Life Insurance

Earl Gonzalez By Earl Gonzalez, 8th Aug 2018 | Follow this author | RSS Feed
Posted in Wikinut>Business>Accounting & Finance

*Trip cancellation insurance
*A single trip travel insurance
*Annual-Travel insurance
*Travel medical insurance
*Group travel insurance

What are the types of Travel Insurance?

Many people nowadays hardly understand what types of travel insurance are there. However, travel insurance primarily falls into different types of categories.

Trip cancellation insurance

It is a type of insurance policy that includes different conditions as follows:
• In case you need to cancel your trip for valid reasons advance to your departure, it will repay you the pre-paid non-refundable part of your trip amount.
If you have purchased the travel insurance plan adequately most at a higher premium in advance of your trip will allow you to cancel that plan for any reason.
• While you are on a trip and at the same time you were to get injured or sick, in such case travel insurance will pay for the expenses.
• In any case, you need to return back home from the trip early due to some reasons such as your house is on fire or it is flooded or your relative passed away, it will help you to pay for the extra amounts to make arrangements so that you return home early.
• If you are injured or sick due to some illness while on a trip, then a trip cancellation insurance would transport you to the nearest medical facility where a good medical care can be given. It may also pay you to return home, under the benefit of ‘Repatriation’ once your health is stable enough to travel back.
• Many policies may cover things such as baggage delay and loss of checked luggage up to various amounts. Some might just pay the additional expenses if you lost your luggage and also pay for reimbursement and will ask you to collect the payment from travel provider such as airlines as they lost your luggage.
• In case you were to pass away in an accident or if you were to lose one or two limbs in an accident, then the Accidental Death and Dismemberment coverage is useful.

Also, there are other benefits which vary among various policies such as assistance services, travel delay, emergency cash transfer, ID theft protection, caretaker services, flight accident, rental car coverage etc.

You can find out more in our guide on critical illness insurance.

A single trip travel insurance

It covers traveler for one single trip, starting from when they leave home and it ends when they return back home. Up to ten travelers on international trips or national trips get covered by this policy. Travelers who are worried about having to cancel their trip should go for a single trip policy with trip cancellation cover. If a traveler is unable to travel for one of the policy’s covered reasons in such case this benefit pays back the insured trip expenses.
Single trip travel insurance typically cost between 4 percent to 10 per cent of a traveler’s trip cost, it depends on their age and total trip cost with the length of their trip. You don’t need to ensure a trip cost and can buy a less expensive non-cancellation type of policy which covers travel delays, medical emergencies, and luggage if you are not concerned about canceling the trip.

Annual-Travel insurance

These policies are designed to cover the travelers taking multi-short trips throughout a year where traveler selects a start date for annual coverage. This start date should be the departure date for their first trip. An annual trip insurance policy will last for one year from that date of departure.

Annual travel insurance may have limits for how many trips can be taken throughout the year and for how long one trip can last. The coverage offered on this insurance is different from single trip insurance. Annual travel insurance offers medical evacuation benefits and medical emergency but it does not include trip cancellation coverage.

Travel medical insurance

Travel medical insurance primarily focuses on medical benefits only and does not include trip cancellation benefit. This type of insurance is more suitable for people traveling outside their home country for a longer duration. It provides better medical coverage than the trip cancellation insurance would provide.

Group travel insurance

Single trip travel insurance covers up to 10 travelers, but the group travel insurance allows to cover more than 10 travelers to purchase one policy for their trip. The benefits similar to single trip insurance includes medical emergencies, coverage for cancellations, luggage and travel delays are covered by group travel insurance.
For the organized groups traveling together the purchasing of a group travel insurance can be more beneficial.


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Meet the author

author avatar Earl Gonzalez
Insurance agent at Easy Insurance Hub. My work here is to guide people in finding out the appropriate deals on life insurance, no medical life insurance, over 50s life insurance

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author avatar Lesa Cote
5th Feb 2020 (#)

Thanks for the post! The english assignment help appreciates the blog.

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