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One of the most difficult parts of buying travel insurance is knowing which type of plans to choose. If you heard about travel insurance from our previous post ” 5 key reasons why you need a travel insurance plan”, your next question would be: SO WHAT KIND OF PLAN DO I NEED.
You don’t want to buy the wrong plan. You are not in for surprises when the insurance coverage is your last resort.
Once you understand the differences between these various travel insurance plan, it makes researching and purchasing a plan easy.
Keep reading to see many more details and learn how the coverage differs with the many plans and who should buy which type. There are also more specialty plans.
TRAVEL MEDICAL
This insurance package makes available emergency medical coverage when you are in a foreign country. Also known as Travel health insurance, international travel insurance.
It provides coverage for numerous unprecedented incidents like accidents, emergency, evacuations etc. These are comprehensive style benefits that are often limited. This package covers your medical and evacuation bills when you are in a foreign country.
This plan is most appropriate for:
Expats in a foreign country
Holidays abroad
Work study abroad
TRAVEL ACCIDENT
This kind of plan is made to compensate against future accidents that happened on foreign soil. It has protection and life term benefits. It focuses more on accidental death and dismemberment ( AD and D). It’s more like a travel life insurance benefit.It is valid on a trip outside the home country of the insured.
This plan is most appropriate for:
Any traveler engaged in physical risky jobs abroad.
Any traveler concerned about life insurance.
PACKAGE ( COMPREHENSIVE TRIP INSURANCE).
When people think insurance, they immediately imagine a packaged plan. In this package, Trip Insurance, Vacation Insurance, Comprehensive Travel Insurance, Trip Cancellation Insurance are all included.
This packaged insurance plan covers; interruption, cancelation, delayed baggage, stolen baggage, medical emergencies and natural ones too.
This is the only plan that offers coverage for trip cancellation. It is an exciting package with all additional benefits included. There is no policy on it’s own that covers trip cancellation.
This plan is most appropriate for:
Family fun holidays
private vacations
Foreign or domestic travel
Cruises
EVACUATION (MEDEVAC)
This package is strictly for medical purposes as extreme as emergencies and international medical evacuation.
These plans cover two options:
•Taking you to the nearest hospital.
•Returning you home.
This plan is most appropriate for:
Any traveler concerned about medical costs in a foreign country.
People on vacations in different countries.
Visitors going to remote areas.
ANNUAL PLAN
This is a comprehensive plan that covers almost everything travelling to be undergone in a year.It are common and useful because it is a convenient plan.
This plan is most appropriate for:
Frequent travelers, traveling academics, business travelers, and even retirees who travel often like the simplicity of having the same coverage all year long.
SPECIALTY PLANS
These plans are one off plans that fill in the gaps of what the individual already has but couldn’t bring along on the trip like; a car rental. It entails coverages like; Car rental collision and road trip coverage, Cooperate kidnap, ransom and extortion coverage.
Any traveler concerned with a particular risk can take up such specialty plans.
