Taking a yearly vacation is a personal goal for many people and of course everyone wants to have fun when they are on vacation, but what would you do if you got sick or became injured during your vacation? Not many people are financially prepared to pay for medical and hospitalization fees when they are travelling overseas because no one wants to think about the worst possible scenario when they are on vacation. This is why it is so important to purchase a travel insurance policy to protect yourself in case of an injury or sickness while travelling.
Where to buy a travel insurance policy
Travel insurance policies are offered by insurance companies, financial institutions, credit card companies and sometimes even your employer. Insurance companies such as Blue Cross offer single trip and multiple trip travel insurance policies for travellers. Many financial institutions aka your local bank branch offers travel insurance policies for their clients, however they usually offer travel insurance policies through a sister insurance company and not actually at the local bank branch.
Many gold and platinum credit cards offer a travel insurance policy at no extra cost to cardholders. If you have a travel rewards credit card or a gold or platinum credit card then contact your credit card company before you travel to see if you are covered with a travel insurance policy. Some credit card companies may require you to purchase the vacation with your credit card in order to be covered with their travel insurance policy, whereas other credit card companies only require that you have the credit card with you while travelling. American Express credit cards are known to have excellent travel and rewards benefits for cardholders.
If you are lucky enough to have travel insurance coverage with your employer benefits package you should take full advantage of their travel insurance benefits because they are usually included in your employer benefits at no extra cost. You most likely have a travel insurance member card that you will have to keep with you at all times while travelling to provide proof of insurance in case you get sick or become injured while on vacation.
What type of travel insurance policy do you need?
There are several different types of travel insurance policies that you can purchase to protect both you and your family while you are on vacation. You can purchase travel and medical insurance which protects you and your loved ones in case you need to see a doctor or be hospitalized while travelling.
You can purchase baggage travel insurance which insures your personal belongings and their replacement costs in case your luggage is lost or delayed while travelling. Lastly you can also purchase travel insurance that covers your actual trip including your method of travel. If your flights are ever delayed or cancelled during your vacation your insurance company can refund your total travel costs or make other travel arrangements at no extra cost to you.
Which type of travel insurance do you have?
Photo by Jana