Travel life insurance is part of a complete traveler’s insurance package, which is something that you should have if you are going on a journey out of the country. You may lose your luggage, you may get stranded, you may lose your traveler’s cheques, you might need emergency medical services, and while we never want to think about this we could meet our death on a journey and should have our loved ones protected in case of such a tragedy.
Travel life insurance is basically accidental death insurance that you can take out on yourself or your loved ones. You might already have this if you have a life insurance plan in place already, so check your policy first. You can get travel life insurance through an insurance broker or, sometimes, through your credit card company.
But there are other important services to consider for your travel insurance package, too, besides just travel life insurance.
First off there is trip cancellation insurance. You should buy this if your journey or vacation is going to cost you a few thousand dollars or more and you are mostly paying for things in advance. This insurance will reimburse you if the airline or cruiseline goes out of business or has to cancel the planned trip due to geopolitical upheaval or weather or some other reason. You’ll also be protected if you need to suddenly cancel due to a death in the family or illness, or for some other unforeseen catastrophe that will be spelled out in your policy. Trip cancellation insurance is superior to trip cancellation waivers by a long shot, but in return you have to pay much more (and it’s well worth it). You want to figure on paying anywhere from $5 to $7 per $100 of travel expenses in premiums. So if your travel will cost you $5000 your trip cancellation insurance will cost you $250 to $350.
Personal effects insurance will cover you against theft, damage, or loss of luggage or other insured valuables like jewelry. You could possibly have this in your P&C insurance already such as your homeowner’s policy, but you should check. You may also be sufficiently insured by your airline, cruiseline, etc, so check to see how kilometre capital much they cover you for first, too. Otherwise, you can purchase a one-year renewable term-type policy that will cost you roughly $50 per $1000 of coverage (annually).
Emergency medical assistance insurance is extremely important and can save you, well, an arm and a leg financially in the event of an unforeseen accident or sickness. First, check to see if you have this provision in your existing health insurance. And make sure you can get first-rate medical care under the provisions you pay for; it might be scary to try to get major medical treatment in some parts of Central America, for instance, and you’ll want to be covered for the cost of being transported to a better place.
Lost Baggage, Medical, Dental, Emergency Evacuation, 24 Hour Traveler Assistance, Baggage Delay, Travel Delay, and Collision or Damage coverage (in case you’ll be renting a car) are all types of traveler insurance coverages that you will want to consider.