Travel insurance desirable even with medical plan

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Many people often don’t factor in travel insurance when planning a journey — a vacation, family visit or a business trip.

Yet this type of insurance offers crucial protection against financial risks associated with travel like illness, injury, trip cancellation and luggage loss.

Like other types of insurance, the purpose of travel insurance is to guard the insured against financial losses arising from a particular activity. You need to plan for emergencies that may potentially ruin your trip.

There is a mistaken belief that one doesn’t need travel insurance if they already have medical cover. Truth is, such policies only offer limited protection particularly if you are travelling abroad.

You will still have to settle hospital bills out of your pocket. Apart from managing the risk of unexpected health issues, a travel policy also covers unbudgeted expenses related to delayed flights, like extra hotel and meal charges. If it has a personal liability clause, the policy will cater for legal expenses related to third-party claims for damage to property or person injury

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