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Insurance policies can involve frighteningly long paperwork and the price points to match, but that’s not to say they aren’t worth their weight. Staying protected in case of an emergency can prevent you from having to pay out big in the long run. Unsure of where to start? These are the main types of insurance to consider purchasing for life in Hong Kong.
Health
Private healthcare in Hong Kong can be astronomically expensive, so health insurance can provide you with access to the city’s top facilities at a fraction of the price. Plans vary, with cheaper options including only hospitalisation, while the more comprehensive coverage includes everything from your GP visits to maternity coverage and dental care. Policies are typically available as annual policies, payable either in instalments or as a one-off fee.
Major insurers: BUPA, Cigna, AIA
Travel
Whether you’re prepping for an adventure-filled trekking holiday or a weekend city break to Taipei, travel insurance can come in handy. It covers everything from the contents of your lost baggage to accidents, overseas medical emergencies, and any loss of income incurred as a result of your travels. Travel insurance can be purchased as a one-off (covering a single trip) or as an annual expense that covers any trips made when departing Hong Kong. Single trip travel insurance is also made available by most banks, purchased through an ATM.
Major insurers: AIG, Zurich, AXA
Home
Homeowners are few and far between in Hong Kong, but rental insurance is a common fixture in many households. If you don’t live in a remote area or stand-alone house, then theft is an unlikely occurrence in Hong Kong, but you will still want to protect your personal belongings from damage – particularly if you live in an older building when typhoon season hits.
Major insurers: AXA, AIG, HSBC
Life
Morose though it may be, ensuring that your family and loved ones are looked after in any event is important. Life insurance is calculated depending on your earning capacity and the number of (and needs of) your dependents. Policies can be taken out from a young age and contributed to on a monthly or annual basis.
Major insurers: Manulife, Sunlife, FWD
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