Travelers need to be very cautious about the type of Travel Insurance coverage they buy before they leave the country.  Travel Insurance may be the last thing on their minds when planning on jet-setting to exotic locations across the globe.  Forgetting or ignoring proper coverages could cost the traveller thousands of dollars. They may have to sell some of their assets to pay the bills or it may affect their retirement savings.

You can purchase up to $5 million in Travel Insurance coverage when you travel outside of your province, territory or the country.  Coverage is available for single trips as well as multi-trip annual plans.  With a multi-trip annual plan, you can enjoy the convenience and savings of a once-a-year Travel Insurance purchase that includes coverage for an unlimited number of 15 day or 31 day trips taken within a year.

Travel is up!  Our dollar is down!  Travel Insurance is still a must!

Even with the low Canadian dollar, as many as 10.4 million Canadians could make the US their travel destination of choice with another 4.2 million looking to visit Mexico, the Caribbean, Europe and Asia. With trips outside the country coming at a higher cost, travelers may wish for creative ways to have the best trip possible on a tighter budget.  However, if keeping dollars in your pocket is important to you, then purchasing adequate Travel Insurance protection should actually be a top priority. If you require emergency medical care while travelling, not having medical Travel Insurance could end up costing you much more than you would have saved by not buying coverage before you left on your trip.

The reality is particularly true for travelers planning trips to the US or other destinations that use US currency. A visit to the hospital in the US can cost as much as $10,000 US  each day.  With the Canadian dollar at its lowest since 2005, medical costs for Canadian travelers seeking treatment in the US are even more significant than in recent years.  Without Travel Insurance, you would be responsible for your medical bills. If you have a pre-existing condition, you can find insurance but it will cost more than a regular policy.  The Insurer may offer to cover you for everything except issues arising from your pre-existing condition.  Either option is better than assuming you can fail to disclose a health condition and have your Travel Insurance Policy honoured.  That won’t happen.  There are many stories of “Snowbirds” who failed to disclose pre-existing conditions and were denied coverage after incurring tens of thousands of dollars in US medical bills.

Insurance companies, Travel Agencies and Financial Institutions may not communicate well with travellers. Consumers get a little dizzy when they read the wording within policies or contracts and they need to be better educated consumers of financial products.

CONSULT A LICENSED INSURANCE BROKER FOR YOUR TRAVEL INSURANCE NEEDS!

Glenn Stewart represents Travel Insurers, Blue Cross, Manulife and GMS policies.

www.cuttherisk.com

The post BUYING MY TRAVEL INSURANCE POLICY first appeared on Insurance - Disability, Estate, Critical Illness, Travel, Life - Glenn Stewart.

TRAVEL INSURANCE DO I NEED?

              Questions to ask when applying for Travel Insurance

.  What countries am I planning to visit?  Are they on Canada’s excluded list? If the country I am going to is on the excluded list, only certain insurers will offer Travel Insurance coverage.

.  Am I planning on doing any hazardous sports while travelling?  Most exotic sports are excluded on the standard Insurance policies.

.  How is my health? Has it changed in the last six months? Have any of my medications or the prescribed dosage changed in the last six months?

 TYPICAL TYPES OF TRAVEL INSURANCE POLICIES ARE:

. Trip Cancellation/Trip Interruption Insurance

This type of Travel Insurance protects your travel investment if you must unexpectedly cancel your trip.  Your eligible prepaid trip expenses will be protected up to the amount of coverage purchased.

.  Baggage and Personal Effects Insurance

This type of Travel Insurance protects your damaged or lost luggage.

. Comprehensive Insurance

This Travel Insurance provides coverage for Emergency  Medical, Trip Cancellation/Trip Interruption, Baggage and Personal Effects and Accidental Death and Dismemberment Insurance.

HAVE A CHECK LIST TO HELP YOU BUY TRAVEL INSURANCE!

HAVE YOU:

.  researched what Travel Insurance is available or have you chosen the first plan that you found?

.  spoken with your doctor or are you guessing for which health conditions you are being treated?

.  called a licensed Travel Insurance Agent or are you rushing to complete the application before you board the plane?

.  read the fine print or are you making assumptions about what is and what isn’t covered under the Travel Insurance policy that you have chosen?

.  checked out the policy glossary or are you relying on your friend’s interpretation of a confusing term?

.  enquired about deductibles or are you prepared to pay a lower cost now and a higher premium later?

. asked questions, questions and more questions or are you concerned that you will be a bother?

NOW YOU ARE READY TO SPEAK WITH A LICENSED AGENT TO PURCHASE YOUR TRAVEL INSURANCE.

  call Glenn at glenn@cuttherisk.com  or see www.cuttherisk.com                                                                                                                                                                            

The post WHAT TYPE OF TRAVEL INSURANCE DO I NEED? first appeared on Insurance - Disability, Estate, Critical Illness, Travel, Life - Glenn Stewart.