Which Annual Travel Insurance Policy Is The Best

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Which Annual Travel Insurance Policy Is The Best – “Annual travel insurance? Isn’t that for frequent flyers, like investment banks and C-level executives?” you ask. In fact, I think it is a very convenient thing for most ordinary Singaporeans to buy it.

We always complain that we don’t have time to travel, we are too tired from the fierce competition, life in Singapore is too boring, etc. But the truth is, Singaporeans are a very lucky bunch. According to statistics, the national average is 5.2 times a year.

Which Annual Travel Insurance Policy Is The Best

Which Annual Travel Insurance Policy Is The Best

This makes us one of the most traveled countries in the world, along with those tall and beautiful Scandinavians who swim in money and annual leave. Well, then Madam Rona showed up and turned our lives upside down.

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After two years of living through the pandemic, the borders are finally opening, and if you’re planning a lot of travel in the coming year to finally beat your wanderlust, buying annual travel insurance will save you money and save you money. It also saves you from the frantic scramble to buy insurance online before your flight.

“But I’m too busy to travel! Where do I get the time to compare all the different annual travel insurance plans?” you complain.

Luckily for you, I get paid to do this. This is the cheapest annual travel insurance plan you can buy. After reviewing about 20 insurance companies in Singapore, I have listed the best annual travel insurance plans for the average Singapore tourist. Note: Not all annual travel insurance plans include Covid-19 benefits.

No matter how many countries you visit, as long as you leave Singapore and return to Singapore only once, it will still be considered as “one trip”. When you purchase travel insurance, you are usually asked to specify the country.

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This makes sense, since you at least want to be protected in the country where you spend most of your time.

For example, if you plan to spend a week or more in Japan, but also spend a day in Bangkok or Hong Kong visiting friends, you will still need to indicate that you are purchasing Japan travel insurance.

But what if you spend most of your time in Kuala Lumpur but make the short trip to Shanghai for a day of meetings?

If you only intend to spend a day in China, and spend a month in Malaysia on the same trip, it may make sense to initially purchase travel insurance for a full month and mark Malaysia as your destination. This will significantly lower your premiums, as marking up in China can mean you’ll pay more for premiums you don’t need.

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But if you can spend a little more, it’s a good idea to mark the most remote countries you’ve ever visited. After all, the last thing you want is to lose your luggage in China one day and find out you weren’t covered because you decided to save a few bucks.

If you travel so often that the pages of your passport look like a child’s coloring book, it stands to reason that buying annual travel insurance will be cheaper in the long run.

As an easy comparison, one of the cheapest internationally covered annual travel insurance plans offered by FWD costs about $345 per year.

That might seem like a lot at first glance, but consider this: In the US, a single travel insurance plan also costs about $76 per week.

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This means buying single trip insurance for 3 or 4 overseas trips per year costs the same as unlimited trips on an annual insurance plan.

Note that the cost of annual travel insurance depends largely on the furthest countries you plan to visit that year.

Often, it’s cheaper to cover the world by limiting your coverage to Asian countries, for example. This means that if you have to travel outside of Asia, you will need to consider purchasing a one-way policy, which not only increases your costs, but also means more worries before you travel.

Which Annual Travel Insurance Policy Is The Best

Most annual travel insurance plans on the market today cover unlimited travel within a year, as long as each trip does not exceed 90 days.

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This means, with an annual travel insurance plan, you can travel whenever you want without having to search for the cheapest travel insurance every time you plan to leave the country.

It also means you’re busy, whether it’s a fortnight in the US or Europe, a weekend in Bangkok or Batam, or an afternoon in JB.

Buying annual travel insurance is as easy as clicking a button, and you’ll get the same premium for the entire year. This of course brings me to my next question…

Considering that an annual travel insurance policy covers you worldwide, you will be covered no matter where you travel during this period.

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However, annual coverage technically does not cover more than one trip once you factor in the specific benefits for each trip’s inconvenience or emergency.

Let us take NTUC Income’s travel insurance plan as an example. The following are the single plan and annual claim limits respectively:

It’s also important to note that you should check your Covid-19 protection before purchasing annual travel insurance. While most insurance plans now include Covid-19 coverage, some require you to purchase it as an add-on.

There are a few things you should consider before diving in. However, annual travel insurance is a year-round commitment and you can’t just because

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Global Access: Always choose global service so you are not limited to a specific location when traveling. Even if you don’t have any plans yet, you never know where 2023 will take you.

Individual vs. Group Plans: Annual travel insurance is usually an individual decision, but keep in mind that some insurance providers offer better rates if you’re buying as a couple. (You don’t have to travel together.)

Basic vs. Premium Plans: With travel insurance, you don’t want to get too fancy, just stick to the cheapest plan your carrier offers. Instead, consider basic and mid-level plans for the best mix of affordability and coverage.

Medical and emergency insurance: You could end up traveling to expensive countries, so make sure you are covered for high medical bills. Try to strive for a limit of at least US$300,000 for overseas medical expenses and at least US$1 million for emergency relief.

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Covid-19 Insurance: While many single trip insurance policies have been extended to provide Covid-19 benefits, the same cannot be said for annual policies. Given that you will be paying for the year, please do your due diligence to check if the annual policy offers Covid-19 coverage.

Trip Interruption Benefits: If you go to Bali, which has a well-developed tourism infrastructure and abundant accommodation, you can get lower trip delay benefits, such as one-way travel insurance. But you won’t want to sleep in an airport in the US because you won’t get adequate compensation for travel delays. Therefore, only choose annual travel insurance that has good coverage for trip interruptions.

Events & Activities: Unlike single trip planning where you can choose a plan that covers such specific events, your annual plan needs to cover anything you might end up doing during the year. Even if you don’t like the great outdoors, your friends can convince you to learn to dive with them. You can’t know. So it’s best to be as unobstructed as possible.

Which Annual Travel Insurance Policy Is The Best

Comfort level: Finally, don’t commit to an annual travel insurance plan unless you’re really comfortable with the policy wording, claims process, and brand reputation for providing emergency assistance and settling claims.

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Sign up for our newsletter to receive exclusive financial tips, tricks and information that can be customized to your liking! If you’re looking for a solid deal at the lowest price, consider FWD travel insurance. FWD policies are ideal for budget-conscious travelers and individuals who already have comprehensive coverage. FWD Travel Insurance is the best on the market, offering affordable single trip and annual travel insurance plans. FWD offers three levels of travel insurance plans to cater for different premiums for different categories

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