Tag: Travel Insurance

Which Optional Insurance Types Are Actually Worth Having?

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Insurance can help to pay for those unexpected out-of-pocket life costs. Some insurance schemes are compulsory such as motor insurance if you’re a driver. Others are optional. It’s possible to take a gamble and forgo insurance altogether in the hope that you never run into a disaster. It’s also possible to spend a fortune insuring everything from your phone to your new pet hamster. When it comes to getting your money’s worth, here are some of the optional insurance schemes that you should be considering.

Medical insurance 

Getting medical treatment is expensive. If you do fall ill or have an injury, you don’t want to be in a position where you cannot pay for surgery or medication. Medical insurance can help to pay for such a situation. If you’re not in and out of the hospital on a regular basis, it’s likely you’ll pay lower rates. You can also save money on family bundle rates and by upping your deductible (many people are able to use a savings account called an FSA to pay for this deductible). Sites like CompareMedicalPlans.net can help you shop for the best rate.

Property insurance

Property insurance can help to cover the costs of theft or damage to your home. This is worth having as such costs can be huge and unpredictable. Property insurance is more expensive in risk-prone zones (such as a flood zone or an area with a high burglary rate). In such cases, you may need to take a specialist scheme out from a specialist insurer as some may outright refuse to insure you. In many areas where it isn’t a risk it can be very cheap. Just make sure you always read the small-print and keep on top of policy changes (some property insurance companies have recently started rejecting claims from property owners without a burglar alarm).

Life insurance

Taking out life insurance can be a great way of ensuring that those left behind don’t have to financially suffer. It can help to pay for funeral costs as well as giving your loved ones something to keep them going if you were the main breadwinner. There are two types of life insurance – term insurance and whole life insurance – which a site such as TermLifeInsurance.co can offer more information on. Those that are in a dangerous career should be wary as life insurance rates could be much higher to cover the risk.

Travel insurance 

When going on holiday abroad, it can often be worth getting insured, mainly in case you get ill and need medical attention. Travel insurance schemes can also cover loss of baggage as well as flight cancellations. You can take them out on an individual basis as and when you travel and they are generally very cheap, unless you’re going to an extreme location and taking part in an extreme activity. Sometimes you can buy these schemes with a holiday package, although it could be cheaper to buy them separately.

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Hot Topic: Do I Need Travel Insurance?

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To an average person, this isn’t a topic which keeps them up at night. To a traveler, it’s enough to make or break the trip. You see, conventional wisdom says every person who goes abroad needs coverage. However, travel insurance policies are pricey, and travelers only have a small budget. Plus, the majority of individuals who travel never visit a hospital. It seems like a lot of money to waste, but is it worth the risk? After all, should the worst happen, a policy becomes a lifesaver.

Here’s how to find out whether you need insurance or not. 

What Are The Laws Of The Country?

People from countries such as America are surprised when they go to Britain and the healthcare is free. But, to Brits, a NHS-style system is the norm. The moral of the story is that every country is unique and has different rules. Cnn.com says there are places with universal health care, such as Germany and France, where treatment is free. In this case, there is no reason to splash out on a policy. However, a place such as the US requires you to have an insurance plan by law if you want treatment. Before you set off, make sure you understand the fine print.

Is There A Special Arrangement? 

Politics is a funny game. At the moment, with Trump and Brexit, it seems as if the politicians have lost their minds. The truth is they try to do the best for their constituents wherever possible. As such, there are arrangements with foreign countries which cover health care and other vital areas for non-nationals. Take Europe as an example. Any European citizen whose country is part of the EU is liable for treatment within the block. Again, if this is the case for you, a private plan is not a sound investment.

 

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Will It Cost More Or Less?

Travelers think that an insurance policy is bound to cost the more, but it isn’t always the case. Let’s say you need protection. A single policy, such as a travel plan, is cheaper than three or four different plans. By searching healthinsurancequotes.co you can see how the cost of healthcare alone fluctuates. With extras such as contents insurance and airline coverage, the price will skyrocket. At least all of the major features are included in travel insurance, and that keeps the cost low. When a policy is cheaper, it is well worth the investment.

What Are The Odds?

People will say travel insurance is essential regardless. Why? It’s because the odds of something going wrong are high. Are you flying with an airline which has punctuality problems? Or, are you going to a country where there is a high risk of injury? If the answer to these questions is yes, then travel insurance is a savvy investment. So, before you jet set to Florida or hit up Asia, think about your itinerary. If there is a high percentage of danger in any sense, you need a contingency plan.  

Do you need travel insurance? Only you can answer that question.

 

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