Travel Insurance

A Guide to Purchasing Travel Insurance

Traveling is both exciting and educational

Getting out of your normal routine and going someplace exotic is always lots of fun as well as educational. You get to learn so much about the people of another country and their culture. You may even learn something about yourself as you visit these unique locations.

The people at Moneysmart want you to have a great time while you are away from home. So they have put together this simple travel insurance guide to make sure your vacation does not suffer from unforeseen events.

It is always better to have travel insurance and not need it than to need it and not have it.

The benefits of travel insurance in Singapore

It is said that the country of Singapore has the 6th best health care system in the world. The country takes pride in how its health care facilities and professionals treat everyone and their ranking shows that great effort.

If you are hesitating about getting any travel insurance, read through these benefits before making your decision. These benefits help you have peace of mind allowing you to enjoy your vacation even more:

  1. Even the cheapest version of travel insurance in this country can be extended to cover pre-existing conditions
  2. The best coverage will include personal liability in case there are third party damages
  3. If you buy comprehensive travel insurance you also get help to re-issue your documents if they get lost or misplaced
  4. Some plans will cover the financial expense when you lose your passport, international driver’s license, laptop, checked-in baggage, and even weather delays
  5. You may be able to get coverage for visa fees when your application is rejected

Types of travel insurance

The good thing about buying travel insurance is that you can get a policy that meets your travel needs and situation. There is no one-size-fits-all type policy. Here are the different types of travel insurance you can buy:

  1. Single-trip- this policy is designed to cover those travelers who do not travel a lot during the year
  2. Annual multi-trip plan- this is best for those travelers who will make at least four international trips per year. it covers different travel zones and will save you time and money from individual purchases. Just make sure to make your claim within 30 days of the incident
  3. Individual plan- you can buy this for you and one other person, or you can buy it for someone else.
  4. Family plan- when you and your family travel together, this cuts your costs and helps you cover everyone in your family.
  5. Group plan- an ideal purchase for those traveling together in groups of 2 or more. With the added discounts, you can save some money on your insurance coverage
  6. Specialty travel insurance- customize your insurance coverage and only pay for what you need. This is good for seniors who have pre-existing conditions

**Policy details and costs differ from insurance company to insurance company. make sure to get all the facts from the insurance provider and read the fine print. You do not want surprises when you are away from home.

What does travel insurance cover?

The coverage basics will be provided here. To get full disclosure of the rules and regulations governing each type of coverage you will have to talk to Moneysmart or your insurance provider

  1. Travel inconvenience- flight cancellations due to weather, etc., baggage and personal property damage, personal liability & more
  2. Personal Accident- this includes accidental death, permanent disability accidents, public transport double cover, and more
  3. Medical coverage- covers the cost of treatment for injuries or illness
  4. Emergency evacuation and repatriation- covers transportation costs to a hospital or back to your primary residence including those people who pass away while on vacation
  5. Luggage & personal belongings- in the case these items are lost, stolen or damaged you will get reimbursement for the purchase of essential items. it also protects you when your passport or other important documents are stolen by pickpockets
  6. Pre-existing medical conditions- this policy helps you if you are hospitalized, need medical evacuation, or emergency phone charges
  7. Car rental excess fees- covers the deductible and other excess fees
  8. Leisure sports activities- you can get coverage for certain athletic or fun activities while on vacation but double-check your plan to see what is or isn’t covered under this category
  9. Travel agency closure- it can happen and there is a plan to protect you from this business failure
  10. Acts of terrorism- this is a valid reason to make claims for losses that are usually covered by already existing plans. This includes medical expenses, personal accident or death benefits, emergency medical benefits, and more
  11. Accommodation cancellations- this kicks n when travel delays cost you your hotel room or other reserved accommodation

How to pick the right travel insurance policy

Here are a few tips to guide you when you are not sure which policy is the best policy.

  1. the policy covers your baggage and personal items
  2. provides for extreme sports participation
  3. make sure to have a license as insurance companies will not cover you without one
  4. the policy covers cell phone theft or loss
  5. allows you to file a police report
  6. buy your travel insurance at least 15 days in advance of your trip

Travel insurance eligibility


Travel insurance options


Age eligibility




3 months to 60 years of age




16 to 40 years of age


Senior citizen


61 to 85 years of age




3 months to 60 years of age




3 months to 70 years of age


Some final words

Getting travel insurance in Singapore is not that difficult. With the people at Moneysmart helping you each step of the way, it is even easier to find the right plan for you and your family.

The key is to take your time, know your travel plans, and make sure to read the fine print. You have to protect yourself as not every activity or event will be covered. Ask the people at Moneysmart to help you out. They will be glad to do it.

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