If you’re going on holiday soon, the last thing you want to think about is how everything could go wrong. Between possibly getting booted from an overbooked flight, getting pickpocketed or worse, it’s essential to protect yourself and your loved ones and be prepared for all circumstances.
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Unlike other forms of insurance, travel insurance covers you only for the duration of your trip which makes it relatively cheap. Furthermore, some credit cards give free travel insurance! Simply charge the cost of your trip to an eligible credit card to be automatically insured.
Here are some key tips to help you choose the best travel insurance for your trip:
1. What insurance do you currently have?
Your existing insurance plan may cover you in case of accidents, hospitalisation, or death. But you need to determine if that protection is active while in Singapore only, or extends worldwide.
For example: You may find that your accidental death and injury plan provides global coverage, while your hospitalisation benefits only apply to Singapore. In this case, you would receive a payout for the accident you suffered, but will have to pay out of pocket for any hospital fees incurred overseas.
Worldwide medical coverage plans are usually rare and expensive. Someone who is subscribed to one probably did so to circumvent restrictions on certain pre-existing conditions. However, global care plans are also likely to include coverage for emergency evacuation and repatriation, which covers the cost of flying you back to Singapore for treatment.
Find out for sure what your existing insurance plans cover you for, and where. If you have sufficient protection in your destination (including evacuation and repatriation), travel insurance might not be necessary.