Travel insurance: Choosing the best policy for you

If you’ve only got a minute:

• Opt for a travel insurance policy from a reputable company like TravellerShield Plus by Chubb Insurance Singapore Limited, ensuring coverage that suits your needs, especially if you have pre-existing medical conditions.
• Prepare for emergencies by ensuring your policy includes a 24-hour helpline and adequate medical coverage, especially when abroad.
• Simplify claims and management by using Chubb's online submission option with pre-filled details on DBS digibank or DBS PayLah.

You’ve done your research. You’ve booked your flights, read dozens of reviews before booking your accommodation and planned your itinerary meticulously. The last thing left to think about: travel insurance.

With so many out there, how does one choose? Should you get yourself covered for this trip only, or get an annual plan instead?

Before you make a decision, here are four things to look out for when comparing travel insurance policies online:

1. How reliable is the insurer?

It’s always tempting to pick the cheapest policy out there - and there is the misconception that travel insurance policies are one and the same. It is however important to choose a policy from a reputable company that provides the coverage that you need. The cheapest policy may not necessarily be the most suitable, especially if you or your family members have pre-existing medical conditions, as many travel insurance providers do not cover claims relating to pre-existing conditions.

One option is TravellerShield Plus, which is distributed by DBS and underwritten by Chubb Insurance Singapore Limited. TravellerShield Plus offers pre-existing conditions coverage as an add-on for those who require it. Chubb is one of the global leaders in the provision of travel insurance products and services, and has been present in Singapore since 1948. On average, Chubb services and pay claims for more than 100,000 travel insurance customers each year in the Asia Pacific region.

2. What if something goes wrong? Will I be able to reach someone?

While everyone wants their trip to go smoothly, the age-old adage remains true: Hope for the best - and prepare for the worst. When picking an insurance policy, make sure that they have a 24-hour helpline. You never know if this will come in handy, especially when you are in a foreign country and need help urgently.

While most policies include coverage for medical needs, make sure that the medical coverage is adequate. Depending on where you travel, serious overseas medical claims can cost hundreds of thousands of dollars.

Very importantly, after you have purchased your travel insurance policy, do remember to save the number of your helpline to your phone’s contacts too.

3. How easy is it to make a claim?

Your trip did not go exactly as planned - but thankfully you are covered by insurance. What’s the fastest way to file a claim and get your money back?

Making claims is often associated with numerous forms and signatures, or even an appointment with an insurance agent, but that need not be the case.

Thankfully, there is now the option of submitting claims online with just a few documents and clicks, in the comfort of your own home or even during your trip if that will give you ease of mind. Chubb provides a fuss-free claims process - simply fill in a form online, attach all supporting documents, and you are all set.

4. What’s the easiest way to buy - and keep track of - a travel insurance policy?

You can sign up for most travel insurance policies online these days. But there is almost nothing worse than finding yourself in an emergency, vaguely knowing you purchased a policy, and then having to dig through email or banking transactions just to find the details.

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Disclaimers and Important Notice
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.