Protect your Dream – Travel Insurance
by Mark Terry

We may complain about the service and wait times to see “our” doctors, however, I don’t believe there are many who would dispute the level of care we receive in Canada or, specifically, British Columbia. For those of us who have traveled abroad, many have heard the six-figure medical bill or the $4,000 ambulance bill stories of unlucky travelers.

There are many important health factors that may complicate a dream to travel. Consider just how a diagnosis of a critical illness such as heart attack, stroke, cancer, or kidney disease could affect your current life, but also how this diagnosis will affect your retirement dream - which may include future annual trips to other countries. Fortunately, there are many insurance products out there to protect you from financial ruin should an unforeseen medical situation occur.

For the many travel insurance options available today, each present overwhelming differences. It's not surprising to know that there is a disparity between what people think is covered versus what really is. Add to this that there is often misunderstanding and misinterpretation as to what “travel insurance” actually is. For example, travel insurance can cover something as simple as flight cancellation due to sickness, or cover emergency medical services for just one trip; there are even life insurance packages that will cover a plane crash. Then, there are other types of travel insurance that are essentially term policies that guarantee coverage for as long as you own them.

Let’s face it, it comes down to price: 'Why should I buy or pay for something I’m not going to use?' The truth of the matter is, we may think we are going to live forever - especially before we hit forty. However, the odds are pretty good that, unlike the lottery or slot machine, a life insurance policy is going to pay out.

There are far too many companies and products for me to discuss here so instead I would like to discuss one product. I am an Independent Financial Advisor and “independent”, in this case, means that I work for the client, not for any specific insurance company. Neither do I advocate or promote one company over another.

A certain company that starts with the letter Manulife created a product called Travel 80 which, in my opinion, was designed for those of us who love to travel. Here are the highlights: you can purchase it up to age 65 and you can keep it until you are 85. It covers an unlimited number of 30 day trips and top up for longer trips is available; it's guaranteed renewable regardless of any health changes in your life AND you get 50% of your premiums back if you are claim free for 10 years. This is a great feature for men who know it will never happen to us.

Meet with your financial advisor for a complete risk assessment and needs analysis to determine if Travel 80 or a similar insurance product provides for your specific travel needs. Perhaps while you are discussing travel insurance with your advisor ask “What is critical illness insurance?” It was built to sit alongside your travel insurance and provides optimum coverage.