Life insurance and traveling – What you need to know
As we all know, life is unpredictable, so it only makes sense to take advantage of a life insurance plan. But what about when you decide to take a trip to another country? Many people think they don’t need life insurance coverage because of the policy they may already have. But the truth is that policy may only cover you for losses incurred while in your home country. Anyone wishing to travel abroad usually must purchase a different kind of coverage, which is travel insurance.
Travel insurance coverage has many benefits. Not only can it help relieve your family of the financial burden of transporting your remains back to your home country, but it can also assist with funeral costs. Getting travel insurance also means that you are able to get medical help abroad should you be involved in an accident and sustain injuries that require a hospital visit or stay.
Your Options With Travel Insurance
If you don’t already have a life insurance policy, but are planning on traveling abroad, you may have a few options. You could forego insurance coverage, but that could leave you at a momentous loss should something happen to you. You could also choose to be untruthful about where you plan to go; this is strongly advised against, because if you happen to die while abroad, your claim will not pay out if it’s discovered that you lied about where you were going. If you want coverage but don’t want to spend a lot for that coverage, you could always choose a travel policy that includes an accidental death clause.
- photo – State Farm
Think You Don’t Need Coverage? Think Again
Just as millions of people think that a regular life insurance policy is a waste of money because they’re healthy, so do people think about travel insurance. No one wants to consider the fact that they will ever become injured, sick or perish while traveling. But it happens more often than you think.
Probably the most interesting myth surrounding travel insurance is that it costs a lot of money. Truth be told, travel insurance can cost as little as a few dollars a day, depending on where in the world you are traveling, and for how long.
Finding the Right Travel Insurance Plan
Locating the right coverage for your travel situation can be overwhelming at first. There are many companies, each offering a wide range of options for those wishing to travel. But there are a few basics to consider which can help you to choose the right plan.
First of all, look for a travel policy that offers the highest coverage limit possible for medical expenses. You will find that $100,000 is the coverage limit offered by most affordable travel insurance plans. Of course, the more coverage you desire, the higher your cost will be. High medical expense coverage is very important, as without it, you could be stuck with astronomical medical bills.
You may also wish to consider purchasing evacuation insurance, which will cover you if you need to be transported from a remote location to a hospital, or need to relocate to another area due to a natural disaster. This type of coverage should also include the cost of a flight back home from any hospital you may have been admitted to.
What to Expect When Seeking Travel Insurance Coverage
No coverage will be issued from any life insurance company for travel unless that request is accompanied by proof that you plan to enter the country legally. This means having a valid passport or visa.
The level of risk to you in the country you plan to travel to will also be considered by the company to which you apply for coverage. If your trip includes visiting a country where civil unrest or disease is currently an issue, you may not be able to get the coverage you’re looking for. Additionally, your previous medical conditions may render you unable to receive travel insurance coverage. In this case, you may receive a special premium based on your medical conditions, age or gender.
- Guest author Adam Foley enjoys helping people make sense of how life insurance companies structure their policies in order to select the right one for their family.