Safely managing accidents with personal accident insurance

Accidents are an inevitable part of life. Yet, many people remain unaware of the comprehensive coverage offered by personal accident insurance. In fact, personal accident insurance covers not only serious accidents but also minor home incidents. According to the latest government statistics, on average, one in 20 people in the region experienced at least one injury in the past year, such as falls, sprains or other minor accidents. Taking out personal accident insurance not only alleviates the financial strain of medical expenses associated with various accidents but also provides an extra layer of day-to-day protection.

The essence of accident insurance lies in the term “accidental”. It covers any unforeseen event that results in bodily injury. In our daily routines, such incidents are not uncommon—whether it’s a cut from chopping vegetables, a burn from the stove necessitating medical care, or tripping over clutter at home and sustaining an ankle sprain that requires physical therapy. Accident insurance allows you to claim back associated medical expenses for these unexpected occurrences.

Policyholders have the option to insure their family members, including children and the elderly, providing comprehensive protection for loved ones. Certain insurance companies offer extended coverage for children, encompassing not only accidents at home but also those occurring during school activities. Parents can seek compensation for medical and rehabilitation equipment expenses and receive up to ten consecutive days of cash compensation for leave to care for hospitalised children who are insured. This coverage significantly alleviates parents’ stress and concerns, enabling them to better support their injured children. Additionally, some insurers have increased the age limit for children’s plans to accommodate full-time students up to 23 years old, catering to the diverse needs of families.

In addition to the above accidents, sports injuries are also prevalent, including slipping while hiking, sprains from yoga or fitness activities, and injuries sustained during scuba diving, skiing, horse riding and other amateur “extreme” sports. These incidents are covered by personal accident insurance. Many similar products on the market offer compensation for medical expenses like physical therapy, chiropractic care, traditional Chinese medicine and acupuncture, and reimburse based on the actual costs incurred to ensure ample support during recovery. Additionally, most insurance companies provide corresponding compensation if clothing or personal items are damaged during the accident.

Personal accident insurance provides additional protection, mitigating uncertainty and minimising impact. However, similar to other insurance products, it comes with age restrictions for coverage and renewal. The terms of coverage may also be adjusted according to the insured person’s age. Therefore, when insuring children or the elderly, it is important to pay special attention to these age limitations.

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

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