5 Kinds of Travel Insurance You Need
When you’re buying travel insurance, it sounds like it should be pretty simple. You phone up your bank, ask for travel insurance, they sell you something and you’re on your way.
But did you know that there are different kinds of coverage?
Here are five types of travel insurance and where you can buy them:
Travel Health Insurance
This is the one type of travel insurance that most people are familiar with when they're going on vacation. This type of insurance helps you cover the costs of medical emergencies and illnesses if anything should happen while on you're out of the country. It covers costs such as hospital stays, emergency room fees, ambulance costs and prescription drugs.
Even if you’re only gone for a couple of days, travel health insurance can help you deal with life’s little (and big) upsets as they come up. Most people can get travel medical insurance for a reasonable price. You’ll need to answer some questions and fill out some forms and then you'll be on your way.
Trip Cancellation and Trip Interruption
This kind of coverage will cost you a bit more but is definitely worth it if you find yourself stranded somewhere overseas. Trip interruption and cancellation coverage steps up to the plate when you need to cancel your trip or cut it short and head home in case of an emergency.
Most travel expenses are paid in advance and usually don’t offer a refund. If your child suddenly gets seriously ill while on vacation, this will help you pay for your return flight and the costs of your trip.
Trip cancellation and trip interruption are fairly easy to purchase, research your options online and make sure you’re completely covered. Some policies have only a limited number of acceptable reasons they’ll accept for getting a payout.
Travel Life Insurance
This insurance works very similarly to your typical life insurance policy, it provides a death benefit to your designated beneficiaries if something happens to you while you’re away. This type of insurance is beneficial for paying additional costs like transporting your remains home if the worst should happen while you're out of town.
Another benefit is that this kind of policy can be cashed in quicker than traditional life insurance.
Travel life insurance benefits are usually paired with travel accident insurance and is not meant to replace a full life insurance policy. It can be bought as part of a travel insurance bundle or on its own.
Travel Accident Insurance
This sort of protection is usually offered as part of your credit card coverage and acts as a limited term life insurance policy. It offers coverage if you pass away prematurely, but only under certain circumstances; like when you are travelling on the plane but not when you arrive at your vacation destination.
As a general rule, this insurance isn’t adequate on its own and you should consider buying additional insurance to cover your assets.
Flight Delay, Cancellation and Lost Baggage
It’s important to know the airline is under no obligation to offer assistance or compensation if flights are delayed or cancelled due to bad weather. If you’re stranded at the airport in a storm, you might need to find transport and book a hotel.
Get some insurance to protect against these unexpected costs and you’ll be good to go.
This works very similar if your baggage is lost somewhere on the journey. You’ll be able to replace your lost luggage items without paying out of pocket. Be prepared and buy this coverage as part of a bundle from your favourite travel insurance provider.
Use our helpful online insurance tool to get travel insurance quotes and find the best price for your travel needs.