How to Choose International Student Insurance?

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Camilla Violet McDowell
6 years ago
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1 How to Choose International Student Insurance?

2 Contents 1. Country requirements 2 2. Health insurance or full package 3 Luggage during travel and home contents 4 Permanent disablement or death caused by an accident 4 Liability insurance 4 Legal expenses 4 3. It s all in the details 5 4. Claims service 5 5. Cancellation policy 5 6. Aon Student Insurance 6 4 reasons for choosing Aon Student Insurance 6 Aon Student Insurance programs come in two packages to cater your needs 7 For further useful information regarding living and studying in Finland, please visit 7 7. Good-to-know insurance vocabulary 8 About Aon 9 How to Choose International Student Insurance? 1

How to Choose International Student Insurance? Studying abroad means you will need to arrange certain practical matters before you can take off.

3 How to Choose International Student Insurance? Studying abroad means you will need to arrange certain practical matters before you can take off. This includes housing, arranging a visa and last but not least finding an insurance which will give you peace of mind by covering your health, travels and belongings. Insurances can be tricky even for people who work with them, due to small details that differentiate seemingly similar covers and there are several things you need to focus. We gathered some tips to help you navigate through the process of choosing the right international student insurance for you. 1. Country requirements The first thing you have to make sure when picking your insurance is that it meets all the requirements of your country of choice. In some cases, not only is it wise to have an insurance, it is required. For example, third-country students from outside the EU / EEA must have private insurance for the duration of their visa before they enter the Schengen area. In Finland, if you stay for less than two years, you are required to have insurance that covers medical expenses minimum EUR 100,000. If your stay is two years or longer, medical expense requirement is EUR The deductible for the insurance shall not exceed EUR 300. The immigration services are able to help to understand what the minimum requirements are. How to Choose International Student Insurance? 2

2. Health insurance or full package The next step is to decide whether you want to cover the bare minimum requirements, or if you need more extensive package.

4 2. Health insurance or full package The next step is to decide whether you want to cover the bare minimum requirements, or if you need more extensive package. Even for the medical cover, you should consider what you need beyond the minimum requirements. Do you need dental cover, physical therapy, psychological services, or cover for your pre-existing condition? Is there a need to cover pregnancy costs for you or your spouse? Would you like to cover the cost of medication? These are just a few things to look out for when deciding your health insurance cover. Take note that health insurance coverages usually exclude medical expenses caused by treatment for pre-existing condition. Some providers have options to cover those too, but the premium can become significantly higher. However, if you have a condition that requires medical attention often, it might be worth it to pay a little extra. But choosing just health insurance means just that medical costs. You may want to consider getting further protection for you and your things. Additional things to insure include: - Luggage during travel - Home contents - Permanent disablement or death caused by an accident - Liability insurance - Legal expenses How to Choose International Student Insurance? 3

Luggage during travel and home contents Your luggage and belongings at home deserve some thought too. What if you take on Berlin for a weekend trip and your bag gets stolen?

5 Luggage during travel and home contents Your luggage and belongings at home deserve some thought too. What if you take on Berlin for a weekend trip and your bag gets stolen? Or if you come home to find your door lock broken from a forced entry and all your valuables are gone? That s what personal items insurance is for - to make sure your property is covered. Although, it s worth to note that property may subject to actual value base cover instead of original value, or that home content cover may not cover for breakage without certain external events like fire or water damage. When deciding, also check if property is subject to deductible. Permanent disablement or death caused by an accident If a serious accident were to happen, you may also insure yourself against permanent disablement and death. Compensation will be paid to your beneficiary as a lump sum in case of death cover, but permanent disablement is a compensation for you in case you will never fully recover from a damage caused by an accident. The compensation will be paid based on to the injury and the level it is seen to interfere with your life, so the amount you receive differ from the maximum amount on the policy. Liability insurance Personal liability insurance protects you from personal financial risks if you injure another person or damage someone else's property and are expected to pay the cost, which could mean paying for medical bills or for a new window. Note that liability insurance does not cover everything, for example claims resulting from an intentional act to cause property or bodily damage. Legal expenses Legal expenses cover is designed to help you defend yourself with the help of legal advisers, or if you need assistance in making a claim against someone else. Criminal defense costs are not covered if there was intent involved. How to Choose International Student Insurance? 4

6 3. It s all in the details One of the major thing people tend to focus on when choosing their insurance is the price. However, the cost of the insurance is not necessarily the thing you want to focus on especially if you live abroad for a longer period of time. Summary of the cover may indicate that two different providers would offer the same insurance cover, and picking by price is enough, but there are often big differences in the small details. How much medical costs covered is it unlimited or up to certain sum? What are the deductibles or sublimits for different aspects of the cover? Is the dental cover only for accidents or for other acute cases too? Is physical therapy covered only after a surgery, or can you go without doctor s referral? Are psychological services covered only after a specific event, like being present in a terrorist attack? Are any damages caused by a terrorist attack covered at all? What are the exclusions for the property insurance? Terms and conditions for insurances are usually quite long and often difficult to interpret, so the easiest way to find the shortcomings is looking at the exclusions, which are often separately listed in the policy terms. The terms and conditions in general are an important part of choosing the cover, because that s where the difference between the insurances can be found, and you can better determine what you get for the price you pay for you student insurance. 4. Claims service The unfortunate thing about insurance is that you only see the benefit if something happens. But those are the moments where the value of your insurance is truly measured. Knowing how quick and easy the claims process is in reality is difficult, but you can check what the practice is from the website while comparing your options. Do they have online claims portal? Perhaps ing a PDF? Or do you need to a printer? Insurers often give a process time guarantee to processes your claim but also usually reserve the right to exceed that if there are exceptionally many claims to process. So it is quite impossible to know how quickly you will actually be reimbursed, as even the claims type can take more time if the case is more complex. Mostly comparison can be made only by what the insurers say their clams process time is, or trying to find feedback from people who have made claims to the insurers. 5. Cancellation policy Finally, make sure what the cancellation policy for the insurance is. Most insurers offering student insurance have an option for mid-term cancellation and subsequent return of How to Choose International Student Insurance? 5

7 payment so you won t lose money in case for some reason you no longer need the insurance. Also make sure if the insurance renews automatically at the end of the policy period, or if you need to renew it yourself. 6. Aon Student Insurance Aon Student Insurance is a comprehensive cover for both short and longer studies abroad with a worldwide coverage and an affordable price. Choosing Aon Student Insurance equals choosing for high quality and service in addition to satisfying visa requirements. Aon Student Insurance provides you with unrivaled international health and personal insurance abroad. For students needing insurance in order to apply for a (Schengen) visa, Aon s Student Insurance is accepted in many countries, including Finland. After years of listening to universities and students, we have learned what is considered important in an insurance plan for international students. 4 reasons for choosing Aon Student Insurance Over students have already chosen our student insurance. Aon has more than 25 years of experience in student insurance. You can use your insurance certificate to apply for visa in many countries. 24/7 emergency assistance helpline. How to Choose International Student Insurance? 6

8 Aon Student Insurance programs come in two packages to cater your needs ICS Complete -package gives you all the insurance you need during your stay in Finland for your health and belongings. You need ICS Complete if you do not have your own health insurance. ICS Start -package does not cover medical or dental expenses, but covers your travel and stay in Finland. You need ICS Start when you already have your own international health insurance. You can get more information and a quote from For further useful information regarding living and studying in Finland, please visit Finnish Immigration Service - Student Insurance Study in Finland Visa application How to Choose International Student Insurance? 7

9 7. Good-to-know insurance vocabulary Deductible - An amount the insurer will deduct from the loss before paying up to its policy limits. Exclusion - A provision of an insurance policy or bond referring to hazards, perils, circumstances, or property not covered by the policy. Exclusions are usually contained in the coverage form or causes of loss form used to construct the insurance policy. Insured limit - The maximum amount of losses to be paid under an insurance policy, expressed either on a per occurrence basis (e.g., per accident or event) or on an aggregate basis (e.g., all losses under a single policy, or for all policies during an underwriting period). Sublimit - A limitation in an insurance policy on the amount of coverage available to cover a specific type of loss. A sublimit is part of, rather than in addition to, the limit that would otherwise apply to the loss. In other words, it places a maximum on the amount available to pay that type of loss, rather than providing additional coverage for that type of loss Pre-existing condition - A health or physical condition that existed prior to the effective date of a medical insurance policy. Some health and disability policies contain provisions that preclude coverage for loss arising from preexisting conditions. Repatriation / Medical evacuation - Bringing back to one's homeland, generally referring to transportation of an injured or ill employee back to his or her home country. Pictures How to Choose International Student Insurance? 8

10 About Aon Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance. Copyright 2017 Aon Inc. How to Choose International Student Insurance? 9

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