TRAVEL INSURANCE CHECKLIST
Travel insurance can be a good investment, especially when you are traveling to exotic destinations, have multiple connections, or plan to engage in adventure activities. Make sure to choose the right policy for your specific needs. The following areas of review can help obtain the best fit:
1) Check whether your credit cards, auto-club memberships, homeowner/renter coverage and employer provided policies include coverage for overseas travel.
2) Avoid travel insurance provided directly by a tour operator. If they enter bankruptcy, so does your coverage. Make sure a third party insurance carrier is providing the coverage.
3) Pay attention to coverage for pre-existing medical conditions. Many seniors have had and will have re-occurring incidents. Therefore, make sure the provisions are broad enough for the particular passenger. For example, Medicare group coverage may not be available for treatment outside the US. Many policies will include coverage for pre-existing medical conditions if you purchase the policy around the time that you make the initial deposit for the trip.
4) Policies that include evacuation provisions are preferable, especially when traveling to third-world areas, as the medical standard in many countries is below that of the US.
5) Review the terms of terrorism protection in the policy to ensure that it includes the surrounding areas of a terrorism incident, not just the city on the itinerary.
6) If you are a frequent traveler, acquiring an annual travel coverage policy may be a bargain.
7) When comparing policies, don’t assume similarly priced policies provide identical coverage. Carefully review the covered and non-covered grounds for cancellation.
8) “Cancel for any reason” policies are expensive, but conducting an analysis of the additional costs for this type of coverage and your traveler’s particular needs may prevent trouble later.
9) Term life insurance is less expensive through your broker than the insurance machines at the airport.
10) Additional baggage coverage is strongly advised considering the airlines’ limited liability of $3,300 Domestic / $1,600 International for baggage loss or delay.