How do you KNOW you have the right amount of travel insurance?

September 14, 2011 By Leave a Comment

How much travel insurance is enough?We hear this all the time: “How do I know I have enough, but not too much, travel insurance?” and we all know:

  • Hurricanes, tornadoes, snowstorms and floods happen.
  • Planes are delayed and cruise departures get missed – it happens all the time.
  • Kids get sick and travel plans have to be scrapped.
  • Emergencies happen back home and you have to be there.
  • Work conflicts arise and you have to abandon your trip.

Look, we’re just like other travelers – we want to be protected, but we don’t want to have a lot of expensive coverage lying around that we never need or use. It’s a waste of money we could be spending on vacation fun after all!

So to answer this question, we did a lot of research and put together the information you need to determine whether you have enough coverage or not. It’s called 4 Steps to 100% confidence in your travel insurance plan, and while that’s a brave-sounding title, we think the content is up to the standard.

This content lays out the four steps you can follow to be sure that you 1. understand your plan and 2. have enough coverage to get home safely.

We all want to be safe and enjoy our trips, but a single injury or illness can wipe out your financial reserves – even if you’re traveling inside your home country! Take a look at the 4 Steps to 100% confidence in your travel insurance plan and let us know what you think.

 

How travel insurance has evolved and what it means to you

September 5, 2011 By Leave a Comment

travel insurance evolvingIt’s important for travel insurance consumers to understand that travel insurance, like any other type of insurance, is an evolving industry.

What do you mean by ‘evolving’?

Before 2001, for example, acts of terrorism were specifically excluded from all plans, but now many policies will refund trip costs for destinations hit by terrorists within 30 days of your visit. In most cases, civil unrest and riots are not covered for trip cancellation benefits, but some plans do provide security evacuation benefits to get you out of harm’s way. As businesses worldwide have begun to work together on a global scale, the threat of kidnapping, ransom and extortionhas evolved and so have the available travel insurance protections.

OK, so what’s the problem then?

Unfortunately, many consumers expect to be able to purchase a travel insurance plan whenever they want and have it cover any travel risk they encounter.

Recently, one commenter was frustrated that they couldn’t purchase hurricane trip coverage when the hurricane was already named and mandatory evacuations were being discussed. That’s not really fair, is it? It’s like trying to insure your vacation home from wildfires when the wildfire is heading across your neighbor’s pasture toward your door.

So, how do we understand our policy?

The key is understanding your policy and what it’s designed to cover. To accomplish that, you have to spend a little time reviewing the terms and conditions of the policy. Here, we provide reviews of the policies to help you choose those that will meet your travel needs, but reading the plan certificate is the only way to understand the full coverage included with the policy. The plan certificates are available online at the travel insurance website and we provide links to those as well.

How do we know we’re getting the right travel insurance?

With all the scary headlines – volcano eruptions, earthquakes, hurricanes, and more – travelers can get a little focused on the news and fail to remember the more common risks of travel, such as the need for medical care if you get sick or an evacuation if you have a serious accident. The bottom line is if you’re willing to spend thousands of dollars on a trip, it makes sense to spend a few more to ensure a refund of that money if something happens before or during that trip.

What are ‘covered reasons’ and how do you know they’ll meet your needs?

August 4, 2011 By Leave a Comment
Covered reasons in travel insuranceA ‘covered reason’ is very specifically an event (a reason) that is covered by the benefits in your travel insurance plan. Nearly all complaints about travel insurance arise out of confusion over a plan’s coverage. Sure, we’re all familiar with how our health insurance or life insurance coverage works back home, but travel insurance is a relatively new breed of insurance. It’s highly useful stuff, but only when it’s understood by the traveler.

Every travel insurance plan is unique, but they typically follow a basic pattern of specific reasons you can make a claim for benefits. The details about any plan, including the covered reasons, will be found in the plan’s description of coverage. This is the document that we, the travel insurance companies, and everyone else strongly encourage you to read. In nearly all cases, a plan’s description of coverage is available with the plan information right on the website.

Let’s look at some examples that should help you understand how to determine whether the travel insurance plan you’ve chosen will be right for you.

Covered reasons for work cancellations

Let’s take a look at one plan’s covered reasons for making a trip cancellation claim due to work reasons. The following is copied from the Travel Insured International Worldwide Trip Protector Gold plan and with this plan, the ‘cancel for work reasons’ coverage is an optional add-on:

Covered reasons for work cancellation

Now, if you take a minute and read that text, it’s pretty clear right? If you have any questions, however, you can call the travel insurance company and ask. If your conclusion is that this plan won’t work for your needs, you can cancel the coverage as long as it’s within the travel insurance plan’s free review period.

Let’s take a look at another set of covered reasons.

Covered reasons for general trip cancellations and interruptions

In general, the covered reasons for trip cancellations and interruptions (and sometimes trip delays and missed connections) are lumped together in the plan’s description of coverage. The following is copied from the Travel Guard Gold plan:

Covered reasons for trip cancellation and interruption

Now, we realize that’s a long list, but if you read through it, can you understand it? Notice, that to make a trip cancellation claim for terrorist concerns (see (i)), the terrorist incident must be listed on your itinerary, i.e., it can’t be in a nearby country, and it must occur within 30 days of your scheduled arrival. That’s pretty reasonable when you think about it.

Will the covered reasons meet your needs?

This is where you have to make some decisions and only you can make this determination. If you read through the covered reasons and think through the stuff that could go wrong (in fact, reading the description of coverage will often be a surprise in that it will cover things you never even thought about) and if each of those events is covered, then you’re probably good to go.

If you read through the covered reasons for a particular benefit and think you are facing a unique situation that may not be covered, give the travel insurance company a call and explain the situation. They’ll help you determine if you have the right plan.

International Medical Group (IMG) now available in Travel Insurance Review

July 26, 2011 By 2 Comments

IMGInternational Medical Group, known widely as IMG, is now available for review here on Travel Insurance Review.

IMG is a world leader in international medical insurance for travel and for working abroad, including employer-sponsored major medical plans for employers with international employees and expatriate employees. In fact, their GEO Group plan is unique in providing U.S.-style comprehensive health care for employees and their families. It includes primary health care benefits as well as mental health care, vision, and optional dental care at three levels. This plan is customizable, so the employer can choose the plan maximums and deductibles. For global employers, this plan may just fit their needs for employer-provided health care.

Coverage for Marine Crews
IMG has a unique commitment to covering health care needs for niche workers. One of the most unique set of coverages we found are IMG’s plans specifically designed for marine crews. The marine crew-specific plans offered by IMG cover medical needs due to recreational SCUBA diving and amateur sailboat racing.

  • Global Crew Medical – offered in two levels for regions including or excluding the U.S. and Canada (where health care costs are higher than in other regions around the world), this plan is comprehensive medical for boat captains and their crew members.
  • International Marine Medical – comprehensive medical insurance for groups of three or more marine crew members and their dependents. This plan also covers maternity and newborn care after 12 months of continuous coverage.
  • CrewSelect International – offered at two plan levels, for three global ranges, and in three currencies, this plan is major medical insurance with some added benefits like trip interruption and high baggage coverage.

Coverage for Aid Workers

IMG also offers a unique set of plans specific to missionaries and aid workers:

  • Outreach Travel Medical - available for individuals and groups, this is temporary travel medical for U.S. and non U.S. citizens traveling outside their home country in service.
  • Global Mission Medical – offered at four benefits levels, this is short- or long-term major medical insurance for U.S. and non U.S. missionaries around the world. No cost for the first two young children (up to age 9) for the first year of coverage.
  • MP+ International – for two or more travelers, this employer-sponsored, long-term, emergency medical coverage provides continuous coverage for two or more missionaries overseas and in the U.S. Options for life, dental, and evacuation, plus direct billing.