Travel insurance: To buy or not to buy?

MANILA - This summer, whenever you're making travel plans, you will most likely be asked if you want to buy travel insurance.

These days, travel insurance has become increasingly easier to purchase and could be loaded into travel packages or part of airfare purchase. Like many of us, you’re probably wondering if should you fork over the extra cash.

What, exactly, is travel insurance? This is a type of insurance that you purchase to cover a variety such as death, injury, medical expenses, accidents, trip cancellation or interruption, lost or delayed baggage, theft and losses incurred during the trip, to name a few.

Travel insurance policies vary in terms of coverage and in terms of pricing, depending upon your service provider and the extent of the coverage provided.

Travel insurance is definitely useful in protecting you against life’s eventualities. However, some travelers may have a greater need for it than others.

Here are seven tips to guide you when purchasing travel insurance:

1. If you do not have life insurance coverage and you have dependents, then travel insurance may be especially useful.

Although the possibility of death due to air travel is low, this still gives you a layer of protection that you do not have. Since the coverage of this plan only covers either your traveling time, or the duration of your travel, you may wish to purchase life insurance to provide you protection 24/7.

2. If you do not have comprehensive medical insurance, travel insurance will be useful.

Let’s face it, you can’t really tell when you will fall sick and the worse that can happen is to find yourself getting sick when you’re out of town, and without the funds to cover your expenses. With travel insurance, you can be assured that you will be able to cover your medical needs, at least until you get back home.

3. If you’re traveling overseas, you need travel insurance.

That’s because nearly all health insurance policies provide domestic coverage, exposing you to risks once you are out of your country. Imagine needing hospitalization in a foreign country, where costs are definitely higher than what you have in the Philippines. However, if you are among the very few who have global medical insurance coverage, then you do not need travel insurance for this purpose.

4. If you are buying a non-refundable, prepaid ticket, travel insurance will come in handy, what with the many cancellations and flight disruptions that often happen.

This is particularly true if you are paying a big amount for your ticket—say for overseas travel. This ensures that you can cover your ticket should any kind of flight disruption happen.

5. If you purchased your ticket through a credit card, check if you were given travel insurance coverage.

This is one feature offered by a number of credit card companies to travelers who purchase their tickets using their cards. This is an economical way of getting travel insurance, so if you are planning to travel in the future, you may wish to check what your credit card provider has to offer.

6. Before paying for a policy, check what you are buying.

Some travel insurance plans have exclusions such as pre-existing conditions, travel to high-risk countries, acts of terrorism or natural disasters. If you are purchasing travel insurance because you want to be protected against these, then make sure that it is expressly covered in the plan that you purchased.

7. Most travel insurance providers also offer concierge or emergency assistance services for those unforeseen events that can happen during your trip.

Find out what these services are and know how to contact these service providers should the need arise.

Happy traveling!

source: www.abs-cbnnews.com

Six Scenarios Where Buying Insurance Is A Must

There are some seven billion people on the planet, and it’s safe to say that for each of them, life represents something different. One thing, though, is universally certain: Life is unpredictable. While the vagaries of existence usually don’t veer into emergency territory, there are those times when they do. When that happens, the gambler who skated by without ever giving a thought to insurance may find himself or herself very sad indeed. The following scenarios represent just six of the many situations for which insurance is an absolute necessity.

1). LIFE INSURANCE

Nobody likes thinking about their own mortality. Sure, it might inspire some folks to great heights of creativity or world-altering action, but for the vast majority, all it does is make them anxious. Still, death is a part of life, and ignoring that fact is foolish. Leaving one’s survivors behind with a load of debt for no reason is not only foolish, it’s cruel. To that end, the necessity of a comprehensive life insurance policy cannot be overstated. Individual policies differ widely in what they cover, the cost of their associated premiums, the duration of coverage (“term” and “whole life” are the most popular and best known options), so those who would be insured should contact a lawyer, insurance agent, or similar professional to help them negotiate the often labyrinthine process of getting covered.

2). TRAVEL INSURANCE

Are you looking to study abroad? Perhaps you’re the sort of person who’s always looking for a new horizon, bored with the sedentary lifestyle. Maybe your job just requires frequent travel. Whatever the case, a good travel insurance policy is a must-have for anyone whose life involves even infrequent moves. Good policies like those from Travel Guard will usually cover a wide variety of travel related costs, including some you may have overlooked. Covered expenses include protection against unscheduled interruptions or early returns from a trip, reimbursement in the event your luggage is lost, stolen, or damaged/destroyed, certain medical expenses and / or emergency evacuation, and so on. As with any type of insurance, coverage levels and premiums will vary. Nevertheless, travel, especially long-term travel to far off lands, shouldn’t be undertaken without it. It’s one of those things that seem like an annoyance until you get typhoid or find yourself in the middle of a hurricane.

3). RENTER’S INSURANCE

This one’s simple: Do you like the fruits of your labor? Your clothes, your electronics, and even the very apartment you live in? What happens, do you think, if you’re robbed, or your apartment catches fire or floods, or some similar catastrophe befalls you? There are two possible answers to this question: The first is that you’re uninsured, and thus out of luck (and potentially out of money as a result of the aforementioned misfortune). The second, much happier option, is that your prudent investment in rental insurance saves you thousands of dollars and many sleepless nights, giving you the knowledge that whatever happens, you’re covered. Again, all insurance is different, rental insurance included. Choose carefully.

4). HEALTH INSURANCE

The amount of people who go about their lives with little or no health insurance (to include medical, dental, and so forth), is simply staggering. It’s also quite sad, because a health complication can pop up at any time, and whether it’s just braces for the kids or a life-threatening complication like cancer, the bills can often represent an outlay of many thousands of dollars. Bankruptcies as a result of insurmountable medical expenses are not unheard of. While insurance and healthcare costs are politically charged issues, the fact remains that it is the height of folly to go on without it. Beyond those truly unfortunate few who are truly unable to afford even the most basic of coverage, it is imperative that everyone get covered ASAP. The life you save may be your own.

5.) AUTO INSURANCE

Again, auto insurance is a no-brainer. In addition to the fact that auto insurance will protect you should you find yourself in an accident or stranded on the side of the road in the middle of nowhere (Triple A is great for this!), it is worth pointing out that the vast majority of jurisdictions won’t even let you drive without auto insurance!

6). CONTRACTORS’ INSURANCE

Do you work in a construction setting, or own your own contracting firm? Then this is the policy type for you. Worthwhile policies will cover general liability like accidents, damage, loss, or theft of tools and equipment, workers’ compensation claims and benefits, workflow problems (unforeseen delays and such), and so on. Once more, given the wide variation in policy types, coverage levels, price, and so forth, it is necessary to understand and thoroughly examine every available policy to find the one that best fits your needs.

CONCLUSION

Are there times in one’s life that insurance is less necessary than others? Sure. Still, what’s the point in playing roulette when you don’t need to? Insurance is one of those things that you never need until you do, and when that time comes, the chances are good that you’ll really need it. With that in mind, get covered – you’ll thank yourself later. After all, it’s like they say: Better safe than sorry!

source: 20smoney.com