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All about travel insurance and its categories

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One of the best ways to protect yourself from unexpected incidents while traveling is to obtain travel insurance. Most banks offer this product as a kind of safety net and a means to help travelers have peace of mind while traveling.

For those who really don’t know, travel insurance covers financial losses or medical expenses that you may incur during your national or international trip. Generally, this insurance product has five main categories that you may want to know.

Trip cancellation insurance. You will be covered in the event that you or your travel companions have to interrupt, delay or cancel the trip (perhaps due to weather problems, injuries or illnesses, problems with passports or visas, unexpected commercial conflicts, acts of terrorism or accidents in the way to the airport).

Travel medical insurance or major medical insurance. This provides coverage in the event that the policyholder becomes ill or injured while traveling. The difference is that travel health insurance only provides short-term coverage (five days to one year), while major health insurance is ideal for people who will travel between six months and a year or more.

Emergency medical evacuation insurance. If you are in a remote rural area or anywhere there is limited or no access to necessary medical facilities, this insurance policy will cover medically necessary evacuation and transportation to appropriate facilities.

Accidental death / flight accident insurance. If an accidental death or serious injury occurs due to a flight accident, this insurance policy will pay benefits to the surviving beneficiaries of the policy holder.

It’s best to assess the nature of your travels, your health history, and the activities you will be involved in to help you determine if travel insurance will be especially helpful. You might consider, for example, your ability to pay the full cost of a return trip home in the event of an emergency and need to make an unscheduled trip home, or if you will be able to pay for medical care in the event that someone in your party with a health condition gets sick. Factors like these can help you determine if insurance will be valuable or not. If you decide to get it, remember to carefully read the fine print and ask the bank staff to explain each policy to you so that you can make a fully informed decision.

Click here to learn more about travel insurance.

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