Some say planning a trip is half of the fun. Choosing destinations, lodging and iconic excursions can build anticipation and be enjoyable. Travel insurance is one way to ensure you don’t lose out on your intentionally planned investment in the event of an emergency or sudden change of plan. Protect your time and money with this travel insurance overview and tips:
Four Types of Travel Insurance
There are four types of travel insurance including trip cancellation, baggage and personal effect, accidental death and emergency medical assistance. Travel insurance can protect your investment from last-minute illness or injury or other major trip interruptions. This type of insurance can reimburse you for a portion of your travel expenses or even help pay for medical expenses if something were to occur under the insurance agreement.
Cost
The cost to purchase travel insurance can vary based on the cost of your trip, type of insurance and amount. According to Forbes Advisor’s analysis, the average cost of travel insurance is 5% – 6% of your overall trip cost.
What it Doesn’t Cover
Now that we know what travel insurance can cover, it is important to note what it does not cover. This form of insurance does not cover losses due to circumstances you can control. For example, fear of flying, change of mind, etc.
Travel Insurance Tips
Create More Joy
Less worry can create more joy. Taking care of elements like travel insurance can help quiet the worries of your mind, opening it up to the possibility of relaxation, enjoyment and bliss. Knowing your pocketbook is covered in an unforeseeable situation helps create a little more calm in your life. Who doesn’t need that?
Timing
We’ve covered why travel insurance could be beneficial, but when should you secure it? Buy soon after you book the trip to get maximum benefits like coverage for preexisting conditions and updates like cancelling for any reason. The sooner you purchase travel insurance the more benefits you will receive.
Use Tech
Before investing in a travel insurance policy, check to see if there is an app available. This way, you can have policy details on hand as well as the ability to submit and manage claims on the go from the convenience of your phone. Apps can also offer the ability to chat with support which could come in handy in an emergency situation.
Check Credit Card Perks
Some credit cards offer travel perks that could mimic travel insurance or offer other benefits or flexibility opportunities with flights or accommodations. Before booking travel insurance explore the options that may already be available in your wallet.
Ensure Appropriate Amount
One last tip to consider is purchasing the correct amount of travel insurance. It can be tempting to over-insure your trip, but first, weigh the pros and cons then ensure your insurance plan correlates with the cost of your overall trip.
We’re here for you!
Bankers Life is here to help customers with their financial and insurance needs so please visit us at BankersLife.com to learn more.
