Take out travel insurance? Here’s what to look out for, including COVID-19 coverage

SINGAPORE: The end of year holidays are just around the corner. Many of us are planning to travel abroad again after more than two years of the COVID-19 pandemic.

Many countries are welcoming back visitors after easing or lifting their COVID-19 entry restrictions.

But at the same time, new COVID-19 variants are emerging all over the world. And that’s why insurers advise vacationers to make sure they’re getting the right coverage when choosing travel insurance.

IS COVID-19 COVERAGE IMPORTANT?

Travel insurance with COVID-19 coverage is necessary, said Mr Alan Wong, director of financial services at Prudential and an authorized agent of AIG Singapore

He added that the possibility of contracting COVID-19 before and during one’s trip is still high and such coverage will cover most costs related to medical expenses, travel cancellation, travel delay, travel restriction and quarantine compensation for COVID-19 19 diagnosis abroad. .

Ms. Winnie Loh, founder and principal of Ad Maiora, an insurance company, agreed that COVID-19 coverage is important. She also noted that the number of COVID-19 cases is increasing in many countries.

WHAT TO CHECK FOR REGARDING COVID-19 COVERAGE?

Mr Wong advised travelers to look out for the limit of COVID-19 coverage in their travel insurance policies to check whether it is sufficient to cover the cancellation costs of one’s airfare, accommodation and itinerary.

“For example, a flight ticket costs S$3,000 and accommodation costs S$2,000, but the trip cancellation limit is only S$2,500. So only part of the cost is covered,” he explained.

Mr Chandramogan, an executive senior financial planner at Great Eastern Singapore, also said it is important to find out the sub-limits of benefits in the travel insurance plan.

“There may be an instance where a person is down due to COVID-19 and may need to cancel, postpone the trip or experience some travel disruption either before, during or after the trip,” he said.

“For such situations, insurance companies will reimburse based on the sub-limit of (the) plan for costs incurred during these situations.”

The destination should also play a role in determining a plan, he added.

He said: “In the US, for example, medical costs can be insane and depending on the type of hospital and the number of days, you could end up paying quite a bit.”

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