Before you close your suitcase, pack a
travel insurance policy, too.
Before you close your suitcase, pack a travel
insurance policy, too.
Family holidays are already so expensive.
Why bother with travel insurance? While some parents think of it as another
cost that they would happily skip, it may be wiser to pay before you play. Anna
Chen, an insurance specialist with Providend, a fee-only independent financial
adviser and investment manager, offers tips on how to but the right policy.
Buy in bulk:
If you travel frequently as a family, consider an annual family plan that gives
you the flexibility to arrange last-minute trips without having to worry about
insurance. Even if you buy a single-trip plan, make sure you cover everyone
who’s going (even babies).
Even
if you buy a single-trip plan, make sure you cover everyone who’s going (even
babies).
Protect the kids: It’s important for parents travelling with young kids to get
adequate medical expense coverage, as children tend to get sick more often than
adults because of their low immunity. And getting medical attention in a
foreign country can be costly. Some policies offer post-trip (for illnesses or
injuries suffered during the journey) medical coverage. If you’re the only
adult travelling with your children, consider a Child Guard or Protector
Benefit, which kicks in if you’re unable to be with them (for example, if
you’re hospitalized) and arrangements need to be made for them to be
accompanied or sent home.
And
getting medical attention in a foreign country can be costly.
Prioritise your needs: Travel policies also cover a host of things, from emergency
assistance and trip cancellation to loss of baggage. Choose one that adequately
covers about and choose the level of benefits that you’re comfortable with. And
emphasizes it’s important to do your research and compare policies. Read the
fine print and ask your insurer questions.
Cover the unusual: If you intend to indulge in scuba diving, for example, you’d need a
policy that specifically covers related claims (under certain conditions) for
this activity.
Plan early:
Buy your policy at least seven to 14 days before your trip, as some plans have
restrictions on certain claimable events.
Know the claims: Get familiar with their procedures if you don’t have an agent to
help.
