Travel protection plans for Canadians
International travel can provide enriching and unforgettable experiences. However, without adequate travel insurance, a dream holiday could result in financial ruin or worse.
Some individuals venture overseas without considering travel insurance, but the Department of Foreign Affairs and Trade strongly advises all Canadians to obtain travel insurance before traveling abroad, and with good reason. If things can go wrong, they likely will. And when they do, the last thing you want is immense financial and emotional stress. Put simply, travelers without travel insurance may find themselves personally responsible for overseas medical expenses, which can lead to financial devastation.
With daily hospitalization costs in Southeast Asia reaching as high as $800 a day and the cost of medical evacuation from the United States ranging between $75,000 and $95,000, it’s clear why travelers cannot afford to risk traveling without travel insurance.
Travel Insurance
There have been instances where Canadian families were forced to rely on their retirement funds or, in some cases, sell their homes to raise funds to bring their loved ones home—all because they neglected to purchase travel insurance.
Despite these risks, many people still travel without travel insurance.
If you’re planning to travel abroad, it’s wise to invest in overseas travel medical insurance. The costs of medical treatment abroad can be exorbitant. Some countries even require travel insurance coverage for visa issuance. Even if not mandatory, purchasing a travel insurance plan for other countries is a prudent decision to safeguard against unforeseen tragedies. Healthcare expenses are considerably higher in developed countries.�
A Travel Insurance Plan can protect and cover you against medical and other financial emergencies that may arise during your travels. Travel medical insurance may reimburse you for treatment at a nearby medical facility or allow you to select the hospital for necessary treatment. Depending on the insurance plan selected, you may receive full or partial coverage. When selecting travel insurance, compare policy coverage, benefits, and prices, and request a detailed list of inclusions and exclusions. Therefore, it is highly recommended to consult a trusted insurance broker to learn more.