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The Big Travel Comeback: Why Singaporeans Need Travel Insurance More Than Ever
In a rush? Read the summary:
Travel insurance offers protection against unexpected events such as trip cancellations, medical emergencies, and loss of belongings.
Choosing the right plan depends on factors such as trip duration, destination, activities, and the value of your belongings.
Claims require proper documentation, so you should keep copies of key documents and evidence to ensure smooth claim processing.
The joy of travel comes with unpredictability. While you cannot control the unexpected, you can be prepared for it with travel insurance.
When to buy travel insurance
It is advisable to get travel insurance early or as soon as your travel plans are confirmed. Pre-existing travel insurance not only covers the travel and post-trip but also protects you or your family members traveling with you from loss of deposits and trip cancellation in case of an unforeseen incident like political unrest or natural disasters.
Things to check before buying travel insurance
You can choose from a variety of travel insurance depending on your itinerary and needs. Remember, the cheapest value doesn’t always mean the best deal. To determine the level of coverage one requires for a trip, consider these factors:
Duration of the trip: Selecting appropriate travel insurance coverage starts with the length of the journey. Whether it’s a long trip or a brief escape, it’s essential to have travel insurance to cover aspects like baggage loss and trip cancellation. For longer journeys or overseas travel, one can pick up overseas travel insurance that covers medical expenses, emergency evacuation, and trip interruptions.
Destination: Different countries have different travel requirements. Healthcare costs and safety risks also differ depending on the country. Remember, some destinations have higher risks of political instability and natural disasters, which may require additional coverage.
Activities: Looking to partake in high-risk activities like scuba diving or skiing should get a travel insurance plan that covers injuries and potential accidents.
Value of belongings: Evaluate the value of your belongings before you start a trip. If you are travelling with high-value jewellery or important documents, it is essential to ensure that the travel insurance plan offers adequate coverage for damages, theft, and losses.
Why comprehensive travel insurance matters
A simple and affordable insurance plan may not always be the most suitable choice, as it may significantly understate the potential for high costs associated with various expenses, such as overseas hospitalisation. Additionally, trip interruptions and last-minute cancellations are unpredictable, so having extensive travel insurance coverage protects one from different situations and a wide range of potential risks.
From covering unexpected medical bills to reimbursing costs from cancellations and delays, travel insurance allows you to focus on your trip instead of scrambling to solve emergencies on your own. It turns potential disasters into manageable inconveniences when the unexpected does happen to you. Start your protection with us. Apply now
FAQs on travel insurance:
1. Is travel insurance mandatory for travellers going abroad from Singapore?
Travel insurance is not mandatory for travelling abroad by law. However, having travel insurance protects against various unexpected events like lost luggage, trip cancellation, or medical emergencies abroad. For this reason, many travellers choose to purchase travel insurance for peace of mind.
2. What is the difference between single-trip and annual-trip travel insurance?
A single trip plan may be suitable for travellers who occasionally travel, while an annual plan is for frequent travellers who go for multiple trips throughout the year.
3. What is a family plan?
Family means one (1) or two (2) adults travelling with at least one accompanied child. The two adults need not be related, but the child(ren) must be the legal child or ward in the case of a legal guardian, grandchild, siblings, nephew, niece or cousin of either one of the adults. You must depart from and return to Singapore together at the same time as a family.
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Disclaimer
This article is for general information only and it does not constitute an offer, recommendation or solicitation of an offer to enter into any transaction or adopt any hedging, trading or investment strategy, in relation to any securities or other financial instruments. This article has not been prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice or an investment recommendation. It has been prepared without regard to the specific investment objectives, financial situation or particular needs of any person or class of persons. You should seek advice from a licensed or an exempt financial adviser on the suitability of a product for you, taking into account these factors before making a commitment to purchase any product or invest in an investment. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether the product or service described herein is suitable for you.
You are fully responsible for your investment decision, including whether the investment is suitable for you. The products/services involved are not principal-protected and you may lose all or part of your original investment amount.
Standard Chartered Bank (Singapore) Limited will not accept any responsibility or liability of any kind, with respect to the accuracy or completeness of information in this article.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. For clarity, these investment products are not deposits and do not qualify as an insured deposit under the Singapore Deposit Insurance and Policy Owners’ Protection Schemes Act 2011. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
The information stated in this article is accurate as at the date of publication.
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