Financial Planning

Don't Jet Off without Travel Insurance

Bags packed, tickets booked, travelers cheques ready, camera, everything is set. What else are you forgetting? Did you buy travelers insurance? Travelers insurance is the most neglected of the elements. Most travelers would consider a traveler insurance to be an unnecessary burden. think about it, you paid big money for your vacation, how would you feel if you could not enjoy it because you fell ill or you missed a flight or lost your baggage or what if you have to face a trip cancellation altogether because the agent had a problem?

Lorna Tan, a Straits Times reporter's 70 year old mother traveled to China last May, and fell ill on the last day of her trip because of something that she had eaten during her trip. Thankfully she was insured and though her medical bills came to only $85.10 in total she had the entire amount reimbursed to her by the insurer when she claimed upon her return to Singapore. It could have been worse. Being in a foreign country and having limited cash and falling ill, or losing baggage can be a nightmarish experience. If you are properly insured you can claim for your entire loss from the insurer.

Most travel insurance policies would provide you with a lot of options, so ensure that you opt for the options that you think can happen. Read the fine lines carefully and see what is not included in the cover. Most travel insurance policies will not include certain activities like trekking and other high risk activities. Also better coverage comes at a better (higher) premium. So don’t get carried away by the fact of lower premiums. The whole idea of taking a travel insurance policy is so that you can safeguard your family from what ever can happen on tour. If you are traveling with family then it is better to go for a group policy and not individual policies. Also if you are a frequent traveler go for an annual travel insurance plan on a better premium.

At least make sure that you note down the policy number or the certificate number and also the emergency hotline number on your cell phone and also on any other places that can work as a back up in case you lose your originals or your cell. Also have a copy of the certificate / policy with your friend or relative who is not traveling with you.

Do you know about the typical exclusions, benefits and T&Cs of travel insurance? Before you buy online, why not find out more first by inquiring about Travel Insurance by clicking here .

Original Article: 25 Jul 2010, Straits Times: Don't Jet Off without Cover