Tips on choosing your Travel Insurance

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.

Here are some tips on choosing your travel insurance:

Single trip or Annual plan

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.

Covid coverage & its corresponding limits

– 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.

Pre-existing conditions

– 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.

Reduced benefits for seniors

– 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.

Limits for emergency medical evacuation

– 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.

Which Travel Insurance is the best?

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.

Published By:

Chan Wen Li Winnie

Winnie is a Certified Financial Planner with more than 10 years experience in financial advisory services, helping many of her clients to achieve their financial dreams, while protecting their families. 

With more than a decade of insurance claims experience, she has tangibly helped many clients receive their claims pay-outs successfully, relieving their financial burden.

As part of her community outreach program, she finds it very meaningful to conduct financial talks for companies where the staff can benefit from the talks. Some of the companies who have benefitted include National Kidney Foundation, Singapore National Eye Centre and Singtel. 

Despite her busy schedule, she enjoys working out at the gym and playing the piano (currently pursuing Grade 5 ABRSM).

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