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  • 3 Post By chris_in_hk

Looking for Income Protection Insurance that covers redundancy

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  1. #1

    Join Date
    Jan 2015
    Location
    Wan Chai
    Posts
    18

    Looking for Income Protection Insurance that covers redundancy

    Hello,

    I've just moved to Hong Kong from the U.K. In the U.K., I have two insurance policies: (1) Mortgage Protection; and (2) Income Protection. The first policy is to pay my mortgage if I cannot work due to illness, disability, or involuntary redundancy. The second policy is the same, but provides a cash benefit to cover other bills.

    Both of these policies are still in force, but I doubt they cover me here in Hong Kong.

    I'm looking for equivalent policies here in Hong Kong, but I can't find anything. I can find policies that protect for illness and disability, but not involuntary redundancy.

    Can anyone help?

    Thanks.


  2. #2

    Hi,

    I'm from UK myself and had a look for insurance covering involuntary redundancy a few years back. There isn't any.

    "Hong Kong does not have an unemployment insurance system or an
    unemployment assistance system. The reason why the Administration does
    not support the establishment of an unemployment assistance system is that in
    its opinion, what the unemployed need is a job rather than a cash hand-out.
    Even if the unemployed cannot find a job for some time, they may still resort to
    Comprehensive Social Security Assistance (CSSA) for relieving the financial
    hardship brought about by unemployment."

    Source: http://www.legco.gov.hk/yr99-00/engl...ibrary/e19.pdf

    Best to find out what your UK coverage covers you for first before deciding if you want to buy coverage over here on top/instead of your UK insurance.

    dossier, scumbag and WilsonC like this.

  3. #3

    Join Date
    Aug 2009
    Posts
    1,675

    How does CSSA operate in the HKSAR? How would an unemployed person claim under this?


  4. #4

    Join Date
    Aug 2009
    Posts
    1,675
    Quote Originally Posted by chris_in_hk:
    Hi,

    I'm from UK myself and had a look for insurance covering involuntary redundancy a few years back. There isn't any.

    "Hong Kong does not have an unemployment insurance system or an
    unemployment assistance system. The reason why the Administration does
    not support the establishment of an unemployment assistance system is that in
    its opinion, what the unemployed need is a job rather than a cash hand-out.
    Even if the unemployed cannot find a job for some time, they may still resort to
    Comprehensive Social Security Assistance (CSSA) for relieving the financial
    hardship brought about by unemployment."

    Source: http://www.legco.gov.hk/yr99-00/engl...ibrary/e19.pdf

    Best to find out what your UK coverage covers you for first before deciding if you want to buy coverage over here on top/instead of your UK insurance.
    Is there any such situation under which UK coverage could be taken out to cover employment in the HKSAR? It seems unlikely off the top of my head.

  5. #5

    Critical illness plan & Hospital cash plan can help


  6. #6

    Join Date
    Feb 2016
    Posts
    1

    It exists in HK. I can help. PM if interested.


  7. #7

    Insurance coverage for unemployment doesn't exist in HK. Income protection against sickness and accident does.