What Are The Things You Need To Know About Travel Insurance?

3 min. read By eCompareMo on

Whenever you pack your bag, before you head to the airport and board the plane, you make sure that everything is taken care of so you can have avoided speed bumps along the way. However, there are times where you may encounter mishaps and other unfortunate circumstances—and these situations can debilitate you financially in the most unwelcoming way. With these things hanging over your head whenever you travel, what is the best way to protect you and your finances from hitting rock bottom? Fortunately, you can invest in your safety and security whenever you set out for a new journey: travel insurance.

What is travel insurance?

Life is full of risks; even during your non-waking moments, you are prone to several unfortunate events that can physically, emotionally, and mentally debilitate you, which in turn can negatively affect your financial standing. While risks are ever present and can manifest anytime at any place, there are ways where you can protect yourself from the severe consequences of unforeseen situations. This is where travel insurance comes in.

Travel insurance is a type of coverage offered to protect a traveler from different circumstances such as loss of personal belongings, manifestation of preexisting medical conditions, accidents, and other circumstances that can render the insured financially crippled. With travel insurance, you are protected from unexpected events that can put you at risk whenever you’re on the go.

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What are the primary benefits of travel insurance?

Getting travel insurance means more than just financial protection. You are also giving yourself peace of mind whenever you are leaving your home to travel. So what are the most common benefits of travel insurance packages in the Philippines?

Here are the most common protection features covered by travel insurance:

  • Medical expenses
  • Treatment of pre-existing medical conditions
  • Personal accident
  • Cancellation or delay of trip
  • Missing or stolen passport and other documents
  • Missing or stolen baggage
  • Missing or stolen personal effects
  • Flight delay
  • Funeral and burial expenses
  • Emergency medical evacuation or repatriation
  • Emergency assistance
  • Compassionate visit
  • Strikes or hijack
  • Care of minor children

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What are the most common types of travel insurance?

Depending on your travel frequency, you can get the specific insurance that will benefit you in the maximum way possible. The most common types of travel insurance are the following:

  1. Single-trip travel insurance. Specifically designed for people who only need maximum protection for a single trip, a single-journey travel insurance will give you the best travel coverage for a round-trip overseas. This type of travel insurance is recommended for people who seldom board a plane to travel, specifically vacationers.
  2. Multiple-trip travel insurance. Thinking of going in and out of the country multiple times within a certain year? With multiple-trip travel insurance, there is no need to pay for a single-trip coverage whenever you go out of the country; you are covered for the entire year! Great for business travelers or globetrotters who are always on the go.
  3. Annual trip travel insurance. Are you planning to stay overseas for a long time yet you want the best protection you can get for a year? Then the annual trip travel insurance is the perfect solution for your travel woes. Be protected 365 days a year with this type of travel insurance.

When going out of the country, taking care of yourself may not be enough. You need a reliable security blanket that will protect you whenever you board a plane to other countries. With travel insurance, you can spend less time thinking about the future and more time on the most important things.

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eCompareMo

eCompareMo eCompareMo is the No. 1 financial e-commerce site in the Philippines. Follow us on Twitter and Instagram: @ecomparemo.