Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
Listening to some people, they talk as if they are treating insurance like a lottery ticket?
Let’s take travel insurance.
A friend of my sibling was caught in the Bali bomb blast several years ago. His medical flight evacuation from Bali to Singapore alone cost about $150,000 plus. Now that’s the type of travel insurance one should look into if one is afraid of getting seriously sick or injured in a foreign country!
“Celebrating” you made a claim for a flight delay, lost luggage, or a medical claim for a minor ailment during or after the trip is not exactly the main purpose of travel insurance, is it?
I mean even if you had not bought travel insurance for these “good to have” claims, your lifestyle is not going to be meaningfully changed. A few hundreds or thousands out of pocket expenses are at most an annoyance, right? Just like getting the flu while travelling – a bummer – but it won’t kill us.
Have you checked your travel insurance covers medical repatriations?
Too expensive? You wanted to “save” on the premium? You should listen …read more
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