From content sharing of inquirer.net and MoneySense
Why take travel insurance if your life insurance policy already provides coverage in case of death? That’s a valid question. However, there are other benefits you might miss if you decide not to get one. Here are a few things to consider:
Look beyond life insurance. Travel insurance is designed to protect you from things that can spoil your trip: sickness, losing your baggage and belongings, a cancelled or delayed flight, getting sued overseas, or – the worst spoiler of all – death. So cover those things that would result in extreme financial or psychological loss.
However, there are some stuff that you can leave out. For example, if you have home insurance that covers for valuables such as jewelry and gadgets that you plan to bring, you may exclude this from the travel insurance package.
Optimize your coverage. Many are unsure how to go through acquiring travel insurance, while some see it as an undue cost on top of the expenses they’re shedding for their travel.
Given the potential value, the premium you would pay could be of good value. For instance, a standard coverage with medical expander offered by Global Insure starts at a P250 premium for up to a four-day coverage; and an insured-only plan offered by HSBC to its members starts at P299.
Check for exclusions. Just like any other insurance, travel insurance is also subject to exclusions, such as claims arising from pre-existing medical conditions or when participating in risky life-threatening activities. Inform your insurer if you have such conditions or concerns. Travel to obtain medical treatment or when it is against a doctor's recommendation; war or warlike risks; and committing unlawful or criminal acts are also considered major exclusions.
Tailor-suit your coverage. Know what kind of policy you’ll need. Healthcare is expensive in the US, so if you’re flying there, pick a policy that has unlimited medical coverage. Personal liability is also important in the event you accidentally injure someone while you’re vacationing. Repatriation can be very expensive, so make sure also that your medical coverage includes repatriation.
Make the most of your peso. Look for an affordable yet comprehensive travel insurance. You can usually buy from your travel agent or directly from an insurance agency. Availing of multi-trip policies may be more affordable, especially if you travel overseas several times a year.
(This article is from MoneySense, the country’s first and only personal finance magazine. Visit http://www.moneysense.com.ph/ for more.)