Shopping for travel insurance.
Most consumers purchase the first travel insurance that is offered to them. It is often an option when you purchase online, or a travel agent may offer it. While this is convenient, there are many other suppliers to choose from.
There are 33 travel insurance providers listed on the OmbudService for Life and Health insurance website. It might be beneficial to compare a number of insurance suppliers before selecting the one most appropriate for your situation.
It can be particularly effective to shop around if you are over 60 years of age. Above age 60, insurance premiums for emergency medical insurance increase dramatically. This reflects the higher medical risk that comes with getting older.
It is important to consider the pedigree of the company too. Not all insurance companies are the same. Some companies are for-profit companies and some not-for-profit companies. Some companies specialize in travel insurance, while others offer it as part of many financial services. You would need to feel confident that the company can be there for you in the event of an emergency.
Don’t pay twice. I’ve often seen travellers purchase travel insurance when they are already covered through another plan. Often, employee benefit plans, professional association plans, or certain credit cards offer some travel insurance coverage. Many Canadians forget about the travel insurance coverage that they already have through other plans.
If you have an employee benefit plan you may be able to purchase additional travel insurance through that provider.
Be sure to seek professional advice, to help choose the most appropriate plan for you, and to understand the limitations of the plans.
About Colin Barry – Canfin Financial Group
Colin Barry is a Certified Financial Planner (CFP) who works with families and small businesses to plan their finances and make the most of what they have. Visit www.colinbarry.ca for more information.Fee for service financial planning and investments provided through Canfin Magellan Investments Inc. Insurance provided through Canfin Capital Group Inc.
