Are you planning on travelling any time soon? Today, getting travel insurance is a wise decision. And, spoiler alert… you should get travel insurance regardless of whether you’re travelling to a different province, taking a break down south, or adventuring across the ocean. In some countries, travel insurance is even compulsory. Having travel insurance will give you peace of mind knowing that if something does happen on your trip, you won’t end up with a mountain of debt. Working with a financial advisor, like myself Darren Robinson, can help you decide which travel insurance plan and lender is best for you before you pack up the car to get going.
Why do you need travel insurance?
- In case you get sick or injured
It doesn’t matter where you go, you should always get travel insurance. If you have a sudden illness or an unexpected injury while on vacation, your Canadian health insurance most likely won’t pay for your medical expenses outside of the country. Health care practices in other countries are as diverse as their culture. It can be very costly if you need to seek medical attention and this can put a strain on your finances. Foreign hospitals may even require cash upfront. Having travel insurance as a backup plan will give you, or your family and friends back home, peace of mind knowing that you will be able to afford health care wherever you are travelling.
Most travel insurance plans cover a very large amount of medical coverage for a small monthly charge. They can help cover the costs of physician services, ambulance transportation, hospitalization, prescription drugs, and more.
- To help cover the cost of COVID-19 illnesses
If you come down with COVID-19 during your trip, you may be delayed getting home or end up in hospital. This can be very time-consuming and costly. Having a travel insurance plan can help ensure that you have emergency medical insurance for related complications with COVID-19, and helps cover the costs if you must quarantine while you’re away.
- In case you pass away on your trip
It can be very costly to transport a body (not that you ever want to think about that while on vacation but, it happens). Having travel insurance will cover the cost to ship the deceased back home. Funerals are expensive, to begin with, so reducing the flight cost will help ease the strain on your family. Even if you’re travelling in Canada, it’s important to get health insurance in case something tragic occurs.
- In case your trip must be cancelled
You invest time and money into planning your trip, it would be a shame if you have to cancel and did not get any of your money back. Having travel insurance can make sure you are covered for reasons like serious illness or injury, the death of the traveller, a natural disaster, and so on. It can also cover baggage loss, flight cancellations, a missed connection, or airline strikes, to make any interruption to your trip less stressful.
- You can choose a different travel insurance coverage
If you are interested in specific coverage options, then you can find travel insurance plans with different levels of coverage, including:
- Emergency medical only;
- Medical and non-medical vacation package plans (including protection of baggage, personal property, and trip cancellation); and,
- Multiple trip coverage, if you plan on going on multiple trips throughout the year.
What should you consider when you’re shopping for travel insurance?
Travel insurance covers most health and trip interruption issues. You can get different travel insurance plans to ensure that you have the level of coverage you need. Work with a financial adviser to make sure you choose the best possible plan for you and secure the best rates as well.
Take the time to research your needs when travelling. Verify the terms, conditions, limitations, exclusions, and requirements of your travel insurance before you head out on your trip. If you have a pre-existing medical condition, make sure you get a written agreement that your travel insurance will cover any related expenses with no exclusions in the fine print.
A few common questions to ask your travel insurance company:
- Does the plan have 100% coverage? Or a deductible? 100% coverage plans are more expensive but could save you money in the long run.
- How long does the insurance coverage last?
- Do they limit coverage for certain countries you may be visiting?
- What happens if you must pay your bills upfront?
- Will they cover medical expenses for extreme sports such as bungee jumping, rock climbing, tubing, water skiing, and so on
Most importantly! Work with a financial advisor to help you get the best possible travel insurance plan catered to your needs.
Do your research well before you are about to head out on your trip. It would be very unfortunate to have a serious health scare or a sudden cancellation of your trip, and then find out that you aren’t properly covered by your travel insurance company. Working with a financial advisor, like myself, Darren Robinson, will help you choose the best possible travel insurance plan catered to you and your trip while securing the best possible rate as well. Just like taking sunscreen with you on vacation, having travel insurance should also automatically be considered when planning your holiday. Give me a call at 705-737-6161 to discuss your next adventure and let’s find the travel insurance plan best suited to your needs.