A year has passed since the outbreak of the novel coronavirus. From extended isolation periods, a temporary cessation of travel, and major disruption to the way we live, work, and play, change is an understatement. We’ve had to work from home for some of the longest periods of time, accelerating the paradigm shift to digital transformation. Perhaps one of the biggest challenges we’ve had to endure is the inability to travel freely, be it business or leisure.
It’s important to note that not only did travel plans get derailed in 2020, but many insurance policies didn’t cover them. The question then remains, is travel insurance still worth buying? Depending on who you ask, the value of travel insurance as a must-have policy will fluctuate from individual to individual. Though it may seem peculiar that most policies didn’t cover users for the pandemic when it occurred, there are still a great deal of benefits to them.
What is travel insurance & what are its merits?
As the name suggests, travel insurance – like many other policies – it protects you from any unexpected accidents that could happen before, during, and after your trip.
Why is it any different from other insurance plans? Travelling comes with a unique set of risks and thus requires additional protection against them. Travel insurance plans can be bought right before a trip, and they are often offered to you prior to making any payments as add-ons. However, if you want complete assurance and coverage, we urge you to look into acquiring a heavier insurance plan, especially if you travel alone, with children, or very often. Plus, professionals who travel frequently for business are able to look into business travel insurance plans – which we offer!
What are its benefits?
Overseas emergency medical needs
You can never be too sure when you’re travelling. Even if you’ve taken all the necessary precautions, it’s never a bad idea to be well-protected. Adventurous travelers, families, and solo travelers are all encouraged to take up travel insurance for this reason alone. It is good coverage in case you run into a medical-related emergency while abroad. This may vary from policy to policy, so be sure to reach out to your insurance broker to clarify the terms prior to any decisions made. You may get stellar service and medical attention here in Singapore but without portable medical insurance, it can be dangerous if you ever find yourself in a precarious situation health-wise. With all that’s happened in the past year, you can never be too sure.
Insuring your personal and valuable belongings
It can be rather distressing and troublesome if you’ve ever experienced losing personal valuables on a trip. To prevent that, travel insurance can be immensely helpful. This not only protects you financially, but also gives you a peace of mind while travelling.
Prevent mishaps from derailing a trip
Instead of leaving your travel insurance needs to the very last minute, the sage advice to get it early rings true for one reason. Most, if not all, travel plans cover you for a good amount of time prior to the start of your trip. Most plans cover approximately 90 days (annual policies) to 180 days (for single trips). Hence, buying it early will mean that you’re covered for all scenarios possible. Should your flight be cancelled due to unforeseen circumstances or an unexpected event prevents you from going on your vacation, you’ll be covered for the expenses according to your policy benefits. This helps you prevent any disappointment that could arise from reasons you aren’t in control of when your travel plans get delayed or ruined. Upon confirming your vacation plans, it is a prudent choice to purchase a travel insurance plan.
What should I look out for in a plan?
Adopt a research, enquire, and review process when looking for travel insurance policies. Before purchasing one, be sure to tabulate all your possible options to compare similarities and differences. Consult an insurance broker so that you get the clarity you need. Ideally, you’d want to make sure that you’re covered for the necessities – medical needs, personal belongings, cancellation fees. Again, we’d emphasise that consulting a broker is best to confirm the varying terms and conditions different policies offer.
Consult us on your travel insurance needs
Beyond expat health cover, we also provide travel insurance needs. From business to personal expat health cover, our team is well-versed in providing tailored solutions for you. For any enquiries, get in touch with our specialist.