Comparing Free COVID-19 Vaccine Side Effect Insurance (Updated Jan 2022)

Estimated reading time 4 minutes
18 Jan 2022
{COVID-19} Comparing Free Covid-19 Vaccine Side-effect Insurance
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18 Jan 2022

Estimated reading time 4 minutes

As the Omicron variant started to spread in the Hong Kong local community, the government immediately tightened social distancing measures. Some people in the community, however, are still reluctant to get vaccinated for fear of potential adverse effects.

In response, insurance companies including AIA, Bupa, Chubb, FTLife, FWD, Hang Seng, Manulife, Well Link and YF Life have launched free vaccine side effect coverage to their customers. The 10Life research team has compared these 9 free coverage offers in the market and summarised the key points to note. 


Table

What is covered?

The coverage is generally on adverse effects requiring hospitalisation as a result of having the vaccine. Most insurers put a time limit on the side effect onset – usually within 14 days of immunisation.

The main coverage is in the form of hospital cash, mostly on a per day basis ($800-$1000) for up to 10-15 days. FWD daily payment of HK$1,000 are among the highest. Chubb provides a maximum of HK$1,600 per day (up to 14 days, for designated plans only) if the insured is required to stay at ICU.

Most of the insurers also provide mortality coverage, ranging from HK$100,000 to HK$350,000, payable if the insured dies of adverse effects within a defined period after being vaccinated.

Insurers including AIA, FWD, FTLife, Manulife and YF Life also provide pre-hospitalisation medical consultation cover, ranging from HK$300 to HK$500. 

It is worth noting that the coverage mentioned here applies only to hospitalisation and/or death due to adverse effects from vaccination. When it comes to claims, the insurance company would require you to provide evidence that the adverse effects are directly caused by the vaccines and not other pre-existing conditions. Based on 10Life’s research, most of the insurers refer to the World Health Organization (WHO)’s definition on adverse effects (see table below), but some insurers have their own definition and exclusions.

World Health Organization (WHO) Definition on Adverse Event Following Immunization (AEFI)
• Any untoward medical occurrence which follows immunization and which does not necessarily have a causal relationship with the usage of the vaccine. The adverse event may be any unfavourable or unintended sign, an abnormal laboratory finding, a symptom or a disease.

• Grouped into five categories:
Vaccine product-related reaction
Vaccine quality defect-related reaction
Immunization error-related reaction
Immunization anxiety-related reaction
Coincidental event

• AEFI can be also classified into one of the following categories: 
Allergic reaction
Local reaction
Systemic reaction
Neurological disorders

Who is eligible?

All of the free coverage offers apply to new and/or existing policyholders only. To be eligible for the public offer, you need to register on the insurer’s website or mobile app. There are no age limits specified in some offers. You may need to contact the insurance companies for details.

How long is the coverage?

It is worth noting that the validity period of the free coverage varies quite significantly. AIA covers until the end of this year. Bupa, FWD, Well Link and YF Life cover till 30 March while Chubb, FTLife, Hang Seng and Manulife till 30 June. Given the current COVID-19 vaccination rate is still around 70% of the Hong Kong population, a longer coverage period can ensure more people can be covered.

Which vaccines are covered?

There are differences in how insurers define covered vaccines. Most of the insurers are covering COVID-19 vaccines approved by the United States Food and Drug Administration or the Hong Kong health authorities. AIA, FWD and FTLife also cover Hepatitis B and influenza vaccines on top of COVID-19 vaccines. On the other hand, Chubb, Hang Seng and YF Life cover only COVID-19 vaccines provided or approved by the Hong Kong government.

From the consumer’s perspective, although the coverage offered by insurance companies may be limited, it is free anyway hence should be a no brainer for those who plan to get the jabs. However, if you are concerned about your personal health regarding vaccination, you should seek medical advice. Hopefully with the help of the vaccines and other pandemic health measures, COVID-19 would be under control around the world by the end of the year, if not earlier.

Note:
1. This article is provided by 10Life. All information is for reference only. The article does not take into account any personal needs and suitability, and do not constitute any sales advice. You should seek independent advice from licensed insurance advisors before purchasing any insurance products. Latest information from insurance companies shall prevail.
2. The above information is updated as of Jan 12, 2022. 

Disclaimer

10Life Product Comparison and 10Life Insurance Ratings are developed by 10Life Financial Limited, an authorised insurance broker with Insurance Authority License Number FB1526. 10Life Product Comparison and 10Life Insurance Ratings are developed for generic customer segments using mathematical calculations based on product information, facts and data, and are not influenced by any partnerships with or fees received from insurance companies.  

Any information on 10Life Platform ("10Life Information"), including but not limited to Product Comparison, Product Ratings, Blog Articles are intended for general education purpose and reference only and should not be constituted as any insurance, financial, investment or other professional advice or solicitation to buy insurance, financial or investment products. 10Life Information does not take into account your individual needs. Reading 10Life Information should not be considered as conducting a suitability assessment. You should only rely on information authorised by insurance companies and/or seek independent advice from licensed intermediaries before purchasing any insurance products or making any insurance decisions. While best effort is used when collecting, validating and updating 10Life Information from various channels, none of 10Life Group and its subsidiaries, affiliates, agents, directors, officers and employees will be responsible for any liability arising from using 10Life Information or for any claims and/or losses caused thereby, and no warranty or guarantee is made on the accuracy, completeness and timeliness of the information.

If you have any questions on 10Life Product Comparison and 10Life Insurance Ratings, please email us at enquiries@10life.com .

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AXA Unit Manager

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Jack, Ng Wai Lap

黃維立

AXA Unit Manager

4.7
3933
606

Nik, Leung Tsz Kei

梁芷萁

10Life Financial Manager, Insurance Specialist

4.9
1173
274

Winnie, Ng Wai King

吳惠琼

FTLife Agency Manager

4.8
1845
308

Even, Shum Miu Chu

岑妙珠

恆泰 高級理財顧問

4.6
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Philip, Lee Hon Lun

李漢麟

YF Life Branch Manager

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Tony, Yeung Chun Fung

楊俊鋒

FWD Life Wealth Planner

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Mabel, Siu Sin Wan

蕭善尹

FTLife Wealth Management Director

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1053
312

Edward, Lam Wing Chuen

林永泉

Convoy Senior Wealth Management Advisor

4.6
1557
263

Noble, Suen Chit Yuen

孫哲遠

AIA Associate Director, Wealth Management and Protection

4.4
1113
249

Liu Lai Ting

廖麗婷

FWD Senior Branch Manager

4.7
1399
208

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