If you are planning to take a vacation in the near future that is out of the country, here are three compelling tips on buying trip protection insurance.
My first tip is to make sure you choose a reputable travel insurance company that has 24/7 support so when there is a legitimate emergency and need for a claim, you have a toll-free number (or at least a number you can call collect) to report your emergency and seek assistance. Before you make any purchase, be sure to review all the terms and conditions of the policy offered. I realize that many policies on the market are filled with so much legal jargon you have to be a lawyer to understand what they are talking about, but your adviser should direct you to one where their products are well presented and offer limited choices to minimize any confusion.
My second tip is to discuss with your adviser what type of insurance is most appropriate for you. Many policies include extras that you may not need especially if you have existing coverage though supplemental sources such as your employer, your credit card or other governmental insurance programs. That said, these existing plans may not be sufficient so may be very exposed. Some plans are strict and may not cover pre-existing conditions and the premium is based on your age and medical score. I always recommend that you, at the very least, purchase trip protection insurance with no trip cost that includes medical evacuation, trip interruption, and coverage for flight delays, etc. You will not recover any portion of your trip cost but at least you are covered from the day you depart until you return home, should an emergency take place for you or an immediate family member at home while you are on vacation.
My third tip is to buy your trip insurance as soon as you make your deposit rather than postpone it to the last-minute. While you can wait right up until the day before you leave, it is best to buy when everything is stable. This way, should something come up and you find yourself with a new medical condition, you are protected. If you buy insurance after the change in your medical condition and you experience problems related to the recent medical change during your vacation, the insurance company may deny any claims as this is considered preexisting.
In conclusion, there are many variables to understanding trip insurance and what exactly you may need. Be aware of your exposure. It is best to seek an adviser for help in purchasing the best policy for you. My wish for everyone when on vacation is always for a safe trip without any incident so that when you return home, you feel recharged and filled with many memorable moments to cherish for years to come.