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Whether you’re attending business conventions, vacationing to dream destinations, or embracing a modern, nomadic way of life, traveling has become an integral part of the average person’s lifestyle. When preparing for a trip, most people think about what to pack, what sites they will see, and what food they will eat. However, most people don’t stop to think about purchasing the best travel insurance for themselves.

With your U.S. passport, you can visit 116 countries without needing a visa. The United States came in 14th place in the 2019 Global Passport Ranking, while the United Arab Emirates currently holds the most powerful passport in the entire world. The other states in the top 15 are from Europe, except for Singapore and South Korea. 

Traveling is a privilege in global terms. It doesn’t matter whether you’re a part of a middle-class family household, an international businessperson, a young backpacker, a digital nomad, or a citizen of the world. Most likely, you can afford to travel away from home at least once a year.

The nature of a trip, the budget, and the destination might all differ from one journey to another. However, most of us share one thing in common. We need to feel a certain level of safety and security when we leave home. That’s where travel insurance plays a significant role. 

The Best Travel Insurance – Does It Even Exist?

The answer to that question is both “yes” and “no.” There is no such thing as a universal travel insurance policy that serves all purposes at the same time. The specifics of your journey and your risk proneness determine which insurance product will be the most adequate. 

This guide is designed to help you choose the best travel insurance for your specific needs. You will find explanations and clarifications of the following:

• Essence and characteristics of travel insurance products
• Underwriting process
• Best travel insurance based on travel style
• Leading travel insurance companies and their unique features

How Does Travel Insurance Work?

Like any other policy, a travel insurance plan is designed to save you money and lessen your worries in the case of unforeseen events happening during your trip. Often, these circumstances never occur, and the insurance coverage doesn’t kick in. In those cases, the product you end up buying is peace of mind. However, sometimes, situations arise where the smartest thing you can do is spend some cash on an insurance policy before embarking. Trip cancellation or medical emergencies can cost you a lot if you’re not covered. Luckily, you can get all or some of that money back from an insurance company, based on the amount of coverage you buy. 

Travel insurance is designed to serve two general purposes. Trip insurance protects the financial resources you use to book your trip. Medical coverage takes financial care of any emergencies that occur during your international travel. You can buy a plan that fulfills either one of those goals. Alternatively, you can purchase a comprehensive travel insurance policy. 

Three Types of Travel Insurance

Trip Insurance

This type of policy covers you financially for circumstances related to the trip itself. Maybe the travel company organizing your trip becomes bankrupt, or the government declares that your travel destination is unsafe. Perhaps a missed flight connection delays the start of your vacation, or a family member’s medical emergency interrupts your cruise. No need to worry, a trip insurance package protects you from trip cancellations, interruptions, and delays. You can even buy an insurance policy that protects your luggage and belongings if they get lost, stolen, or damaged. 

Travel Medical Insurance

Medical insurance plans work similarly to your health insurance but only apply when you are traveling. To file any claims, you have to be away from home. While annual health insurance plans cover most domestic emergency health care services, they rarely provide coverage abroad. In the case that you have a medical emergency during vacation, you can claim the expenses with your travel insurance policy. Travel insurance providers also offer different coverage for death, search and rescue missions, emergency medical evacuation, etc. However, travel medical insurance coverage doesn’t include regular check-ups or analysis.

Comprehensive Travel Insurance

Comprehensive insurance plans are package deals composed of policy coverage for both trip insurance and travel medical insurance. With some travel insurers, you can customize your plan by selecting different add-ons. Other providers have set plans from which you must choose. 

Variety of Travel Insurance Coverage

Here is a list of the most typical components of coverage offered in a travel insurance plan. 

Medical Assistance 

This policy can cover expenses related to emergency medical care services that you use during your travels. Each insurance plan offers different coverage limits, starting from a couple of thousand dollars and reaching up to millions. Since health care services in some countries abroad might be quite expensive, the minimum recommended coverage is $50,000. Depending on the insurance provider, you can file claims during the trip or once you’re back home. Keep in mind that pre-existing medical conditions might limit your options. Moreover, each provider has a list of situations that are not covered. Scuba diving, paragliding, and rock climbing are just a few examples of outdoor adventure activities that might not be covered by insurance.

Emergency Evacuation and Repatriation

If you fall seriously ill or there’s an accident in the middle of nowhere, insurance will cover medical evacuation to the nearest hospital with proper health care services. This policy can also cover the cost of bringing you back home in case there are no suitable treatments available. 

Accidental Death and Dismemberment

Known as AD&D coverage, insurance companies will cover the expense of bringing your body to your family if you die during your trip. You can also choose to be cremated or buried locally. Similarly to life insurance, the insurance company can also pay the policy to your beneficiaries. Coverage includes situations like losing a limb during the journey or within a specified time period after it. 

Trip Cancellation, Interruption, or Delay

Travel insurance is particularly valuable if your pricey trip gets canceled. Perhaps it’s hurricane season, the organizer goes out of business, or you experience a medical accident in the days before departure. Don’t confuse this coverage with the travel company’s refund policy. The latter depends on how much time before the starting date the cancellation occurs. The closer to the beginning, the less percent of the paid amount will be refunded. Even if the organizer offers cancellation insurance, you might think twice before signing up for it. If the business goes south, so does any insurance that they’ve underwritten. 

Check coverage limits carefully. Most insurers offer coverage of 100 percent of the trip price within a predetermined maximum. The same restriction applies to cases of trip interruption or delay. Causes for both could be family medical emergencies, delayed, missed, or canceled flights, or unexpected weather conditions. The policy might even cover the cost of return travel or overnight stays. Make sure you’re aware of the specific provider’s terms, which make your insurance valid. Finally, in the case of pre-existing medical conditions, the insurer can flat out refuse you coverage. 

Lost, Damaged, or Stolen Baggage or Personal Possessions

If the airline loses your luggage or you get robbed during your trip, insurance will cover costs within a specific time. Policies define limits with a daily rate and a maximum number of days. Every provider also requires that a minimum number of hours pass before baggage can be considered delayed. 

Cancel for Any Reason 

“Cancel for any reason” is an additional travel insurance coverage option that’s becoming more and more popular. It allows you to file claims to the insurance company if your work schedule changes, and you have to cancel a trip, even at the last minute. Maybe there is a severe storm in the region, and you rethink your trip entirely. However, be very careful with this clause and read the conditions thoroughly. The New York Department of Financial Services prohibits the use of CFAR since it considers the policyholder in control of the situation.

24-Hour Assistance

Most travel insurance companies offer a 24-hour assistance service with their plans. It provides support for missed flights and referrals to local hospitals, doctors, and dentists that speak English. The concierge service might even help you book dinner at a local restaurant. In case of a severe emergency, the coverage might help your relatives get a hold of you. The diversity of services included in global assistance varies from provider to provider, so be sure to read your policy in detail. Don’t miss out on those extra perks.

Rental Car Coverage

If you want to rent a car during your trip, make sure to check for policies with auto rental coverage. They typically cover the cost of a damaged vehicle but don’t cover third-party liabilities. Having such insurance may reduce the price of renting a car considerably. After all, the coverage offered by the rental company generally makes up a large portion of the daily fee. 

Do You Always Need Travel Insurance?

The answer is definitely, no. Each trip you take requires a different approach when it comes to insurance. Say you plan to visit a friend in another state. You buy a cheap flight ticket, book an Airbnb, and already have a running health insurance plan. You probably don’t need travel insurance. The same goes for a domestic road trip with no reservations. However, a fully organized cruise costing thousands of dollars screams for trip insurance. For example, it would cost you a lot of money if you got so sick that you needed a helicopter evacuation, and you didn’t have travel medical insurance. Backpackers might not need trip insurance since there are a lot of last-minute travel deals available to them. However, they should still consider medical coverage while abroad. 

How Much Does Travel Insurance Cost?

Generally speaking, travel insurance costs between 4 percent and 8 percent of the total cost of your trip. However, it’s up to you which coverage to sign up for and how much risk you’re willing to take. 

Several aspects determine the price of insurance. Since the amount that travel insurance companies pledge to pay depends on particular circumstances, they need to know how much your trip will cost. There’s also a daily rate, which makes the duration of your trip a significant factor. Finally, the destination plays a role too. Some countries cost more than others, and if you want add-ons or more extensive coverage, that increases the price as well. 

Since insurance is an individual product, some personal factors affect cost. In case of any pre-existing medical conditions, your coverage options may be limited. Furthermore, there will be specific conditions you have to meet to sign up for your policy. 

Finally, your age also influences the price. If you are 69 or older, you will have more difficulties finding insurance policies, and they will offer less coverage. 

Pre-Existing Insurance Benefits

Before you start calculating how much insurance will cost, you should check to see if you’re covered by insurance you already have. It probably won’t include all the features described above, but there might already be a policy in place, protecting you in certain situations. There’s no harm in checking, and it might save you some money. If you’re feeling business orientated, you might even calculate cheap combinations of insurances that serve your needs. Below are some common types of pre-existing insurance that might be useful for your travels.

Travel Credit Cards

A travel rewards credit card might already offer trip and luggage insurance. If so, sift through the policy. What are the coverage limits and conditions? Usually, travel credit card insurance only functions if you pay for it with the same card. Some providers require that all trip costs are paid for with their card, others request only some expenses. Typically, a travel credit card will have an annual fee and a lower than usual APR. 

Health Insurance Plan

Make sure you’re aware of your current health plan’s conditions. It’s rare to have a policy that covers medical expenses in foreign countries. However, if you are lucky enough to have insurance with one of those generous health insurance companies that offer coverage abroad, scrutinize the terms and conditions. Become familiar with their foreign provider network and policy regarding out-of-pocket expenses and co-insurance. 

Employer-Sponsored Health Plan

Though uncommon, there are a few companies that buy employee plans, which include travel insurance. Companies like Assist America have specialized in insuring membership groups such as students or employees. They include both medical and non-medical services as long as you travel more than 100 miles away from home.

Life Insurance

Accidental death and dismemberment coverage might be unnecessary if you already have life insurance that pays the policy to your beneficiaries. Having two insurance policies doesn’t mean that your relatives will get money from both. On the contrary, it might make dealing with paperwork more complicated. 

Home Insurance

Some home insurance products protect your belongings even outside of the house. Thus, buying coverage for stolen luggage or possessions would be redundant.

Auto Insurance

Usually, a car insurance policy is limited to the United States. Therefore, renting a car abroad won’t be covered. However, if you are traveling domestically, you might be able to avoid paying for car insurance twice. Just check the automobile insurance policy carefully. 

Memberships 

Some associations or clubs offer their members insurance policies for specific situations. Unlike traditional travel insurance, these policies are often limited to concrete activities such as diving, road assistance, or towing. However, if you plan to go scuba diving or to take a motorcycle road trip, this might be the best travel insurance for you. Here is a list of groups of which to consider becoming a member.

• MedJet Assist — Air medical evacuation operating throughout the world
• Divers Alert Network — Emergency evacuation insurance (also valid for non-diving trips)
• Family Motor Coach Association — Travel assistance at a lower price
• Gold Wing Road Riders Association — Towing and roadside assistance (only for motorcycles)
• American Motorcycle Association — Towing and roadside assistance (available for most vehicles) 
• American Alpine Club — Search and rescue coverage of up to $7,500 (not valid for marine activities)

Primary vs. Secondary Insurance

Insurance policies can apply as either primary or secondary. The secondary policy only functions if the primary insurance company rejects your claims or if the coverage is not enough to pay for all of the incurred costs. Here’s an example. You sign up for travel medical insurance, which serves as secondary insurance. Thus, your annual health plan is your primary medical insurance. If you have a medical emergency on a trip, the travel insurance company will ask you to provide an official rejection from your primary insurer. Only upon receipt of such proof will the travel insurance company pay your benefit.

Other Considerations

Below are some additional factors to consider before settling on an insurance type or provider.

Group Travel Insurance

If you are looking to score the cheapest possible option, you might want to consider a group policy as your best travel insurance. Usually, adding another adult to your plan, or even a kid, only doubles the price. Fortunately, there are travel insurance providers who offer discounts if you procure in numbers. If you’re planning a summer vacation with friends, ask for quotes for three or more people. Adding a fourth or fifth person might save you more money than buying separate plans with a cheaper policy. 

Single Trip, Multi-Trips, or Annual Insurance

If you only travel once a year, it is crystal clear that you should research single trip insurance options. However, with two or three trips a year, it might be worth it to shop around. Calculate the cost of separate policies for each trip and then compare that price with multi-trip insurance. You should also ask for one additional quote – for annual coverage. The best travel insurance might turn out to be precisely the latter. An annual policy could be cheaper than buying three or more individual policies. Additionally, for a slightly higher price, you might enjoy a wider variety of coverage and services to choose from. Finally, if traveling is in your DNA, then choosing annual insurance is a no-brainer.

Pre-Existing Medical Conditions

Typically, travel insurance companies refuse to provide coverage if you have pre-existing medical conditions. However, most insurers offer a pre-existing conditions waiver. To underwrite insurance, you have to follow the provider’s requirements. Typically, you have to buy the policy within 14 to 21 days of payment. You also need to be medically able to travel. The policy has to cover the full non-refundable cost.

Seniors 

In the insurance business, people over the age of 69 present a higher risk for the provider. Thus, there is a limited number of products designed for that group of citizens. What is more, the coverage will be considerably less extensive than a 40-year-old’s options, for example. GeoBlue, Allianz, and Silver Nomads provide some of the best travel insurance for seniors. GeoBlue insures people up to 84 years old. Through TripAssure, Seniors 70 or above can purchase a policy with Silver Nomads, a partner of World nomads. Allianz offers a variety of products for seniors, though at higher rates. 

When to Buy Insurance?

Most providers will allow you to book insurance up to a day before your trip starts. Waiting to purchase your insurance is fine as long as you are just buying travel medical insurance or looking to protect your luggage and belongings. However, if you plan to spend a considerable amount of money on a Costco travel deal, for example, trip insurance should be one of the top tasks on your to-do-list. Buying coverage for cancellations, delays, or trip interruptions works best if you do it as soon as possible. It reduces the risk of financial loss in case something happens that prevents you from going on your excursion. 

Approaching the insurance issue well in advance also gives you time to go over all the details of your policy and commit them to memory. Then you can share the essential information with your relatives. Finally, you can familiarize yourself with extra tools like apps or global assistance programs that the insurance company offers.

How to Buy Insurance?

Not only can you choose between companies and their plans but also the method you use to buy travel insurance. Here are the most common approaches. 

Insurance Company

Buying directly from the insurance provider allows you to communicate with the most competent people. Moreover, you get to explore all the different plans they offer and choose the one that fits best. What you should be very careful about is wording. A company that sells “travel protection” is not an insurance provider. The law is strict, but some sharks manage to get around it with creative writing. Such a company will probably reject your claim or even worse – disappear. 

Insurance Comparing Website

A couple of websites exist that do not serve as a direct insurance provider but save you time by providing multiple quotes. Input your personal information and travel data, and within seconds you’ll have a list with offers to compare to each other. InsureMyTrip and SquareMouth are two of the most popular ones. More than 20 respected insurance providers back their search engine. The drawbacks? You don’t see offers from other companies that may have better rates. Sometimes even plans from a partner insurer might be missing. 

Travel Company

Typically, travel companies offer insurance with their trip packages. The advantage of going with the organizer itself is that it’s quick and easy. You don’t have to browse through websites to get quotes and compare prices since everything is done for you. However, the drawback is that such travel insurance is rarely tailored to your personal needs and preferences. The variety of coverage is limited, often with no choice for add-ons. What’s worse is that if the organizer goes broke, the policy they have underwritten goes underwater with them. 

Flight Company

When you book a flight, you have the option to buy insurance in case of cancellations or delays. The best airline loyalty programs might offer it to their members for free. It’s certainly tempting to do so since it’s just a click away. However, it might end up costing you more if you also buy additional insurance for other parts of your trip. 

Best Travel Insurance Based on Your Trip

Buying the best travel insurance for you depends on the level of safety you need to feel and the type of trip you’re embarking on. The first one depends strictly on your personality and how prone to risk-taking you are. On the other hand, each type of journey has features that require specific protection measures. 

Cruise

A cruise is a lovely way to travel and enjoy a vacation. You spend some time on a luxurious ship while also visiting fascinating places. The pleasure, though, has its price and it’s not cheap. If you have to cancel two days before departure, it’s unlikely you’ll get a refund. A cancellation refund is strictly dependant on the number of days before the trip starts. The closer it is to the cruise embarkment date, the less percentage you’ll receive if you have to cancel. You may even receive no refund at all. That is when you need substantial trip cancellation coverage. 

Delay or trip interruption insurance is also a good idea. Imagine if a delayed flight to the port causes you to miss the ship’s departure. Or you have to catch an expensive last-minute plane to go back home to your relatives in need.

Finally, you should consider the medical benefits. Although there is a physician on board, the medical services on a cruise can be quite high-priced. If you get sick, emergency medical evacuation is only possible with a helicopter. Explore insurance with higher coverage. 

Expensive Trips 

The insurance recommendations for a fancy international trip or a costly honeymoon, are similar to those for a cruise. With climate change, more extreme weather is bound to happen, and it gets harder to predict when and where dangerous conditions will occur. If you have even the smallest inclination of a flight cancelation or hurricane outburst, go with generous trip insurance. You might be eligible for a refund, but sometimes they come in the form of vouchers, which might not work for you. 

Long Travels 

Are you a digital nomad or the type to spend half a year roaming through exotic and unpopular destinations? If so, your primary concern should be related to medical insurance. What happens if you get sick during your international travels? Can you rely on the local health care system? If you’re spending considerable time abroad, it’s best to explore major medical insurance. They work similarly to national health care plans. Often, they offer access to a medical provider network, but there are a couple of things to take note of. Even outside of the U. S., you might have to hit the health insurance marketplace to enroll for a national plan. Coverage limits, deductibles, out-of-pocket expenses, and co-insurances apply to these plans as well, so take the time to understand all the crucial details.

Annual travel insurance might sound reasonable, but check the maximum period that you are allowed to spend traveling. It might not cover your entire 6-month journey. 

Active Vacations

If you need to experience a thrill to feel alive, emergency medical insurance that covers both evacuation and assistance is a must. If you are into really extreme sports, you might require AD&D coverage and search and rescue policy. Also, consider all the expensive gear you need to bring along. Purchase lost, stolen, or damaged luggage insurance to be on the safe side. Make sure that your coverage is valid for all the activities you plan to partake in. 

Family Trip

You’re looking for a plan that will allow you to cover kids for the same benefits, but with lower prices or even for free. You also need to consider travel medical insurance in case of nasty viruses and infections. If you are on a budget, it might be unwise to buy trip insurance that raises your costs even more. 

Frequent Travelers

With more than one trip per year, you should check options for multi-trip or annual insurance. It’ll make your life easier since you do the underwriting just once. As you deal with the same travel insurance provider over time, you will become familiar with their service and what to expect. 

Domestic Travelers

If you’re mainly traveling in the United States, you won’t need to possess travel medical or car-rental coverage. A national medical plan will cover you in most states. If not, check out some cheap health insurance options. Auto insurance protects and assists on the road (in most cases, even if you rent a car). Home insurance policies often insure personal belongings. It might be worth considering trip cancellation, delay, or interruption coverage. However, calculate how much it will cost you. It might not be worth spending additional money on what would otherwise be a relatively low-budget trip. 

Best Travel Insurance Providers for 2019

Now that you know what to look for, here are some of the leading insurers on the market. All of them have excellent financial ratings, assessed by A. M. Best with an A mark or above. Essentially, you won’t have any trouble getting your benefits paid. Ordered alphabetically, each company has the features to provide you with the best travel insurance out there. 

AIG Travel Guard

With more than 30 years in business, AIG Travel Guard is an excellent choice for travel insurance. The company offers three plans online, and you can request more offline. Their family coverage allows you to add kids under 17 to your plan at no extra cost. You do, however, need to sign the policy within 15 days of the initial payment to get a pre-existing conditions waiver. The company is not so strict about outdoor activities, and you can add evacuation and medical assistance coverage to your insurance plan. If you’re envisioning an active family vacation, AIG Travel Guard might offer the best travel insurance for you. 

Allianz

If you’re looking for annual multi-trip travel insurance, Allianz is a suitable choice. There are four plans to choose from that are designed to suit all needs, from essential to business. The policy is valid for 365 days, though trips cannot be longer than 45 days. Most of the plans offer coverage per trip, but some features might be available until reaching a limit. A waiver for pre-existing conditions is available in some of the annual plans. Adding children to the plan, however, will double the price.

American Express Travel Insurance

Even if you’re not an American Express credit cardholder, you can still obtain coverage through American Express Travel Insurance. Four plans are available: Basic, Silver, Gold, and Platinum. The Silver and Gold plans offer medical protection for up to $25,000, which might be a bit risky in case something more costly happens. Their evacuation coverage is slightly better. If you’re not satisfied with the pre-existing plans, you can try the build-your-own coverage option and choose only the policies you need for your trip. Children pay the same price as adults. Interestingly, the journey duration doesn’t influence the cost of the policy, so if you’re looking at a long travel period, this might be the best option for you. However, keep in mind that medical and dental care is only covered within the first 60 days of the trip. 

Generali Global Assistance

As an international company, Generali Global Assistance offers a global network of medical providers and no out-of-pocket costs. There are three plans offered: Standard, Preferred, and Premium. No matter which one you choose, you receive beneficial perks such as 24-hour emergency assistance and concierge services. Available add-ons include rental car damage and cancel for any reason. If you need to cancel for any reason, they cover up to 75% of the cost insured. A pre-existing conditions waiver is only included in the Premium plan, though. All in all, Generali offers very generous medical and evacuation coverage, even with the basic plan, and is known for its excellent service and quick claim resolutions.

GeoBlue

GeoBlue is a unique travel insurance provider because they only offer medical insurance. Their primary focus is on long-term travelers, expats, and students. Their plans function like major medical insurance with a network of physicians around the world and 24-hour phone, web, and mobile support. GeoBlue’s owner is an independent licensee of the Blue Cross Blue Shield Association. You can still obtain GeoBlue insurance even if you’re not currently enrolled in a Blue Cross or Blue Shield health plan. GeoBlue is an excellent option if you’re looking specifically for substantial medical coverage. For example, the single trip Voyager plan offers medical coverage starting from $50,000 to $1,000,000 with a fixed evacuation coverage of $500,000. 

IMG

One of the more long-standing companies, IMG, has been on the market since 1990. They offer 25 different insurance plans and specialize in providing niche insurance policies. They’re designed to answer the needs of groups, such as international students, but also specific members of the marine crew, volunteers, and missionaries. In case you’re expecting visitors from abroad, IMG has a very informative FAQ page. If you are into adventure sports, take the time to explore the IMG policies. They offer add-ons that raise the cost but cover you for even more extreme sports. Their evacuation coverage of $1,000,000 is one of the most significant ones out there, though it needs to be pre-approved by the company. 

Travelex

Berkshire Hathaway Travel Insurance is the company that underwrites Travelex insurance policies. Fifty years of experience has taught the provider to offer their customers simplicity. Therefore, they have just two insurance plans: Travel Basic and Travel Select. The difference between them is the size of the coverage. If you are looking for less risk, the Select plan will give you $50,000 for medical expenses and $500,000 for emergency medical evacuation and repatriation.

Moreover, you can upgrade the policy with additional medical coverage and adventure sports coverage for any reason. With the Basic travel insurance plan, you can only add car rental collision and air AD&D coverage. Another exceptional feature of the Select plan is that the duration of a single trip can be covered up to 364 days, which exceeds the average in the insurance business by far. A pre-existing medical condition exclusion waiver can be signed if you purchase the plan between 15 (for the Basic) and 21 days (for the Select Plan) of the initial trip deposit. 

World Nomads

As suggested by its name, World Nomads targets mostly young people, adventurers, and active travelers. Their coverage is flexible, and you can upgrade while already on your trip. Moreover, World Nomads covers accidents that happen during adventure sports practicing, including more than 200 activities. Two plans are available: Standard and Explorer. The difference is mainly the coverage size, though both offer high medical and evacuation coverage. However, the Standard plan offers a shorter list of adventure sports and activities. Another unique World Nomad feature is that they’re committed to promoting sustainable travel and encourage donations to and support for local communities. 

The Bottom Line

The key to selecting the best travel insurance is to approach the topic with attention and personalization. Analyze the trip you are planning and what financial risks are most likely to happen. Then, explore insurance plans suiting your budget and needs. It doesn’t sound attractive to spend time comparing quotes and plans, but it all pays off in the end. 

Have you already found the best travel insurance provider? Do you have a story to tell about an unpredictable event that required you to rely on travel insurance? Share your stories, feedback, and recommendations in the comments.

While your inevitable demise might not be something you want to think about, the subject of life insurance deserves your time. Adults with a home, partner, kids, or any financial liabilities need to make sure they provide for the people they care about, should they die unexpectedly.

A study undertaken in 2018 revealed the fact that more than 40% of Americans don’t have any form of life insurance. Why is this percentage so high? Thinking about death can be bleak, but it might also be because life insurance can be complicated. 

Fortunately, life insurance doesn’t have to be confusing. With the right information, you’re able to make smart decisions and achieve a suitable outcome for your family. 

What is Life Insurance?

Life insurance provides for your family or partner should you die. The provision takes the form of a lump sum or regular income. 

There are three types of life insurance:

• Term or pure life insurance – this type of insurance cover provides for your family for a specified time. Should you die within the policy term, they’ll receive a lump sum or regular income. Term insurance only has value if you die.  
• Whole or permanent life insurance – the death benefit for this type of insurance has no expiry date. As long as you keep up with your premium, the policy remains active until you die. 
• Convertible term life insurance – there’s an option to exchange a term or pure life insurance policy for permanent life insurance. There’s no underwriting process, and a medical exam isn’t required. However, it’s common for there to be a maximum age limit, often 65. 

There are also several variations of whole life insurance: universal life insurance and variable life insurance.  

Do You Need Life Insurance? 

Not everyone needs life insurance, but there are certain instances when it’s crucial. Is there someone who depends on you financially? If the answer is yes, you’re a prime candidate for life insurance. Here are some more examples of when life insurance is something to consider.

When you’re married

If you’re married, you don’t need to wait until you have children to think about life insurance. Consider what would happen if one of you passed away tomorrow. Would there be sufficient income for the surviving partner to pay off debts, cover the monthly rent or mortgage, and pay utility bills? 

When you’re married with children

For the majority of families, two incomes are required to cover all financial obligations. If one partner dies, the remaining family members might not be able to continue their standard of living on one income. If you arrange life insurance, expenses can be covered, and plans for the future remain unchanged.

If you’re a single parent

Being a single parent comes with a heavy burden of responsibility. Not only are you the chauffeur, caregiver, cook, and entertainer, you’re also the only breadwinner. To safeguard your children’s financial future, you should consider life insurance. 

If you’re a stay at home parent

You don’t have to earn a salary to make a financial contribution. Stay-at-homeparents perform a variety of crucial tasks. The replacement value of these tasks is significant and often underestimated.

When you’re retired

The proceeds of a life insurance plan can be used by your heirs to cover funeral expenses, taxes, and other debts.  

If you own a small business

Life insurance can also be used to protect your business. It could be used to fund a buy-sell agreement, for example. 

If you’re single

It’s not usual for a single person to require life insurance, but there are some exceptions. You might be providing financial support for your aging parents, or a sibling with special needs. You may have a significant amount of debt that you don’t want to pass on to your surviving family members. 

Prioritize These Benefits 

Now that you appreciate the importance of life insurance let’s consider what you need to look for when purchasing your policy. The options for life insurance companies and policies are extensive. Before you jump in and hand over any cash, perform your due diligence. Look for these six factors:

1. An Affordable Policy

When you reach the stage of asking for permanent or term life insurance quotes, you’ll suddenly become aware of the differences between the various policies and providers. The disparities are enormous, which makes weighing up the pros and cons of each policy crucial. Let’s consider one example. A death benefit for the whole of your life is a great benefit, but is permanent life insurance worth the extra expense?

Aim to choose a life insurance policy that’s affordable. That way, you’re more likely to keep on top of your life insurance premiums, even when times get a little tight.   

2. Pay-out Terms

There’s one type of life insurance that appears to be very attractive on the surface. You’ve all seen the TV adverts for quick and easy coverage. While it might be very tempting, consider the waiting period that’s often attached to this type of policy. You might have to wait two or even three years before you get a pay-out. 

A policy that pays out 100 percent on the first day is a far better choice. 

3. Underwriters

Various factors are taken into account when an insurance company works out your payments. It’s the underwriters that evaluate risks such as smoking, traveling outside the U.S., diabetes, and your family medical history. It’d be convenient if they all followed the same guidelines, but that’s often not the case.

It’s always best to speak with an independent insurance advisor. Let them look at the various companies and find one that best suits your situation. 

4. Automatic Payments as an Option

It’s essential to keep on top of your life insurance payments. Otherwise, your cover may get canceled, and there may be problems reinstating your policy. You might not be allowed to catch up on past payments. 

To avoid any missed or forgotten payments, look for an insurance provider that has the option of automatic payments from your checking account. 

5. Possibility of Conversion

Nobody can predict what’s going to happen in the future, but it helps if you’ve got some options. The capability to convert your term policy into a permanent one is an excellent feature to have. It generally requires no additional medical exam. If you’ve developed a medical condition since you originally purchased the first-term policy, conversion allows you to keep your coverage.

6. Living Benefits

Life insurance is a continually evolving sector of the insurance market. To meet current consumers’ needs, several insurance providers have introduced a new option. In some cases, it’s possible to receive payments if you become chronically ill or enter a care facility.

Being able to get cash out of your life insurance policy is a beneficial addition, should you get cancer or need end-of-life care, for example. Look for a company that offers this option.  

Getting a Quote Online

To get the right insurance deal, it’s always best to compare your options. To find the best rate, you first have to compare life insurance quotes from several different companies. You’ll find that prices vary considerably depending on the coverage you decide on and your personal details, such as gender and health.

A Checklist for Obtaining a Quote

You need to provide specific details when requesting life insurance quotes. Gather the information together before you start, and you’ll get a quote much quicker. Information that you might need includes the following:

• Specific information relating to any medical conditions
• General medical information, such as your weight, average height, cholesterol levels, and blood pressure
• Your income and occupation
• How much debt you have, for example, mortgage, auto loan, credit card, and student loan

Don’t Wait to Start the Process

It’s going to help if you start the application process when you’re still relatively healthy. Life expectancy is one of the things life insurance companies take into account when determining your rate. 

The smart thing to do is purchase life insurance cover as early as you can, preferably when you’re still young and healthy. Wait too long, and the quotes you receive will increase, simply because you’re older. Wait long enough for health issues to arise, and the quotes will be higher still.

Moreover, you shouldn’t let a health condition keep you from applying for life insurance. How a life insurance company views an existing condition varies. There are insurance companies that don’t even ask for a medical exam.   

15 Factors That Affect Your Premium and Cover

There’s no one size fits all when it comes to life insurance cover. Many factors are taken into account when a company works out the premium you have to pay. Some are within your control, while there are others you can’t do anything about. Your age, health, and smoking habits are three of the most prominent factors, but there are many others.

1. Age

If all other factors are equal, the younger you are, the lower the rate you can expect to pay. For this reason, it’s often recommended to purchase life insurance as early as possible. When you’re young, the risk of death is much lower. Therefore the rates are lower.  

2. Current health and health history

A medical exam is generally required. They look for issues such as high blood pressure and other health concerns that might indicate serious health problems in the future. If you’re currently healthy, you can expect to pay a lower premium.

Conversely, a history of health issues will likely make your rates higher.

3. Weight

Your weight can have a severe impact on your health. It can also put you more at risk for serious health issues. If you’re obese or overweight, it can affect the cost of your coverage.  

4. Occupation

Certain careers have an inherent risk of injury or untimely death. Take a car or motorcycle racer, for example. Other dangerous occupations include aircraft pilots, roofers, truck drivers, and steelworkers. If you have a risky job, your rates are likely to be increased, and they might deny you coverage altogether.  

5. Marital status

Being married doesn’t mean your insurance rates are going to be higher. Rather, it’s included in the list because you can save some costs if you purchase a life insurance policy with your partner. 

6. Whether you smoke

Despite the known risk factors that come with it, many people still smoke. Smoking increases the risk of cancer and other fatal diseases. Because life insurance is all about the risk of death, being a smoker automatically increases your coverage rates. 

7. Alcohol consumption

Another risky habit to have is drinking alcohol. How much alcohol you consume regularly is factored into your life insurance rates. Drink more, and you’ll pay more.

8. Hobbies and lifestyle

Do you participate in any high-risk hobbies, such as skydiving, motorcycle riding, skiing, snowboarding, or parachuting? If so, you’ll be paying more for your life insurance.  

9. Driving record

Do you have any driving violations on your license? You should aim to have as few of these as possible. Not only does it affect your auto insurance, but it’s also considered an indicator that you’re more at risk of accidents on the road. Having a few violations might result in higher insurance costs. 

10. Travel preferences

If you like to travel overseas, keep in mind that certain countries are considered a higher risk than others. How often you stay in these countries and for how long, can impact the cost of life insurance coverage.  

11. Family history

Insurance companies take into account more than your medical history. Your family’s medical history can also be a factor in determining the cost. Family members with serious, hereditary health issues can make the cost of coverage higher.

12. Gender

It doesn’t seem fair that your gender can affect the price, but unfortunately, it does. Statistics play a large part in determining risk, and statistically, men tend not to live as long as women. Consequently, women pay less than men for life insurance.

13. Purpose of purchasing insurance

Why are you buying life insurance? Is it because you want to provide and protect your family’s future? Is it part of your estate planning? Insurance rates can change according to the reason.  

14. Type of policy

The kind of policy you purchase, the term, and the level of cover all contribute to the rate you pay for insurance coverage. The longer the term, the more you’ll likely pay. A term life insurance policy is also cheaper than whole or permanent life insurance policies. 

15. Risk classification

When determining the cost of insurance coverage, underwriters generally place you in a specific risk category. Every company is different. Zander Insurance and Birla Sun Life Insurance might look similar on the surface, but the underlying risk classification could be completely different.  

Being aware of the overriding factors puts you in a position to do something about some of them. Your age, gender, and family history can’t be changed. However, you can alter many factors, such as your participation in risky activities, driving record, weight, and general health. Make the best decisions for your future, and it can positively affect the cost of life insurance.

There are also a few more ways you can increase your chances of bagging a lower price or better coverage, below.

Tips for Getting the Best Life Insurance Price and Coverage

Life insurance isn’t something you purchase regularly. Unlike travel insurance or mortgage insurance, there aren’t any opportunities to learn tricks along the way. For this reason, we’ve done the research for you! Here are some secrets regarding life insurance. 

Increased Coverage Might Mean a Lower Price

Much the same as buying in bulk entitles you to a discount; your insurer might be willing to lower the price if you ask for a higher level of coverage. Insurance companies tend to have thresholds or bands. Price breaks are available at specific levels. 

Do-it-Yourself vs. an Independent Agent

You can look for the best life insurance company yourself, and if you’re in good health, there’s no reason why you shouldn’t. However, anyone in a high-risk group might be better off seeking independent advice. An independent agent will shop around for you and be able to find an insurance company that’s more lenient than others. 

Add a Chronic Illness Rider

A rider is an extra that you attach to your policy. If you find an insurer that adds a chronic illness rider at no charge, you should choose it. Adding this extra means you’ll be able to access your death benefit earlier, should you be diagnosed with a chronic illness. 

Send Payment with Your Application

The life insurance application process is long-winded, and it can take several weeks before your cover is active. Immediate cover is possible if you send in payment for the first month’s cover with your application. When you’re filling out the application form, look for “temporary life insurance receipt.” This will include the terms and conditions for temporary cover, which usually involves making a payment in advance.

Life Insurance Exclusions

A life insurance policy is a contract between you and your life insurers. The devil is in the details, and you should make sure you’re aware of any exclusions. Pre-existing medical conditions are one example. Another is a self-inflicted injury. The beneficiary of your life cover won’t receive anything if these cases apply to the insured person. With regards to life insurance taken out by a small business owner, it can’t be used to reclaim or cover any start-up costs. A sane or insane clause is something else to look out for.  

Extra Perks

It pays to look out for any additional perks insurers might be offering. There might be extra insurance cover on offer. Zander Insurance and the Zander Identity Theft Insurance is one such example. 

Making a Life Insurance Claim

Making a claim is not something you’re going to need to worry about. However, knowing the process means you can help your family understand what they’ll need to do. 

The first step is to contact the life insurance company and let them know you want to make a claim. You’ll need to give personal details of the person covered under the policy. Let your loved ones know where you keep your policy and what it covers.

Companies often have clear and specific processes in place to help with a claim. One excellent example is the AFLAC Smartclaim system.  

Your beneficiaries will need to provide specific documentation with a claim, including a:

• Death certificate
• Completed claim form
• Policy document

A pay-out doesn’t generally take too long to be processed. Typically, it takes around one month, but sometimes it’s much quicker.

Coverage can be costly, but it’s also possible for you to find an insurance provider willing to provide the necessary cover at an affordable price. At the end of the day, knowing your family is going to be comfortable when you’re gone is priceless.

Have you been looking for a life policy recently? Did you manage to find a deal that suited your needs and bank balance? What was your experience of requesting a quote, and did you feel pressured into making a deal? Please take a few moments to leave us some comments. 

According to the US Department of Commerce, International Trade Administration, National Travel and Tourism Office (NTTO), in 2018, a record of 47.8 million Americans traveled overseas. Going on vacation abroad is the perfect opportunity to make memories with loved ones, experience other cultures, and take a break from your busy home life. But what happens if your dream trip turns into a nightmare? If you, or a member of your party, becomes ill and requires medical treatment, it is unlikely that your health insurance will cover you overseas. And, with the cost of medical bills rising and a crackdown to make sure foreign travelers pay for their care abroad, medical travel insurance can save you from financial disaster. 

Staggeringly, only 69% of Americans who took part in a travel survey by AAA think medical travel insurance is a priority. If you want to understand more about the types of travel insurance coverage, continue reading for some helpful facts about medical travel insurance and a list of some of the best policies out there.

The benefits of emergency medical travel insurance

Repatriation

In addition to saving you thousands of dollars on overseas medical care, medical travel insurance can provide coverage for repatriation (return transportation) if you need to return home. The cost of being airlifted or onboard medical equipment is expensive, and the price increases the further you are away from home. You may also be able to receive coverage for your remains if tragedy should strike, taking the pressure off your loved ones.

Flights for a loved one to assist you abroad

Loved ones often feel the stress if you get sick or injured overseas. Medical travel insurance can also provide compensation to allow a member of your family to join you at your destination while you remain in the hospital. You can also receive financial help for flights if members of your party need to return home.

24-hour assistance

The best medical travel policies include 24-hour assistance and have multi-lingual operators to support you if you need any of the following:

• Information on immunizations
• Locating the nearest medical facilities
• Support from medical experts on healthcare in a foreign country
• Relay information to your physician back home
• Assist in the replacement of lost medical equipment while you are abroad

The three main types of travel insurance

Ensuring you have the correct type of coverage is just as important as the right level of coverage. Here is a brief overview of the types of travel insurance you should have when traveling abroad.

Trip cancellation insurance

This type of coverage will protect your trip in the event of cancellation due to unforeseen circumstances. There can be many reasons why vacations are canceled, for example, flight delays, hotel problems, or health problems. Trip cancellation insurance does not generally cover any medical care you need. Some policies cover the cost of your trip if you have to cancel for bereavements or sick travelers. You need to check your policy carefully to find out the level of coverage and any exclusions.

Travel health insurance

This is the correct policy to ensure that you are covered for any health-related problems while you are abroad. If you are sick or injured abroad and need to use medical services, you will be asked to pay upfront for any medical care. Paying upfront is still the case if the country you are visiting has a nationalized health care service. Your medical travel insurance will ensure you are reimbursed or will pay on your behalf if you have the right protection.

Medical evacuation insurance

This covers if you become seriously ill, have a significant accident, or are traveling to a remote location with poor hospital care. Medical evacuation (medevac) insurance covers you for repatriation to the US for better care and treatment. The cost of coverage varies greatly, and this option is not always part of your travel medical insurance. Although there may be an option to add it to your policy.

When travel medical insurance is required

Some countries require visitors to have adequate insurance before they enter the country.

Currently, the following listed countries are on the state department’s website:

• Antarctica: Due to the high cost of medical evacuation and hospitalization, all visitors must have their travel insurance which covers medical expenses.
• Countries covered by the Schengen visa: The 26 European countries that allow travel between them without border controls.
• Cuba: US citizens must show proof of their travel medical insurance before they are granted entry to the country.
• Ecuador: All visitors to Ecuador and the Galapagos Islands must show proof of travel medical insurance to gain entry.
• United Arab Emirates: Anyone planning to stay more than 30 days is required to have medical insurance for their travels. Anyone traveling for less than this period does not have to show proof before entry.

Depending on your citizenship and length of stay, the country you are traveling to may require other arrangements. To stay up to date, visit the State Department’s website.

A small price to pay for financial security

What is the average cost of medical travel insurance?

The price of medical travel insurance will vary from trip to trip and person to person. A lot of travel websites will try to tell you an average cost of travel insurance, but we feel this is terrible advice. There are a lot of factors that go into pricing an insurance policy, and it all comes down to risk. For example, if you are a lone traveler, mid 30’s, no pre-existing conditions, traveling to Europe for sightseeing; you’re seen as less risky than an 80-year-old couple, with heart problems, going to the alps for a ski vacation. Statistically, the second example would result in an insurance claim because there is a higher risk of medical bills. To help cover their losses, insurance companies will increase premiums, the higher the risk you represent.

We did some research based on a person with no pre-existing conditions and found out that the policy price range was $7 – $200. The cost of medevac insurance was around $100. So, what’s stopping you from purchasing something that will save you money on your next trip?

I want to purchase medical travel insurance, what’s next?

The next step you should take is deciding which policy to purchase. Depending on your circumstances, pre-existing medical history, and duration of your trip, each insurance company will provide you with a quote for coverage. Quotes are usually saved for up to 30 days as prices fluctuate each day.

When you are providing your information for a quote, make sure you keep everything the same for each insurer for comparable rates. Be honest about any pre-existing conditions any party member may have.

The importance of being honest with your insurer

Adding pre-existing conditions to your medical coverage will increase your premium. However, if you’re considering misinforming your insurance provider, you may want to think again. If the time comes where you must make a claim, your insurance provider will need all the relevant information from the medical center who is treating you. If it comes to light that you had a previous medical condition and you have not paid the right premium, the insurance company may not pay out. Leaving you out of pocket and at risk of being charged with committing fraud, leaving you with a criminal record.

If you’re unsure what a pre-existing condition is, here is a list of some of the most common conditions:

• Diabetes
• Heart conditions (angina, cardiomyopathy, etc.)
• Breathing conditions (asthma, COPD, etc.)
• Mental or physical disabilities (including depression and anxiety)
• Blood conditions (high cholesterol, high/low blood pressure)
• Neurological conditions (epilepsy, stroke, etc.)
• Any treatment relating to cancer within the last five years
• Any conditions concerning hospital stays/surgery within the previous 12 months
• HIV
• Allergies
• Hernias
• Gallstones

By declaring your conditions, you are protecting yourself from a hefty bill or fine. If you are unsure if you should state a medical condition, you should contact the insurer for their advice. Each insurer will have different terms and conditions concerning their coverage, so it is best to be informed by the experts.

The best medical travel insurance policies for your needs

Researching medical insurance can be confusing, time-consuming, and easy to leave until the last minute. To save you some time, we’ve created an overview of some of the best medical travel plans based on different travelers’ requirements.

Best for frequent fliers

Insurer: Allianz

Website: https://www.allianztravelinsurance.com

Recommended plan: AllTrips Premier

What’s included

• Coverage: Annual plan
• Trip cancellation: $2,000
• Trip interruption: $2,000 of the unused, non-refundable part of your trip and any increase in the transportation costs you must take to return home for any covered reason.
• Emergency medical: $50,000 for losses on covered medical or dental emergencies during your trip.
• Emergency medical transportation: $500,000 for transport to the nearest hospital or facility.
• Baggage loss/damage: $2,000 for the loss, theft, or damage of baggage and personal items.
• Baggage delay: $2,000 for the delay of baggage over 24 hours and any purchases for essential items during this time.
• Rental car damage and theft: $45,000 in the result of an accident or theft of the vehicle (not available in all states).
• Travel accident coverage: $50,000 cash payment for losses due to death, loss of limbs, or sight if caused by a travel accident.
• 24-hour assistance: Yes
• Concierge: Personalized information on your destination, make reservations at restaurants, book tickets to events, and more.
• Pre-existing medical conditions: Your plan may waive the exclusion for pre-existing medical conditions or provide additional coverage based on your criteria. Speak to Allianz for individual advice.

Why we chose this plan

With all-year-round coverage, Allianz AllTrips Premier covers multiple trips throughout the year. The additional upgrade to the emergency evacuation coverage allows for up to $1,000,000, so you can rest easy. This policy covers children under 17 for free, which can otherwise add a lot more onto a policy premium if you have multiple children.

Please visit the website for further coverage options and benefits. Allianz also offers other plans which may be more suited to your needs.

Suggested Reading: The 5 Home Insurance Reviews You Need to Know

Best for bargain hunters

Insurer: Seven Corners

Website: https://www.sevencorners.com

Recommended plan: Liaison Travel Choice

What’s included

• Coverage: 5 days to 364 days
• Schengen Visa: Eligible if you choose at least $50,000 medical maximum and a $0 deductible.
• Emergency medical maximum if aged 14 days – 69 years: choose from $50,000, $100,000, $500,000, $1,000,000, $2,000,000, $5,000,000.
• Emergency medical maximum if aged 70 – 79 years: choose from $50,000 or $100,000.
• Medical maximum for emergencies if aged 80+ years: $15,000
• Emergency medical transportation to nearest hospital: $10,000
• Emergency medical evacuation and repatriation: $500,000
• Accidental death and dismemberment (AD&D): Yes
• Trip interruption: $5,000 of the unused, non-refundable part of your trip and any increase in the transportation costs you must take to return home for any covered reason.
• Pre-existing medical conditions: $50,000/$10,000 depending on age and terms and conditions.
• Baggage loss/damage: $50 per article

Why we chose this plan

Seven corners provide ample coverage for medical emergencies and evacuation for as little as $7 per policy. With the added value such as trip interruption and loss of baggage, we think this is a winner for anyone on a budget.

Please visit the website for further coverage options and benefits. Seven corners also offer other plans within the Liaison Travel Medical category, which may be more suited to your needs.

Best for families

Insurer: Travelex

Website: https://www.travelexinsurance.com

Recommended plan: Travel Select

What’s included

• Coverage: Single trip
• Bonus: Addition of children under 17 to the policy at no extra cost.
• Emergency medical: $50,000
• Emergency medical evacuation and repatriation: $500,000
• Accidental death and dismemberment (AD&D): $25,000
• Trip interruption: 150% of the cost of the trip
• Trip cancellation: 100% of the cost of the trip
• Pre-existing medical conditions: waived if insurance purchased within 21 days of initial trip deposit.
• Baggage loss/damage: $1,000

Why we chose this policy

Children up to the age of 17 are covered for free, which is a big bonus for families. We also appreciate the pre-existing medical conditions terms and find them to be fairly reasonable compared to most policies.

Please visit the website for further coverage options and benefits. Travelex also offers other plans which may be more suited to your needs.

Best for extreme sports enthusiasts and adventurers

Insurer: IMG

Website: https://www.imglobal.com

Recommended plan: iTravelInsured LX

What’s included

• Max trip: 90 days
• Emergency medical: $500,000
• Emergency medical evacuation and repatriation: $1,000,000
• Accidental death and dismemberment (AD&D): $100,000
• Search & Rescue: $10,000
• Trip interruption: 150% of the cost of the trip
• Trip cancellation: up to $100,000
• Pre-existing medical conditions: waived if insurance purchased within 24 hours of final trip payment
• Baggage loss/damage: $2,500
• Please visit the website for further coverage options and benefits. IMG also offers other plans which may be more suited to your needs.

Why we chose this policy

The addition of up to $1,000,000 in evacuation costs is perfect for adventurous travelers who are stuck far away from a medical facility. You also have a higher risk of serious injury so that this coverage will be enough for evacuation back home. The addition of $10,000 in search and rescue costs is also unique, and we feel it would benefit most thrill-seekers who may venture off the beaten track.

Best for solo travelers

Insurer: John Hancock

Website: https://www.johnhancocktravel.com

Recommended plan: Silver Plan

What’s included

• Max trip: 90 days
• Emergency medical: $500,000
• Emergency medical evacuation and repatriation: $500,000
• Accidental death and dismemberment (AD&D): $100,000
• Trip interruption: 150% of the cost of the trip
• Trip cancellation: 100% of the cost of the trip
• Pre-existing medical conditions: 60 days look back, 14-day waiver if within terms and conditions
• Baggage loss/damage: $1,000

Why we chose this policy

Unlike most medical insurers, John Hancock has a high-value emergency medical coverage section. The offering of no deductions is also a peace of mind for lone travelers who may not have as many available funds as those who travel with others.

Please visit the website for further coverage options and benefits. John Hancock also offers other plans which may be more suited to your needs.

Best for students

Insurer: IMG

Website: https://www.imglobal.com

Recommended plan: Student Health Advantage Platinum International

What’s included

• Max trip: annually renewable
• Emergency medical: $1,000,000
• Local ambulance: $750 per illness
• Dental: up to $500
• Emergency medical evacuation and repatriation: $500,000
• Accidental death and dismemberment (AD&D): $25,000
• Pre-existing medical conditions: charges excluded until after six months of continuous coverage.

Additional coverage: 

• Coinsurance
• Maternity and newborn care
• Intensive care
• Mental health
• Prescription drugs
• And more

Why we chose this policy

Although the majority of coverage looks like most travel insurance, the additional coverage covers plenty of situations you might find yourself in throughout your studies. The $1,000,000 limit for emergency medicine is also very generous.

Please visit the website for further coverage options and benefits. IMG also offers other plans which may be more suited to your needs.

Best for pre-existing conditions and pregnant travelers

Insurer: GeoBlue

Website: https://www.geobluetravelinsurance.com

Recommended plan: Voyager Choice 

What’s included

• Max trip: 182 days
• Emergency medical: $50,000, $100,000, $500,000 or $1,000,000
• Emergency medical evacuation and repatriation: $500,000
• Accidental death and dismemberment (AD&D): $50,000
• Dental: $500 injury, $250 pain relief

Additional coverage:

• Complications of pregnancy
• Terrorism
• 24-hour assistance
• Trip interruption: $500 return air only
• Pre-existing medical conditions: covered (no lookback period)
• Baggage loss/damage: $100 per bag

Why we chose this policy

Pregnancy can be a difficult thing for any mother, and if something goes wrong at home, it’s scary. The thought of something happening while you’re abroad is even worse. The additional complications of pregnancy coverage will bring peace of mind to any family-to-be. This policy is also one of the only ones that cover pre-existing medical conditions without any lookback period. It’s worth looking into if you fall into one of these categories.

Please visit the website for further coverage options and benefits. GeoBlue also offers other plans which may be more suited to your needs.

Best for Seniors

Insurer: GeoBlue

Website: https://www.geobluetravelinsurance.com

Recommended plan: Voyager Choice 

What’s included

This coverage information is the same as above but includes the following benefits for senior travelers:

• Pre-existing conditions covered for medical services and evacuation
• Insurance coverage for anyone up to 85 years
• Coverage amounts do not drop at age limit intervals like most plans

Why we chose this policy

Seniors often get a rough deal when it comes to insurance policies, but GeoBlue insures anyone up to the age of 85, no questions asked. Their pre-existing conditions coverage is also second to none. On top of that, the amount of coverage does not decrease with age.

The best travel insurance comparison website

Choosing travel insurance is a mammoth task. You need to make sure you have the correct amount of coverage for each member of your party who is traveling. If you don’t get it right, you could end up with a hefty medical bill.

We’ve shown you the best medical coverage based on category, but what if you don’t fit into one of those or you want help making up your mind? Use a price comparison website.

Insuremytrip.com is a great website that allows you to filter travel insurance policies based on your requirements. Choose your preferred plan type and coverage options, and the site will automatically populate results from its partners.

One thing to remember about price comparison websites is that they don’t always include all insurers. If the insurer you want is not there, go directly to their website for an individual quote. Sometimes this can save you money as price comparison websites can add commission onto the premiums.  

Things to remember before you travel

Taking the time to plan your vacation carefully will help prevent any unwanted mishaps along the way. Here is a handy checklist to help you stay organized and enjoy a smooth trip without any hiccups.

What to do before you travel

#1: Check your domestic health insurance policy to check what exclusions there are overseas. Confirming your coverage will help you determine how much protection and what conditions your travel medical insurance policy should cover.

#2: Purchase your travel health insurance coverage honestly and inform your insurer of any pre-existing conditions. By providing the correct information, you will prevent any denial of coverage.

#3: Check the area and region where you are visiting for their local medical services. Then, when you have an emergency, you will be better prepared for the trip to a local doctor or ER department.

#4: Contact your travel medical insurer and ask them to confirm that the policy will cover you in the area you are visiting.

Questions you must ask yourself when selecting an insurance policy

If you’ve read our brief list of insurance providers, you’ll notice that each plan offers different coverage. Plus, they will suit different people based on their needs. It is so important to check the terms and conditions of your policy to make sure it is the right one for you.

• Does the insurance provide enough coverage for emergency medical care?
• Is evacuation included?
• Can I receive compensation for any travel and accommodation costs for family members if I get sick or injured?
• Is there a 24-hour helpline if I should need emergency assistance?
• Do I have sufficient coverage for every person insured on the policy?
• Does this insurance cover the country and area I am visiting?
• Will this policy cover my pre-existing medical conditions?
• Do I need additional coverage if I am taking part in adventure activities?

Items to take while you are traveling

Getting to your journey isn’t the end of where your super organizational skills are needed. To be best prepared for any outcome, it is best to follow the following tips:

Keep your insurance documents on you at all times.

A lot of vacationers take excursions, which can be miles away from their hotel. To combat stress in an emergency, carrying your documents may save precious time when you need to contact medical help.

Keep emergency contact details of your insurers and their claim number separate.

By writing these details on a piece of paper and inserting them into your wallet, you save the need to look through paperwork hunting for the number.

Keep any receipts and invoices you receive from medical providers.

These receipts are for proof if your insurance company requests them when you return home.

More Resources

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