What Is Travel Insurance and Do I Need It?

What Is Travel Insurance and Do I Need It?

When you want to travel the world, you are focused on arranging all the tours, stops, reservations, and exciting events that you’ll be doing while gone. What you probably aren’t thinking about is what may happen to you in an emergency while traveling. Do you know for sure that your medical insurance provider here in Canada will cover your medical bills in another country? Depending on the country you go to, they may not even take insurance at all – it could be cash only at the health services.

This is where travel insurance comes in. As your financial advisor in Kamloops, we often answer the questions: “What is travel insurance?” and “Do I need travel insurance?” The answer to the second is that we do recommend it.

What Is Travel Insurance?

This is a type of emergency health insurance that can be purchased before a trip, and will offer you coverage in the event of a true life-or-death emergency. In countries that don’t accept insurance, travel insurance policies often include the ability to wire money from the insurance company directly to the health provider. In other cases, the travel insurance is a reimbursement plan, in which you will be reimbursed for medical expenses that you encountered on your trip. The type you choose will depend on your trip details. As your financial advisor in Kamloops, we can help you find the right policy.

Do I Need Travel Insurance?

None of us can plan for accidents, emergencies, and random bouts of illness. It’s impossible to say that you won’t need medical attention while you are travelling. However, not having travel insurance could be risky. If you think your insurance provider covers you abroad, be sure to ask them what type of coverage they provide exactly. Will they pay for you to be transported back home if you get extremely ill? Do they guarantee international medical payments? Do they have to pre-authorize any life-saving procedures?

Keep in mind that travel insurance is not going to cover something like a case of the sniffles or a round of basic food poisoning. These policies are meat to pay for life-or-death medical care, and the circumstances surrounding that type of situation.

Overall, we would recommend that you do purchase a travel insurance policy, even for a short visit. This can be the difference between getting the health care you need, and not. Contact your trusted financial advisor in Kamloops to learn more at 778-470-3100.

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