.

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

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

View product

Read more: 

Studying Abroad: A Journey of Opportunities and Variables How Overseas Study Insurance Alleviates Parents’ Concerns

Weathering the unexpected: travel insurance to the rescue

Learn more about EASY Claims and file your claims online anytime, anywhere.

EASY Claims – A simpler and faster way to claim!