Transcript Why Get Travel Insurance?

Why Get Travel Insurance?
If you are traveling abroad, you
should get travel insurance
before you go
Types of Travel Insurance
• Travel Medical Insurance
• Medical Evacuation Insurance
• Trip Cancellation and Interruption
Insurance
• Baggage Insurance
• Car Rental Travel Insurance
• Flight Accident Insurance
Reason #1
• Your domestic insurance plan probably
doesn’t cover you abroad
– Check if your policy covers you outside of
your country of residence or citizenship
– Medicare doesn’t cover you outside of the
USA
– Domestic health plans usually have limited or
no ability to deal with international claims
Reason #2
• Cost of medical treatment abroad can be a
financial disaster
– This is especially true if traveling in the United States
or Canada
– Medical evacuation expenses can easily run into the
$50,000 range
– Medical expenses can easily run into the hundreds of
thousands
– Travel insurance companies have the ability and
resources to deal with medical emergencies overseas
Reason #3
• Protect your travel investment if you are sick or
injured and are not able to go on trip
– Trip cancellation & interruption policies can reimburse
you for the non-refundable portion of your trip
– Trip Cancellation plans can also cover your trip costs
if your immediate relative becomes sick or injured
– Cost of such coverage usually runs around 4 to 7% or
up to 10% for persons over age 65
– Can also cover inclement weather, strike, natural
disaster, terrorist incident, jury duty and loss of job.
– If you can't afford to lose it, you should insure it.
Reason #4
• Peace of Mind
– When you go on a trip travel insurance can
provide the peace of mind that if you get sick
or injured, your medical expenses will be
reimbursed and trip cost will be reimbursed.
– That peace of mind can provide you the
peace of mind so you can get on with
enjoying your trip
Reason #5
• You might lose your baggage
– Purchasing baggage insurance can usually
cover you up to $1000.
– May cover lost baggage or delayed baggage
– You have to claim against your airline first, but
getting them to pay is not easy
– Your home insurance policy may cover you
– Don’t take anything expensive with you if
possible. If you do, keep it on your person
Which Policy?
• If you travel only once or twice a year or if you
travel more than 30 days per trip, then a single
trip policy is your best choice
• If you travel less than 30 days per trip and travel
often, then an annual multi-trip travel insurance
plan is your best bet
• If you are traveling as a group, then look at a
group travel insurance policy
• If your travel medical needs are already looked
after, but you fear the financial loss if you are not
able to go on your trip, make sure you get a trip
cancellation policy
Things to Check
• Will policy cover your pre-existing medical condition? How long has
the condition been stable for?
• Is insurance backed up by a reputable administrator and insurance
company?
• Does the carrier have a 24/7 claims handling center and able to deal
with medical facilities around the world?
• Make sure you get a large policy maximum for your travel medical
insurance policy
• If you are traveling for a year or more, get an international health
insurance policy instead that will cover non-emergency medical
expenses and cover you back in your home country
• Will the policy cover the sports I may participate in while traveling?
• Read and understand the plan terms and conditions!
Common Travel Insurance
Exclusions
• Most travel medical insurance policies do not cover
– pre-existing medical conditions – can be waived by some trip
cancellation policies if you purchase insurance within a set
number of days after making initial deposit.
– Cosmetic medical expenses
– Injury or sickness if you are under influence of drugs or alcohol
– Hazardous sports unless you get the optional sports rider –
check the details
– Pregnancy related expenses
– Terrorism, but some plans will cover you it
– Participation in criminal act
– Self-inflicted injury
Where can I get travel insurance?
• You can get travel insurance quote from: TFG
Global Travel Insurance.com at:
www.globaltravelinsurance.com
Presentation Legal Disclosure
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Copyright © 2007 TFG Global Insurance Solutions Ltd.
Insurance plan terms and conditions can vary, so check your policy carefully. All cover is subject
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