Are you going on a trip but don't really know if travel insurance is necessary? You can make an informed decision simply by conducting a quick needs analysis.
Ask yourself:
- What is the cost of your trip?
- How long are you going for?
- Where are you going?
- What elements of your trip would you like insurance to cover?
- What time of year will you be traveling?
The answers to these questions will help pave the way for establishing not only if travel insurance is a prudent option, but more specifically, what type of travel insurance you should consider.
For example, you are taking your family on a week-long Caribbean Cruise that you have invested $5,000 in. If your children become ill prior to your departure, would you be concerned about the $5,000 investment being lost? If your answer is yes, then you need to consider a Trip Cancellation Package Policy. These policies cover the loss of your trip investment for a covered reason prior to departure, as well as a host of other types of coverage.
To simplify matters, there are four primary types of travel insurance to keep in mind:
1. Trip Cancellation Package Policies which not only cover the trip investment but also other coverages like trip interruption, baggage, medical and emergency evacuation.
2. Travel Medical Policies which cover travel medical and emergency evacuation.
3. Medical Emergency Evacuation Policies which provide emergency evacuation protection.
4. Flight Accident Policies which provide life insurance while you are flying.
Armed with the knowledge and understanding of the various types of travel insurance protection available, as well as your personal travel details and specific coverage needs, you can successfully navigate the myriad of travel insurance products to get the best policy for wherever your journeys take you.
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