As the borders across the globe are opening once again, we have seen the frenzy of travel approaching pre-pandemic levels. Earlier forecasts predicted that travelling demand would resume normalcy by 2024, however, based on the recent update by IATA in May 2022, the data has revealed that normalcy will return to pre-pandemic levels would come sooner than later.
When planning for a trip overseas, it is essential to have adequate travel insurance in place to cater for unforeseen circumstances.
Single trip: Great for once-off short trips to southeast Asia.
Annual plan: If you and your loved ones intend to travel more than twice a year, it may be more cost-effective to take up an annual travel plan.
– Check that your travel insurance includes covid cover, as not all travel insurance provide covid coverage.
Also note that covid compensation limits are usually lesser than other insured events.
– If you or your loved ones have pre-existing conditions (eg high blood pressure or heart-related), it’s best to take up a travel insurance which covers pre-existing conditions. Otherwise, overseas hospitalizations, medical evacuation and other expenses may not be claimable under the travel insurance.
– Seniors who are above 70yrs old usually have reduced travel coverage, as compared to younger family members.
In this case, it may be better to get a higher limits travel insurance plan for seniors.
– Due to the high cost and complexity of emergency medical evacuation, it’s recommended to have at least $300,000 – $500,000 in coverage; so that the patient can have access to the best possible medical care.
Given that no two policies are alike, we should consider how different policies function in different geographies as well as note differences in T&Cs.
Speak to us if you have any queries and we’ll be happy to help for your travel insurance plans!
Meanwhile, feel free to look for travel insurance quotations here: Travel insurance quotes
Happy holidays!
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Winnie Chan is a distinguished Certified Financial Planner (CFP) with over a decade of expertise in financial advisory services. Her commitment to her clients has led many to achieve their financial aspirations while ensuring their families’ protection. Winnie‘s extensive experience in insurance claims has been instrumental in securing successful payouts, providing crucial financial relief during challenging times.
Her passion for community engagement is evident through her financial education initiatives. She has conducted insightful financial talks for esteemed organizations such as Carousell Group, Singapore National Eye Centre and Singtel, empowering their employees with valuable financial knowledge.
Outside of her professional commitments, Winnie balances her life with a passion for fitness and music. She enjoys rigorous workouts at the gym and is a pianist, recently awarded ABRSM Piano Performance Grade 6 (Merit).
