Purchasing travel insurance is a great idea because it reduces the financial risks of traveling. Potential issues like accidents, missed flights, lost baggage, illness, and theft can be mitigated with the right insurance plan. We have provided eight tips to help you choose the right travel insurance for you and your family:
Activity Exclusions
Make sure you read the fine print of your policy to make sure any amateur athletic activities you plan on participating in are covered. For example, some policies may exclude coverage for scuba diving or kayaking. These are the times where you are at the most risk, so make sure you are covered.
Disclose Medical Conditions
You need to be honest when disclosing all pre-existing conditions you have that require coverage. Insurers will look at your medical stability when determining risk. Stability refers to the amount of time you go without needing treatment, medication or hospitalization.
Don’t Rely On Credit Card Coverage
Credit card companies offer a much different product than a travel insurance policy. The “travel insurance” included with some cards have a lot of limitations that are unclear until you need to make use of the insurance.
Annual Plans
If you are a frequent traveler, it could make sense to purchase an annual travel insurance plan. By paying an annual premium, you are covered for all the trips you take during the year.
Avoid Up-Front Payments
If at all possible, it’s best to avoid relying on a plan that requires you to pay up-front before receiving compensation. You don’t want to be stuck paying out of pocket at a foreign hospital.
Worldwide Coverage Restrictions
Some plans don’t cover visits to certain areas of the world. Make sure you a certain you will be covered at your travel destination before purchasing a policy.
Use the Emergency Line
Insurers insist that you phone their 24-hour emergency line if you ever need medical care. The medical professional answering the phone will work with the attending physicians to determine the best course of action while mitigating instances of misuse of medical services. Some insurers may leave you liable for some of the medical bill if you do not call the hotline.
Trust Your Advisor
You should purchase a travel insurance policy that has been recommended to you by your financial planning advisor. The advisors at The Beacon Group of Assante Financial Management Ltd. are trained to ask all the important questions and find you a policy that will leave you fully covered and your finances intact.
