It you are travelling this Christmas to spend time with family and friends, you are probably thinking about the best insurance options for your vacation. There are different types of coverage, from single trip and short-stay solutions to all-inclusive packages.
Comprehensive Insurance
All-inclusive or comprehensive coverage usually includes stolen, damaged, and lost items and luggage, trip delay, interruption, and cancellation, and emergency repatriation and evacuation. Comprehensive packages also include emergency dental and medical expenses. Trip cancellation packages are also offered and cover trip delay, interruption, and cancellation, as well as lost and stolen luggage. Trip cancellation covers travel delays, interruptions, and delays prior to departure. Premium packages also include non-medical emergency evacuation, return of remains, and medical repatriation. Some premium packages also include rental car damage, flight and accident insurance, and medical follow-up once in Canada. Eligibility varies by provider but patients with terminal illness and those who require kidney dialysis are usually not eligible. Patients with organ transplant or bone marrow transplant are not eligible too.
When shopping for insurance deals, it is a good idea to check travel packages that cover travel accidents, unlimited emergency medical, travel assistance, and more. Packages usually include flight accident insurance that covers irrecoverable loss of hearing or speech, loss of sight, double dismemberment, and death. Travel accident plans feature the same coverage but the principal amount is lower. Travel packages also cover escort for children and return of children to their territory or province of residence. Some plans also include provisions for the return of travelling companion and return of vehicle. The best travel coverage options for your Christmas holiday also feature coverage for physician visits to replace damaged, stolen, or lost medications. This is a beneficial provision if you plan a holiday abroad. There are plans that cover emergency medical conditions of caregivers, children, partners, and other immediate family members. This is a good choice if planning a family vacation, whether at home or abroad. Comprehensive plans also offer coverage for the death of travelling companion who can be a caregiver, family member, or business partner. Some plans even cover the death of a friend or host. There are other covered risks such as delay of a cruise ship, a travelling companion subpoenaed as a witness or called to serve on a jury duty, and so on. Some plans even offer coverage for the death or injury of a service dog of handicapped, visually impaired, and blind persons. Additional provisions that can be beneficial include subsistence allowance, travel and tour package benefit, missed connection benefit, and so on.
Trip Cancellation and Coverage
When it comes to cancelled trips, reasons to cancel include bankruptcy of your travel agency, loss of job, hurricane damages, and death, sickness, or injury of a travelling companion, spouse, child, or another family member. The list of covered reasons is quite long and includes divorce or legal separation, school year extension, theft of visa or passport, traffic accident occurring prior to the trip, and burglarized, vandalized or damaged home. Loss of accommodation as a result of death or illness of host friends or family is also covered.
Travel Medical Insurance
Many providers, including insurers and financial institutions, offer medical insurance that covers emergency medical treatment. Plans usually include emergency medical coverage and dental treatment and some feature coverage for preexisting medical conditions. A multi-trip plans is also a good option for people who travel frequently and not just over Christmas. Look for a plan that has no age limits and flexible deductible.
Car Rental
When shopping for insurance, there are different factors to look into, for example, whether you need a car rental for your holiday. Car rental insurance is a good option in this case, especially if you are travelling long distances. Insurers usually offer plans that include personal effects and personal accident coverage. There are rental car protection plans that cover reasonable loss of use, fire department charges, loss of rented vehicle, and physical damage to the vehicle. This type of coverage is a good choice when travelling abroad or out of province and is offered for both leased and rented vehicles.
Life Insurance
Weather conditions can be severe during the holiday season and accidents happen unfortunately. Life insurance is an option to look into and comes in two varieties – permanent and term life coverage. The second option is for persons who want to have guaranteed protection during their life time. Term life coverage, on the other hand, offers coverage over a specific timeframe. Beneficiaries such as children and other family members are entitled to tax-free benefits in the event of death. In general, term life coverage is a good choice for people who are looking for temporary protection while their children are in college or until they pay off a mortgage loan. This is also an alternative for people who are looking for an affordable policy. The best part about term life is that there is an option to convert to permanent coverage. Depending on the policy of choice, there are variations when it comes to cash value accessibility, coverage options, payment flexibility, guaranteed premiums, coverage amounts, and age limits. There are different types of coverage options – single life and joint first to die. The amounts also vary by type of coverage and range from $5,000 to $50,000.
Shopping for Insurance
When shopping for good deals, it pays to inquire about details such as out-of-pocket expenses, coverage limits, exclusions and restrictions, co-payments, and the deductible. When it comes to medical travel insurance, comprehensive plans allow policyholders to use almost any facility and physician. Other policies charge more for the same or have limits.
Exclusions
Insurance plans usually come with general exclusions such as health conditions resulting from the use of prescription drugs without prescription and the use of alcohol. Abuse of medications is also excluded from insurance policies.
Most people do not have enough left after taxes, and expenses for luxuries like vacations. I know I don’t!