All about travel insurance and its categories

One of the best ways to protect yourself from unforeseen incidents during your travels is to ensure travel insurance. Most banks offer this product as a safety net and it is a means to help travelers gain confidence during their journey.

For those who don't really know, travel insurance covers the financial losses or medical expenses that may be incurred during your domestic or international travel. Usually, this insurance product has five major categories that you may want to know.

Travel cancellation insurance. You will be covered if you or your travel companions have to interrupt, delay or cancel your trip (possibly due to weather conditions, injury or illness, problems with passports or visas, unexpected business conflicts, terrorist acts or accidents road to the airport).

Travel medicine or great medical insurance. This provides coverage in the event that the insured becomes ill or injured during the trip. The difference is that travel medical insurance only provides short-term coverage (from five days to a year), while extensive medical insurance is ideal for people traveling between six months and a year or more.

Emergency medical evacuation insurance. If you are in a remote rural area or in any place where there is limited or no access to necessary medical facilities, this insurance policy will cover medically necessary evacuation and transportation to appropriate facilities.

Death / Flight Accident Insurance. In the event of such death or serious injury due to a flight accident, this insurance policy will benefit survivors of the policy.

It is best to evaluate the nature of your travels, your health background and the activities you will be involved in to help you determine whether travel insurance will prove particularly useful. You may consider, for example, your ability to pay for the full cost of a trip back to your home country in an emergency and you must make an unplanned trip home or if you will be able to pay for medical care if someone at your party with a health condition you become ill. Factors like these can help you understand whether insurance will prove valuable or not. If you decide to take it, remember to read the fine print carefully and ask bank staff to explain any policy so you can make a fully informed decision.

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