14Jul

The Importance of Critical Illness Protection

We never know when the worse can happen. One day we could be living normal loves when suddenly we’re told that we have a critical illness that can possibly take us away from the people we love.

Critical illness insurance is designed to protect you and your family from the impact of illnesses such as cancer, heart attack and stroke, and provide financial security in the face of a crisis. It gives you financial independence when you need it most. You need insurance not only because you are going to die but because you are going to live.

In the Middle East, the average age is 48 for critical illness claimants. One can even get a heart attack as early as 29.

These testimonial from Gary, an expat and insurance claimant is a story of strength and resilience we can all learn from:

PRIVATE MEDICAL INSURANCE VS. CRITICAL ILLNESS COVER

It is not unusual for people to be confused between critical illness cover and private medical insurance (PMI). While PMI might cover some or all of your medical bills, there tends to be an annual limit and you might also be required to co-pay a percentage of the bills. But it’s not just about the medical bills.

Reduced income

You may have to reduce your working hours, or stop working, which would result in a loss of income. In a report by Macmillian4 , almost one in three (30%) people living with critical illness experienced a loss of income as a result of their diagnosis. A third of critical illness survivors (33%) stopped working either permanently or temporarily, depending on recovery times.

Hidden healthcare costs

A significant proportion (41%) of people living with critical illness incur costs for other healthcare needs. These range from prescription medicines not included in personal medical insurance, clinical psychological services, physiotherapy, speech and language therapy, occupational therapy and dietetics.

Lifestyle costs

Over a third (37%) of people incur costs for replacement clothing due to rapid weight loss or gain, specialised equipment, and home modifications, such as wheel chair access.

Other costs

Some costs are difficult to quantify, such as regular trips to medical appointments, travel for specialised treatment, wigs or hairpieces due to hair loss, and increase in household bills such as utilities, groceries and telephone

14Jun

Infographic: Global Cyber Attack Statistics

The threat to cyber security has increased over the past 10 years. Businesses have paid large sums to recover files and systems which all could have been avoided if we only treat cyberattacks as a big possibility. Here are the numbers on cyber attacks on global businesses.

Ask us how we can help your business with the proper insurance cover.

13Mar

What Does Corporate Travel Insurance Cover and Why I Need It?

Companies or organizations that send their employees overseas for business have two options when it comes to Travel Insurance.

First option is to have insurance as an add-on to their tickets. These come as individual cover for each person. The second option is to get Corporate Travel Insurance that protects your employees as a group.

Why is this insurance necessary?

The question should actually focus on WHEN you need this type of travel insurance. With the numerous claims we’have helped our clients with in recent years, Corporate Travel Insurance becomes crucial when employees are being sent to high-risk places.  For instance, non-profit organizations that provide volunteer services to countries with epidemics or ongoing national conflict are considered high-risk.Avu-gfOzbAxU6OQTf0Xja7YoncE7OqHxr8LsF4CZ-sDJ
This insurance is also a more cost-effective means of protecting your company from extra expenses incurred by your staff during the travel period. If it’s a big group, there are policies that offer protection based on headcount instead of specific names (usually for groups of 5 or more).

What does Corporate Travel Insurance Cover?

Providers offer a wide range of options for different needs. We help expat companies in Hong Kong make arrangements for their staff. Below is a list of common policy benefits for Corporate Travel Insurance:

  • Cover for events resulting from any terrorist attack, including the use of biological, chemical and nuclear weapons
  • Cover for all journeys of less than 120 days
  • War Zone coverage (optional with added premium)
  • Cover for a company’s regional or worldwide offices can be arranged, if permitted by local laws
  • Personal deviation up to 31 days
  • Repatriation
  • Medical expenses
  • Legal expenses
  • Travel or baggage delay
  • Flight delay
  • Emergency travel of family & friends
  • Personal Liability
  • Hospitalization
  • Loss of personal money or documents
  • Accidental Death

Leisure travel may also be covered if it coincides with your business travel dates.

For a quotation on insurance, you may Contact Us here.