Personal Accident Insurance and Life Insurance in Hong Kong
Suffering from a severe accident which leaves you injured, or permanently disabled, is a tragic scenario. However, the outcome of such a situation can be further exacerbated if you are left worrying about how you will continue to survive financially, especially if the accident in question has caused you severe bodily harm, or even the loss of vital organs or limbs.
As grim as it may be to even consider the possibility, accidents do happen. In fact, in Hong Kong there is an average 20,000 car accidents each year – a number of which will result in bodily harm, or even death, to the individuals involved. If you are injured in one of these incidents, seriously so, then there are an array of outcomes which can have a detrimental impact on your future and your overall financial wellbeing.
In a worst case scenario where you lose a finger or, even more serious, an entire limb, then you will probably be unable to work for a significant period of time and may not return to your job ever again depending on the severity of the injury. With the loss of income which accompanies such injuries, and the urgent medical care you will require to fully recuperate, such traumatic injuries (even if they are “relatively” minor) can present an extreme financial burden to you and your family.
Thankfully, CCW Global is able to provide a range of comprehensive Life Insurance plans which include an Accident Benefit. These plans, also known as Personal Accident policies, will provide a settlment payout in the event that the policyholder suffers an accident resulting in Death, Dismemberment, Loss of Limbs, or other serious injury. The settlement can then be used for payment of medical fees, rehabilitation services, mortgage repayments, and even the installation of necessary household “lifestyle” equipment following the accident.
How does Personal Accident Insurance in Hong Kong Work?
As mentioned above, in the event that you are injured following an accident then a Hong Kong Personal Accident Insurance plan will provide a monetary settlement in the form of a lump-sum payment. The exact amount of the payment you are entitled to receive will, however, depend largely on the scope of your injuries and their severity.
Injuries which will receive a settlement under a Personal Accident policy in Hong Kong include:
Loss of a single limb (Arm or Leg)
Loss of more than one limb (Arm or Leg)
Permanent Blindness in one or both eyes
Quadriplegia, Paraplegia, Triplegia, or Hemiplegia (Paralysis)
Loss of Hearing in one or both ears
While the exact coverage offered under a Personal Accident policy in Hong Kong will vary dependent on the insurance company you choose to purchase a plan from, the above injuries will typically receive reimbursement through the policy. Additionally, it is important to note that not only are you protected against your risk of injuries after accidents in Hong Kong, but also around the world. This means that even if you get into an accident whilst overseas which results in an injury to your person, your Hong Kong Personal Accident plan will be able to provide the coverage you require.
The settlement provided to an individual who has suffered an accident leading to loss of hearing in a single ear will be less than the settlement provided to an individual who has suffered permanent disablement of an arm (loss of limb). However, both of these settlements will be lower than that which is provided to the beneficiaries of an individual who has died due to an accident.
In simple terms, the more serious the injury or disablement of the policyholder the higher the lump sum payment they will receive.
In some cases, CCW Global can provide Hong Kong Personal Accident policy options which will also offer coverage for lifestyle and medical needs of the individual following the incident which left them injured. Expenses including Domestic Service assistance, Home Adaptation requirements, and even Retraining expenses for the insured to learn a new occupation may be offered depending on the policy you choose to obtain.
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