One of the best ways to protect yourself from unexpected accidents while traveling is to provide travel insurance. Most banks offer this product as a protective net and a way to help travelers find peace of mind during their trip.
For those who do not really know about it, travel insurance covers financial or medical expenses that may arise during your domestic or international travel. Typically, this insurance product has five main categories that you may want to know.
- Travel insurance. You will be protected if you or your travel companions have to interrupt, postpone or cancel a trip (due to weather problems, injuries or illnesses, problems with passports or visas, unexpected business conflicts, acts of terrorism or accidents on the way to the airport) .
- Medical or medical insurance. This provides coverage in case the policyholder is sick or injured during the trip. The difference is that travel insurance only provides short-term coverage (from five days to one year), while basic medical insurance is ideal for people who will travel from six months to one year or longer.
- Emergency medical evacuation insurance. If you find yourself in a remote rural area or in any place where there is limited access or no access to the necessary medical facilities, this insurance policy will cover the necessary medical evacuation and transportation to relevant facilities.
- Accidental death / accident insurance. If such an accidental death or serious injury due to a flight accident occurs, this insurance policy will pay benefits to the surviving beneficiaries of the policyholder.
It is best to evaluate the nature of your trips, your health and the activities in which you will be involved, to help you determine whether travel insurance will be particularly helpful. You can consider, for example, your ability to pay the full cost of a trip home in case of an emergency, and you need to make an unplanned trip home, or you can pay for medical care if someone in your health batch falls ill. Such factors can help you figure out whether insurance will prove valuable or not. If you decide to get one, be sure to carefully read the fine print and ask bank staff to explain each policy so that you can make an informed decision.
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