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Planning a trip? Don’t let bad luck get in the way. Picking out the right travel insurance is one of the easiest ways to help ensure you have a safe and relaxing vacation.
Here are five things to keep in mind when you choose your plan:
1. Know your odds
Did you know that more than half of travel insurance claims are related to cancellations?1 According to a recent article in Forbes magazine, the other top claims are for:
- Medical expenses for emergency illness and injury
- Reimbursement of certain costs when a trip is interrupted
- Reimbursement of certain costs when a trip is delayed
While cancelling your holiday might seem unthinkable, you never know what may lie in store for you between now and take take-off. From illness and emergencies to extreme weather, a good insurance plan protects your itinerary (and your money) in the event of necessary rescheduling.
2. Do your research
Find your perfect match by considering where you’re going, how long you’re going for, and who you’re travelling with. A simple survey about your trip will help decide what type of plan you need: from emergency medical coverage, to trip cancellation coverage, to all of the above.
3. Work with what you have
You might already have travel insurance through your credit card or group plan at work. That doesn’t necessarily mean you have all the protection you need, but it might be a good start. Review your existing policies to spot any exclusions or restrictions that may require you to top up your coverage.
4. Get to know your contract
Once you have a plan, read it in full so you know exactly what’s covered. It might not be a page-turner, but we promise it will be worth it to make sure you know what’s covered—and what isn’t. For example, if you’re into adventure travel, like rock climbing or parachuting, we wish you a happy holiday, but fair warning: your policy might not cover medical emergencies. If you’re travelling somewhere remote, like the River of No Return Wilderness Area in Ohio (this is an actual place on an actual map), check the fine print to make sure your policy covers evacuation costs.
5. Boost your coverage—you’re worth it
Emergency costs can add up fast. Remember, we’re talking about worst-case scenarios here, things like theft or medical care. It’s also worth keeping in mind that while a $20,000 policy might cover $14,000 for an ankle fracture in Mexico, it falls short of a $28,000 appendix surgery in Ireland and is practically chump change in the face the $195,000 a heart attack will cost you in the United States.2 Aim for the highest policy that fits into your budget.
We can help.
Life happens, at the airport and elsewhere. If bad luck changes your plans, you’ll be glad those plans include travel insurance sponsored by Lawyers Financial. And as a member of Canada’s legal community, you save 10% on Manulife’s already affordable travel insurance rates.
Sources: 1. Forbes, “Top problems that leads to travel insurance claims,” November 2022. 2. AMA Travel, “How to know when you should get trip cancellation or trip interruption insurance,” 2022.
Travel insurance plans are sponsored by CBIA/Lawyers Financial and underwritten by The Manufacturers Life Insurance Company and First North American Insurance Company, a wholly owned subsidiary of Manulife. © 2022 The Manufacturers Life Insurance Company. All rights reserved. PO Box 670, Stn Waterloo, Waterloo, ON N2J 4B8. Lawyers Financial is a trademark of CBIA.
