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No matter what kind of lifestyle you are living, life is unpredictable. Accidents can occur unexpectedly and leave you with an injury. Some injuries are more serious and need severe medical attention.

These injuries could occur due to any form of accident. Accidents could strike due to sports, traffic, travelling, day-to-day activities, the environment, etc. Thankfully, victims can recover from most accidents due to modern medical procedures. However, medical treatments can be fairly costly.

Treatment and recovery costs can add up to a lot, which are necessary to recover effectively. No one can prevent accidents from occurring, but you can protect yourself financially.

Insurance is one of the best ways to ensure you are financially protected when faced with unforeseen personal accidents. Personal accident insurance is one of the top types of insurance that provides medical coverage. It is a unique policy that covers most accidents, and it may be the best policy for you.

What Is Personal Accident Insurance?

Personal accident insurance provides medical cover against surprising accidents causing bodily injury, permanent partial disability, permanent total disability or death. The insurance also compensates the policyholder if they are temporarily or permanently disabled.

The accidents could be any form of unpredictable event that results in a serious injury to the policyholder. (each specific policy may differ)

The insurance may be a perfect fit for your lifestyle and a better option than comprehensive medical insurance for several reasons. In addition, the insurance also provides coverage of aspects that most insurance excludes.

It is essential to note that the insurance premium may differ for everyone due to age, occupation, and lifestyle. Additionally, the insurance can be purchased to cover a group, such as part-time employees or family.

Reasons You Need Personal Accident Insurance

Adventurous Or Active Lifestyle

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An adventurous and active lifestyle is enjoyed by many worldwide – especially in Hong Kong, where there are countless hikes, gyms and running paths. It is an ideal lifestyle to stay fit and surprise the mind – however, an accident could occur at any point.

There is a higher chance of facing an accident and a serious injury during adventurous or active activities. The sport does not have to be the riskiest to result in an injury. For example, one slipping on a rock and breaking their foot during a simple hike or knocking out on a rock while wakeboarding.

If you enjoy this lifestyle, you may need personal accident insurance now, even if there is the slightest chance of injury. With personal accident insurance, you only need to worry about recovering, not the financial burden. Policyholders get reimbursed for all their medical expenditures after their recovery.

Perfect For Travelling

Travel Medical Emergency

A lot can go wrong during travelling, including medical emergencies. A medical emergency in a foreign country is one of the worst possible situations due to confusion and safety concerns.

Travellers can purchase travel insurance to cover travelling risks, but the medical coverage may have limits and not cover injuries due to sports or in high-risk countries. Hence, with travel insurance, there may be a chance you will have to pay for all out of pocket.

When you have personal accident insurance alongside travel insurance, all medical emergencies will be covered. The combination of both insurance will cover injuries and illness.

Personal accident insurance will also cover injuries on an adventure holiday. Therefore, if you travel often or for sports, it’s the ideal insurance for comprehensive injury coverage. It is important to inform the insurer that you require worldwide coverage.

You are Self Employed

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Employees who work for a company are automatically and legally protected by the company’s employee compensation insurance. The insurance covers work injuries due to the job, and the employee does not need to worry about the financial costs and income while recovering.

However, when you are self-employed, you must purchase your own insurance. Self-employed professionals may not be able to afford a fully comprehensive medical insurance but will benefit from personal accident insurance.

Personal accident insurance is perfect for self-employed professionals to cover possible work injuries on a budget. Even if your job has a lower chance of risks, you still need a form of coverage, as work injuries could occur in any workplace.

In addition, employers can purchase personal accident insurance to cover interns and part-time employees. It is not typically an employee protection policy but can be in some specific situations (must be communicated with insurance provider).

Extensive Recovery Cover

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Some injuries take longer to recover than others. Recovery is crucial after the treatment to get back to normal or as close to it as possible. The recovery process is often just resting or physical therapy.

Medicine and therapy can be costly, especially in a country like Hong Kong. While recovering, your income may be paused, depending on your type of work and employer. Hence, the financial burden keeps increasing, making the recovery process even more stressful than the treatment.

Thankfully, personal accident insurance covers the recovery costs, and some policies can cover the income loss. The recovery coverage is another reason insurance is crucial. The costs can be huge, and the point of recovery is to avoid stress and focus on getting better.

Affordable Policy

Most medical insurance policies require the client to undergo a medical test, and the premiums are sufficient. The premiums are expensive due to the extensive range of coverage, but at this stage in your life, you may not be able to afford or need that excessive illness coverage.

One of the main reasons people opt for personal accident insurance is its affordability. The insurance is fairly reasonable for everyone and doesn’t require tests. It may be a better fit for people who are less likely to fall seriously ill or do not have any diseases in their family.

However, this does not mean the insurance is better than medical insurance. Personal accident insurance does not cover any illness. It can be the best affordable coverage at this point of your life while travelling or an addition to your current policies without shaking up the bank.

If you relate to one or two of these reasons, personal accident insurance may be your ideal policy.



To Learn More about personal accident insurance and financially cover yourself from accident injuries, contact Red Asia Insurance.