Overseas Study Insurance: a must-have for students far from home

According to the “2022 Secondary 6 Students’ Pathway Survey” recently published by the Education Bureau, over 10% of Secondary 6 students who graduated last year opted for continuing their education overseas. With the forthcoming release of the Hong Kong Diploma of Secondary Education Examination (HKDSE) results in 2023, many parents are likely to have already made plans for their children’s overseas study options, and these plans will be enacted as soon as they obtain the results.

Nevertheless, as parents, it is impossible not to have concerns about potential mishaps or emergencies during their children’s time abroad. These might include the loss of personal belongings or the development of health issues, as is often the case. Fortunately, by securing suitable overseas study insurance for their children, concerned parents can effectively manage future risks, minimising the consequences and financial burdens arising from accidents abroad. This allows them to find peace of mind while their children focus on their studies and fully embrace new experiences.

Often, questions are raised about whether or not travel insurance alone suffices for studying abroad. Instead, perhaps we should ask, “What sets overseas study insurance apart and makes it more suitable for international students?” The answer lies in the fact that it is tailored exclusively for international students, providing them with comprehensive protection.

Generic travel insurance available on the market typically applies to specific periods of travel, which are usually limited to a maximum of 182 days. In contrast, studying abroad usually spans one to two years, or even longer, meaning that coverage offered by overseas study insurance policies are calculated on an annual basis. Furthermore, standard travel insurance usually only covers a single trip. However, students who study abroad often embark on field trips to other countries or venture to neighbouring regions during holidays. In such cases, only overseas study insurance can ensure the necessary protection, enabling international students to explore and fully immerse themselves in local cultures.

In addition to protection coverage, overseas study insurance plays a pivotal role in helping international students handle real-life emergencies. For instance, in the event of accidents or illnesses while studying abroad, overseas study insurance covers the expenses associated with hospitalisation or outpatient treatment. Some insurance companies even compensate students for subsequent medical costs and traditional Chinese medicine treatment upon their return to Hong Kong during holidays.

Furthermore, overseas study insurance encompasses the loss or damage of personal belongings, including mobile phones and tablets. Students are also covered if they wish to engage in high-risk sports during their studies abroad, such as winter sports, horse riding, water skiing and scuba diving. In fact, many insurance companies on the market provide 24-hour emergency hotlines for individuals who have taken out overseas study insurance.

There are overseas study insurance products available on the market that offer education fund protection for insured students. In the unfortunate event that a student’s parents pass away or become permanently disabled due to physical injuries, such as those sustained in a car accident, the education fund protection enables that student to receive a one-time guaranteed amount of funding, allowing them to continue their studies abroad.

Additionally, if insured students have to cancel or interrupt their studies in specific circumstances, these insurance products provide adequate protection for various items, such as unused tuition fees, travel expenses and accommodation deposits. Lastly, in the event that the insured student’s school is ordered by the government to suspend classes due to natural disasters or outbreaks of infectious diseases, some overseas study insurance plans offers a suspension allowance, excluding online or remote courses.

Overseas study insurance provides comprehensive, day-to-day protection for international students. Before applying for a specific insurance product, however, it is crucial to carefully review and understand the terms and conditions. For instance, the insurance company may require that the insured individual study for a specific amount of time in Hong Kong first, or that the insured student cannot hold a passport from the country where they plan to study.

By having a clear understanding of the terms and conditions and obtaining suitable overseas study insurance, international students can pursue their studies abroad with peace of mind. As the release of HKDSE results draws near, I would like to convey my best wishes to all candidates for a smooth and confident start to their new journey, regardless of their grades.

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

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