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Do Life Insurance Policy Holders Need Travel Insurance Too?

 

In these unpredictable times, security is like a basic need just like food, clothing and shelter. Security could be for anyone – be it a person or a commodity. There is one thing which you must never underestimate is the uncertain times. You must never feel over confident about the situation and be prepared for anything that comes your way. The uncertain situations in life do not need an invitation, they simply come along. If you encounter an unpleasant situation in a foreign country, you will be left stranded without any financial help. Death, disability or any other serious issue could change the life of your loved ones forever. Are you ready to take on such situations with ease? If your answer is no, it is highly advisable to buy insurance in order to safeguard your family member from all kinds of worries. 
When it comes to travel insurance, the biggest debate remains that whether or not a life insurance policy holder needs to buy travel insurance. A life insurance policy is only useful if the person loses his/her life. What if you are injured on a journey or your baggage is lost or what if your flight is cancelled or what if you have to cancel your trip at the last minute? Do you really think your life insurance will be useful enough in these situations? 

The real difference between travel insurance and life insurance
Life insurance is an assurance given to the policy holder by the insurance company that his/her pre-assigned beneficiary is liable to get a certain sum of money in the event of policy holder’s death. One needs to pay a premium to avail the benefits of a life insurance policy. It is a financial backing for your loved ones in your absence. There are some policies which also cover critical illnesses. 
On the other hand, travel insurance keeps you safe from the uncertainties you could face during a trip. For instance, you or your family member gets injured on a trip and needs medical help. If you are not covered under a policy, you may have to spend a lot of money on healthcare as these facilities are really expensive in most countries. This could spoil your entire budget for the trip. A travel insurance​ policy also covers you in case you lose your luggage, your trip gets delayed or your flight gets cancelled.

There are two types of travel insurance policies – one is single trip policy and the other is multi trip policy. You must opt for a multi trip policy if you are a frequent traveller. A multi trip policy is usually valid for one year.  

Hence, you must not compare travel insurance online policy with a life insurance policy as the former covers you when you are travelling and the latter only covers you in the event of death.

Some benefits of travel insurance policy –
Your medical expenses are covered if you get injured or meet with an accident during the trip within or outside your country.
You get reimbursement if you lose your luggage or important travel documents like passport or other valuables.

Whether your flight gets cancelled or you have to cancel your trip or make it short, you will be reimbursed if your reasons are found genuine. 

A travel insurance policy also covers the cost of air ambulance if your destination lacks proper medical facilities.