1. Coverage protection and exclusions
Worth shouldn’t be the one figuring out think about buying travel plans, suggested Ms Annie Chua, NTUC Revenue’s vice-president and head of non-public traces.
“(Travellers) should look at the types of benefits and the coverage which are most important and relevant to them, as well as consider any exclusions and claim limits for each benefit,” she stated.
A very good instance is protection for pre-existing medical situations, which embrace widespread illnesses equivalent to hypertension, bronchial asthma, excessive ldl cholesterol and eczema. These are sometimes not lined in travel plans and if vacationers with out this cowl require therapy abroad, the associated fee is normally very excessive, Ms Chua added.
Mr Derek Low, Liberty Insurance coverage’s government vice-president for private traces, advised that clients ask themselves if the coverage is complete sufficient, given the aim of the journey.
For instance, if an individual is planning adventurous or harmful actions, equivalent to white-water rafting or mountaineering, it is very important test whether or not the travel insurance covers such actions.
For unexpected political threats, Sompo Insurance coverage Singapore’s chief distribution officer Koh Yen Yen advised that clients search for plans that provide full terrorism cowl that features chemical, nuclear and organic terrorism.
2. Adequacy of sums insured
Mr Low stated that this can differ, relying on whether or not it’s a fundamental or superior plan. If travel is to an costly or far-flung vacation spot equivalent to Europe and the USA, a superior plan with increased sums insured is really helpful.
Ms Chua stated the person wants of the insured particular person, together with the airline provider or different modes of transport that he’s taking, in addition to the vacation spot itself, will all have a bearing on the selection of a fundamental or superior plan.
A great way to evaluate the extent of protection wanted is to gauge the potential bills or monetary losses a traveler has to incur if he doesn’t have travel insurance, she added.
Vacationers happening a self-drive journey ought to search for a plan that gives rental car extra protection, Ms Koh suggested. This profit will not be in Sompo’s fundamental Very important travel plan however it’s supplied beneath its superior Elite and Deluxe travel plans.
For private accident protection, she reminds vacationers to match the premium in opposition to the protection. By paying a barely increased premium with one other insurer, the private accident protection might be considerably increased.
three. Medical bills, evacuation and repatriation
Many individuals assume that traveling in Asia wouldn’t require high-level medical expense protection. Nevertheless, for Singaporeans used to the standard of care right here, many could find yourself choosing foreign-run hospitals or clinics once they require medical care in some components of Asia.
Such therapy could price 10 occasions greater than the identical process at a public hospital to ensure that a affected person to have entry to higher medical services and internationally certified medical personnel.
Therefore, you might need to contemplate a plan that adequately covers the excessive medical-care bills in foreign-run hospitals or clinics.
“Higher medical expenses coverage is recommended for travel to countries such as Japan, the US and Europe where medical treatment costs are higher. In any event, please ensure that the policy provides sufficient medical evacuation or repatriation coverage to transport one back home or to a hospital better equipped to render the treatment,” stated Ms Koh.
As well as, test and examine the medical bills protection and the length supplied on return to Singapore. Some insurance policies present a much-reduced protection until evacuation is required.
four. Journey postponement or cancellation
If there’s an outbreak of infectious illness such because the current Zika virus saga, test if the travel coverage offers protection for journey postponement or cancellation ought to policyholders and their relations contract the illness.
5. Individuals traveling with you
Make sure that the travel plan covers sure classes of individuals – senior residents (above 75 years), younger youngsters (beneath six months) or somebody with particular wants, for instance, a pregnant lady – if they’re traveling with you. Some insurers don’t present emergency-assistance cowl for folks above 75.
6. Journey length
It’s prudent to make sure that the journey doesn’t exceed the utmost length imposed beneath the coverage. For instance, some insurance policies could restrict the protection to 120 days per journey, suggested Mr Low.
7. Closure of travel company
For many who desire to get a travel company to do all of the planning, it’s important to make sure the coverage covers the monetary collapse of the travel company. The coverage ought to cowl the lack of pre-travel price or further bills incurred if the journey must be curtailed.
Each Liberty and Sompo present this characteristic of their travel plans.
Learn the superb print to make sure that the quantity of protection is adequate and discover out if there are different situations on the kind of travel businesses lined beneath this profit, stated Ms Koh.
eight. Purchase travel insurance as quickly as you ebook your journey
Each Ms Chua and Ms Koh famous that most individuals have a tendency to buy travel insurance solely in the previous few days earlier than traveling.
Ms Chua stated good apply is to purchase travel insurance as soon as your journeys are confirmed and the second air tickets and lodging abroad are reserved.
“This ensures that vacationers are lined for journey cancellation as a consequence of unexpected circumstances, together with dying or severe sickness/damage of the insured, their relations or traveling companions. If travel insurance is bought after such incidents have occurred, the journey cancellation is not going to be lined.
“For those who booked tours through travel agencies, buying travel insurance early ensures that they are covered for what they have paid in advance should the travel agency cease to operate,” she stated. Over at Sompo, 60 per cent of its clients purchase insurance lower than 30 days earlier than their journey begins.
“Most travelers are not aware that they are covered for up to 60 days before trip commencement such as trip cancellation due to natural disasters, unexpected outbreak of strikes, and riot and civil commotions, the financial collapse of travel agency, and death, serious sickness or injury of the traveler or family members. Thus, it makes sense to buy the policy once the trip is confirmed, to fully benefit from the coverage,” stated Ms Koh.
9. Annual or single-trip plan
If you happen to travel incessantly, contemplate taking over an annual coverage which permits limitless journeys inside a coverage 12 months, reasonably than shopping for single-trip insurance policies, stated Mr Low.
Mr Ignatius Chng, AIG Asia Pacific’s vice-president of non-public insurance, identified that vacationers ought to search for a good insurer which offers 24-hour worldwide help, with crisis-response capabilities and the flexibility to course of claims rapidly.