These daily financial tips are designed to be short ideas covering different aspects of family and business finances. They are short pieces intended to provide information to enable individuals, families and businesses to make informed financial decisions. Not all tips will apply to every situation, but over the course of a year, most financial topics will be covered. Check in regularly and share with friends and associates.
The Christmas holiday season and New Years is one of the peak travel periods. Families traveling to get together for the holidays, vacation travel to warmer tropical climates, etc. Often either the airlines making the travel booking or the travel agency making the booking offer travel insurance as part of the travel plans. Having out of country travel health coverage should be considered as much an essential as packing your bags and toothbrush. Accidents requiring medical intervention while travelling can be prohibitively expensive and turn what should be a relaxing get away into financial ruin.
Not all travel insurance is the same so purchasers should be aware of some key items and shop around before making their decision. One of the main reasons for declining claims for travel insurance is on the grounds of ‘pre-existing conditions’. These do not have to be major health matters. A change in medications can be grounds for ‘pre-existing conditions’. Pre-existing conditions can range from as short as 30 days – to 6 – 9 months. If a family member does have a ‘pre-existing condition’ there are medically under-written travel insurance policies available where medical history questions need to be answered prior to issuing the policy.
Another consideration is what types of activities will you or your family be doing while travelling? There are ‘hazardous activity’ exclusion clauses in travel policies. Things such as scuba diving, parachuting or para-sailing, back country skiing, etc. A number of travel policies will also exclude injuries sustained from motor-scooters or motorcylces.
Travel Insurance is generally not costly. It will largely be based on the length of the trip and number of family members travelling. If you travel more frequently (ie weekend or short trips to the US, multiple vacations, etc) you can purchase multi-trip coverage which is cheaper than paying for coverage every time you travel. In addition to health coverage you can also add trip interruption, baggage loss, etc coverages as well.
While travel insurance coverage offered via travel agencies, air carriers, may be convenient, as with most purchases, it pays to shop around to ensure the coverage you obtain suits your family needs. Pay particular attention to the ‘fine print’ for exclusion clauses and don’t think ‘it can’t happen to you’. Don’t leave home without it. Enjoy your holiday travel
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