FINANCIAL THOUGHTS
Protecting Your Wallet While Traveling Overseas
To avoid confusion, this article has nothing to do with security protocols, metal chains or even high tech gadget that will help you from getting pickpocket. This will circle on the advantages of having travel insurance.
It is normal for anyone to head overseas to spend some family time during the holidays. Nevertheless, if you are complacent, you might regret even stepping out of your own home. Sometimes it is not even your fault but nonetheless, you are the one that will be forking out money to buy a replacement ticket.
Flight Delays
If you are not a fan of waiting, this will certainly bring a smile on your face. Flight delays do happen and when it occurs, you very well hope that it is not your flight that is being announced on the speaker.
What travel insurance does is that they will get pay you cash benefit when there is a flight delay. However, there are conditions. Most of the time, the delay must be above a certain number of hours in order for the cash benefit to be paid out.
The cause of the delay must be in line with the conditions of the policy as well. Sometimes, the cash benefit will be paid if the delay is caused by a natural disaster only. Hence if it is anything else, you will not get paid.
Hence, do read the policy wording prior to buying any travel insurance.
READ ALSO: I Am 25 And Single, Why Should I Buy Insurance?
Loss of Baggage or Personal Belongings
The last thing that you want to happen when you arrive in London is the fact that your baggage is lost.
Imagine the loss of your baggage. You might need to buy new clothes, toiletries and anything else that you need during the trip. That all equals to extra expenses that might be frustrating on you.
Thus, by having travel insurance, you can reimburse for such costs. At least there some consolation from the loss of your things.
READ ALSO: What Is The Right Amount Of Emergency Fund?
Medical Expenses
Have you ever fell sick on your holidays? If yes, that feeling is just killing you inside. All you wanted to do was to enjoy the food and go sightseeing. But due to the illness, all those cannot be fulfilled and you are left helpless.
Nonetheless, your main objective should be to get better. And sometimes-medical costs overseas are quite expensive. Thus, with travel insurance, you are able to claim back the cost of getting treatment.
Do read the policy wording properly, just to be certain of what kind of treatment you are able to claim for. Be it accidental or non-accidental cases. Or perhaps whether inpatient or outpatient expenses are covered.
Repatriation Cost
If one of your family members passed away during a holiday, that will certainly be the worst thing that could have to happen. And preferably, we would want to bring back our loved ones back to our homeland.
However, the cost of transportation does not come cheap. In this case, it is called repatriation cost.
If such an unfortunate event happens, your travel insurance may be able to cover for the repatriation cost. That will certainly help you and your family.
You are already disheartened by the lost of your loved ones. The repatriation cost benefit is something that would be helpful in such an emotional time.
READ ALSO: 10 Common Myths of Life Insurance: Singapore Edition
Better be safe than sorry
Although you might have the thinking of the odds of such things that will happen to you are low, you will be caught off guard if tragedy strikes.
All you want to do is to enjoy and have fun. All you need to do is to spend some money, in order to save lots of money. Just to put that in simple terms.
Well, that’s the end of this article. Do share it if you think this is beneficial to your friends and family.
Disclaimer:
I am a financial adviser but I am not your financial adviser. Therefore, what is posted on this website, are my opinions and NOT to be taken as financial advice. Information provided might be relevant at this period of time but may be irrelevant due to alterations to rules, regulations or policies. The information provided is true to the best of my knowledge, but there maybe omissions, errors or mistakes.
