Insurance companies have various plans that cover specific events or occurrences. Common insurance plans include life insurance, health insurance, accidental insurance, household insurance, marriage insurance and so on. Every insurance plan has its benefits and disadvantages. A careful examination of the various plans by insurance providers as well as a comparison study of similar plans by competitors is an excellent method of choosing the appropriate insurance plan. Do keep an eye out for the best deals as prices tend to vary between insurance companies. Before finalizing an insurance plan ensures that the plan is not only the least expensive in its category, but also offers at least most if not all of the features that you are looking out for.
Unexpected events contribute for a major chunk of traveling costs. An insurance plan that is meant to cover contingencies while traveling including medical expenses, flight accident, lost luggage, trip cancellation and so on is called travel insurance. Travel insurance plans owes its popularity in recent times to an increase in the number of professionals who travel for both business and pleasure. These plans that aim to reduce the risks associated with travelling, can be availed for travel within the country as well as internationally. “What is Accidental Travel Insurance?” is commonly asked question among persons considering various travel insurance plans.
Accidents cannot always be prevented regardless of the number and extent of precautions. Accident insurance plans help meet the emergency expenses in case of an accident. Accidental travel insurance may either pay the cost of all medical expenses in a similar manner or offer different benefits for emergency medical and accidents. An important point to note is that the cost of insurance policy may vary according the country of visit owing to the differences in cost of medical and legal expenses in each country.
The list of things to consider while choosing accident travel insurance includes the duration of travel, the amount of premium payable, the country of visit, limitations or statutes in the policy, types of accidents covered and easy access to helpdesks particularly when abroad. Events that are usually included in insurance plans are stolen or lost luggage, fraud and medical emergencies. However,it is worth the extra effort to check out the extent of each coverage. It is equally important to read the fine print in any policy document to ensure that no shocking revelations come to light when availing the insurance coverage.
An important point to be made in this context relates to pre-existing medical conditions. While most insurance plans claim to take medical emergencies into consideration, they often have clauses that make an exception in case of pre-existing medical conditions. It is important that accidental travel insurance makes provisions for pre-existing medical conditions and medical evacuation whenever necessary. The benefits of paying an additional premium to cover these expenses are usually far greater than the discomfort caused by the extra expense in purchasing the policy.
Choosing a suitable plan is of great importance as every insurance plan has its advantages and disadvantages. Insurance companies have standard plans for events like travel, life, health, marriage and so on. Each standard plan would have few variations as well as many riders which would allow for personalization of the policy. Although a careful study of each plan may not be an easy task, it is an excellent idea to weigh the benefits and disadvantages before selecting an insurance plan. All travel insurance policies may be purchased while making travel planseither from a travel agent or through your regular insurance provider.
Language is a great barrier when traveling in a foreign country, thus a 24 hour helpdesk is of particular help in case of any eventuality when traveling abroad. Similarly, a plan that handles loss, damage and displacement of luggage is beneficial as it saves some last minute running around. Medical emergencies, including medical evacuation is particularly effective when under treatment for a serious illness like heart failure. Plans that have too many clauses and tend to confuse with their wordings are best avoided as they might have clauses that could result in non-settlement of the claim. Study plans by at least 3 service providers before finalizing the policy.
A Travel Accident Insurance Plan may be multi-trip or a single-trip plan. A“multi-trip” policy may be far more beneficial to a frequent traveler since a single policy covers unlimited number of trips within a pre-decided time period. The added advantage of a “multi-trip” policy is that the insured person is well aware of all important aspects of the insurance plan as it would have been chosen with care and deliberation.The single trip plan, on the other hand, covers a single trip and expires as soon as the insured person reaches the country of origin.
The claim settlement process, the extent of coverage, value of standard deductions and the time period required for settlement are all important things to consider while choosing accident travel insurance. Thus, it would be appropriate to say that besides the cost, the many factors need to be considered while selecting an insurance policy. The details of each plan would be available with representatives of insurance companies. The internet is also a good source to gain information about the different insurance plans.
Travel accident insurance policies often come with riders like aaccidental loss of life,accidental disability(including loss of hearing, sight, speech or Limb(s)), Paralysis, Medical or Political Evacuation and war risk. Most accident travel insurance plans cover loss, delay or damage to baggage. Representatives from various insurance companies would state the advantages of their products over that of their competitors. However, it would be best to have an unbiased opinion by a person with knowledge about the subject when selecting the most appropriate insurance plan.