How do I assess the cost-effectiveness of travel insurance plans?

Hi Anon,

This is a tough question to answer, because for most of us travel insurance is bought based on what we need for the trip we are gonna go for. And usually they are to insure us in the event of loss of our luggage, personal belongings and possibly flight delays.

Are you looking at an annual travel insurance? Cause that would mean that you actually travel alot, and those kind of policies do tend to be more costly, but there might be additional benefits or coverages.

If you are looking at coverages for accidents overseas, then you might want to look at having a personal accident policy, cause those provide coverage even if you are overseas.

Oh boy. This is difficult even for FAs unless they have very good comparison tables.

Focus on the ones that you need for your trip, for example, trip curtailment, and READ the exclusion clauses etc. You pay for what you get, usually.

If you do not require some additional beenfits of the travel policy, then do not buy it if the premium is higher than a comparable (but isn't that easy) plan.