Home Finance 5 Benefits of purchasing travel insurance

5 Benefits of purchasing travel insurance

5 Benefits of purchasing travel insurance
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When it comes to traveling for a holiday, most people will plan everything starting from where they’ll spend their vacation, how they’ll move from one destination to another, where they’ll get affordable accommodation etc. However, most people tend to forget one essential aspect: buying travel insurance. Some individuals don’t see the need to get a travel insurance policy, whereas others don’t want to incur the costs associated with it. Travel insurance is essential as you plan your trip and will help you when you least expect it. Traveling usually involves several risks that can be very costly in the long run. If you want to purchase travel insurance in Singapore, visit the website https://www.ocbc.com/personal-banking/insurance/explorer-travel-insurance.page. There are many benefits of buying travel insurance, as explained below:

1. Protecting your luggage and possessions

When traveling to your destination of choice, you’ll probably have to carry some items, including clothes, eyewear, jewelry etc. Sometimes there may be a mix-up of your belongings with those of other people, leading to the loss of your items. In other cases, your belongings might be stolen by other people or damaged. In either case, you’ll get compensation for your stolen, lost or damaged possessions if you’ve got travel insurance. The travel insurance plan has a breakdown of each expense in monetary value. However, it’s important to note that not all items are compensated by travel insurance. Therefore, it’s essential to check out with your insurance provider before purchasing the policy.

2. Covers emergency assistance and medical expenses

Nobody knows when exactly they’ll get sick when traveling. Travel insurance will assist you cover the costs incurred if you fall sick while traveling. Without travel insurance, you’ll have to pay for the expenses regardless of the accrued bills. Travel insurance will help you avoid such medical care expenses while abroad. Irrespective of your destination, the insurance will cover all aspects ranging from medical evacuation to foreign language services if a translator is used to help the doctors understand your problem.

3. Trip cancelation cover

Travel insurance covers trip cancellation. Typically, there are various reasons that can make a trip canceled. The reasons can be personal like falling ill, sudden business conflicts, death of a loved one etc. or unavoidable circumstances such as poor weather conditions. In this case, the insurance provider will reimburse you the prepaid amount of money, i.e. non-refundable travel costs. In some instances, especially if you’re going to places prone to fluctuating weather conditions like hurricanes, you might not get reimbursement.

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4. Covers trip interruption

Sometimes, your trip might be delayed due to unavoidable circumstances like natural disasters, bad weather, or technical problems. In this case, if you’ve got travel insurance, you’ll be reimbursed for any additional expenses you incur as a result of the interruption, such as accommodation, food and transportation expenses.

5. Flight accident coverage

You’ll get compensated if you get an accident while on your trip leading to serious injury, disability, or even death. In case of death, your immediate family members or surviving beneficiaries will get the compensation proceeds. However, if you die due to sickness or drug overdose, you won’t be liable for compensation.

In conclusion, these are the top benefits of travel insurance. Before you purchase travel insurance, take time to understand what’s included and excluded from the policy to avoid disappointment.


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