The concept of travel insurance or travelers insurance is based on protecting an individual from various types of dangers when the person is traveling in a place or a country that is alien to him or her. The type of danger an individual faces while traveling range from sudden health problems, which at time may be fatal to loss or theft of properties including vital documents. These travel insurance coverage schemes are particularly effective for those who travel quite frequently due to professional reasons or otherwise. These travelers insurance schemes are equipped in various ways to save people in case of untoward incidents when people are travelling.
In spite of the tremendous effectiveness, these schemes are always regarded a bad or worthless investment by many as these investments are done purely on the basis of assumptions, unlike other types of insurances – and rightly so. Other insurances are based on things that are almost certain to take place sooner or later. For example, you will surely grow old and will stop having any regular source of income. In those situations, life insurance schemes will come in use. Likewise, heath related issues are almost inevitable in everyone’s life and health insurance schemes help people in those situations. However, when it comes to travel insurance, it is for a fairly short period of time (the duration when the policy holder is travelling) and the investment will go for nothing is nothing happens to the traveler – i.e. if he or she does not fall sick or does not face any untoward incident.
However, it can well be said that getting these travel insurance schemes is effective just because of the reason that what may seem as wastage of money can turn out to be a wise decision in case something happens. In fact, issues like accidents, cancellation of trip due to a number of reasons, loss or theft of luggage or wallet with the credit cards are not very rare. In these situations, the travelers insurance policies can play the role of great savior to the affected individual.
In fact, such is the importance of travel insurance that getting such an insurance policy is the first step that an individual should take before planning a trip somewhere, especially if you are travelling to another country. Remember, that availing travel insurance is not a symptom of paranoia but taking guard against likely threats that may endanger your physical and financial safety while travelling. It is just a precautionary measure.
Let us discuss various types of travel insurance policies that are offered all over the world.
Package Insurance Policy
In general, packages of travel insurance schemes are meant for covering single trips. However, this particular type of insurance is appropriate for various types of short and long tours, air trips from one place to another, long luxury or other types of cruises, renting homes and cottages for vacations. Even official trips from one place of a country to another or to another country are also covered by these travelers insurance packages.
These types of packages are bundled by the insurance providers and they cover issues like cancellation of trips, delay, in eruption or cancellation of flights, delays in travelling, loss or theft of luggage and wallet and other objects of extreme importance, delay in the arrival of baggage due to callousness of the airline authority or otherwise, quick evacuation due to a situation of extreme emergency, providing suitable assistance to the travelers as well as covering medical expenses. There are certain travel insurance policies which even cover death due to any accident while travelling. The cost of these packages depends upon the age of the traveler at the time of applying for the coverage, the cost of the trip and its duration.
As the name suggests, this type of travel insurance plans are designed to cover the medical expense of a traveler, during the tour. These schemes are available in group as well in single and have a comparatively large ‘coverage area’ so that people are lured to avail them.
Policies that cover accidental death of a traveler during flight
There are a number of travelers insurance providers which offer coverage for accidental deaths to travelers on board aircrafts during flights. There are some, which give this coverage as an option while for some it is a regular feature of their policy.