All about travel insurance and its categories

One of the best ways to protect yourself against unexpected events during your travels is to purchase travel insurance. Most banks offer this product as a kind of safety net and a means to help travelers gain peace of mind during their trip.

For those who are not really aware of it, travel insurance covers financial losses or medical expenses that you may incur during your domestic or international trip. Typically, this insurance product has five main categories that you may want to know about.

Trip cancellation insurance. You are covered in case you or your travel companions have to interrupt, postpone or cancel the trip (perhaps due to weather conditions, injury or illness, problems with passports or visas, unexpected business conflicts, terrorist attacks or flight accidents). way to the airport).

Medical travel or major medical insurance. This provides cover in case the policyholder becomes ill or injured during the trip. The difference is that travel medical insurance only provides short-term coverage (from five days to a year), while major medical insurance is ideal for people who will be traveling between six months and a year or more.

Emergency medical evacuation insurance. If you are in a remote rural area or any other place where there is limited or no access to necessary medical facilities, this insurance will cover medically necessary evacuation and transportation to the appropriate facilities.

Accidental Death/Flight Accident Insurance. If such accidental death or serious injury as a result of a flight accident should occur, this insurance will pay benefits to the policyholder’s surviving beneficiaries.

It is best to evaluate the nature of your travels, your health background and the activities you will be involved in to help you determine whether travel insurance will prove particularly beneficial. For example, you may want to consider your ability to pay the full cost of a trip back home in case an emergency occurs and you have to go home unplanned, or whether you can afford medical care in case someone in your party has a health condition becomes ill. Such factors can help you figure out whether the insurance will prove valuable or not. Should you decide to get it, don’t forget to read the fine print carefully and ask the bank staff to explain each policy so you can make a fully informed decision.

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