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

Last month, the 2024 Hong Kong Diploma of Secondary Education (HKDSE) results were released, prompting many parents to kick-off plans for their children studying overseas in September. Recent government statistics show that around 10% of secondary graduates have chosen to pursue studies abroad, highlighting this growing trend.

However, embarking on this exciting journey can present challenges. Students from Hong Kong will face various hurdles as they transition from their familiar surroundings to a new environment, both in their personal lives and their studies. Parents often worry about how their children will navigate the various issues that moving to a foreign country can bring, especially when it comes to accidents or illnesses. Financial concerns can also arise, given the hefty costs associated with studying abroad. Fortunately, though, purchasing overseas study insurance beforehand can allay these fears, allowing parents to relax while their children focus on their studies and fully embrace campus life!

The market is brimming with overseas study insurance options, each one offering different levels of protection. Most policies cover personal accidents, medical expenses and personal belongings. Whether facing an accident, illness, or the loss of personal items such as mobile phones, wallets or valuables, overseas study insurance delivers robust support and protection.

Moreover, students travelling to different countries during school breaks for leisure, or engaging in high-risk activities, such as skiing, horse riding, water sports and scuba diving, are also covered. This allows them to dive into their recreation experiences without worry. Should they sustain injuries during their adventures, overseas study insurance will cover the costs of hospitalisation or outpatient treatment abroad. Some insurers even extend coverage for follow-up treatment upon their return to Hong Kong.

Being in a new country can lead to unexpected situations, which is why some insurance providers have a 24-hour global support hotline. This gives insured students immediate access to emergency medical assistance and other essential support. Additionally, some policies extend protection for personal belongings in overseas residences, ensuring comprehensive support in daily life and addressing the varied needs of international students.

Overseas study insurance not only provides continuous cross-border protection but may also cover tuition fees in certain situations. If the worst should happen and a parent dies, or becomes permanently disabled due to an injury while the student is studying period – rendering them unable to work and pay tuition – the insurance company will provide a lump-sum education fund to help the insured student complete their studies on time.

Additionally, if the insured student or their family must abandon or interrupt their studies, or return permanently to Hong Kong due to health or family issues – or if a red or black travel warning is issued for their destination before departure – the insurance company will reimburse the student for any unused tuition fees, costs related to retaking missed courses, and any unused travel and accommodation deposits, significantly easing the financial burden.

When looking for the right overseas study insurance, parents should carefully review the policy’s coverage and exclusions to ensure it meets their needs. For example, many similar products typically do not cover online or remote courses, meaning that if their children enrol in such classes, the insurance may not apply. Parents should also be aware of the policy’s renewal terms to ensure their child continues to receive adequate protection.

Studying abroad signifies a milestone in a young person’s life, providing invaluable opportunities to gain new perspectives, immerse themselves in unfamiliar cultures and foster independence. Being well-prepared can alleviate the anxiety that often accompanies the excitement of starting a new chapter in life. With the right overseas study insurance, parents can gain peace of mind when sending their children to fly high, so they thrive in their studies and personal growth, and can look forward to a bright future.

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

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