MoneySmart encourages travelers to carry COVID-19 travel insurance as a travel essential

  • A large number of Singaporeans want to travel abroad this year.

  • Travelers to Singapore are encouraged to be cautious around the COVID-19 virus and protect themselves with COVID-19 travel insurance.

SINGAPORE, June 6, 2022 /PRNewswire/ — Today’s global travel scene is beginning its return to pre-pandemic days, but the COVID-19 virus remains a threat. World Health Organization WHO data reported around 1.4 million confirmed cases worldwide in the third week of May 2022. On the other hand, with more countries opening borders, Singaporeans show a strong desire to travel. MoneySmart data as of april 2022 showed an increase in the volume of travel insurance transactions that reached a growth of almost 300% compared to the volumes in January 2022with Thailand being the most sought after destination (23%), followed by Malaysia (14%), Australia (eleven%), Indonesia (10%), and the United States (5%).

Kelvin Ng | (黄贤龙), Head of Advisory at MoneySmart Financialsaid: “The COVID-19 pandemic has put a spotlight on travel insurance and the importance of having adequate insurance. The purpose of insurance has not changed: to reduce a person’s financial loss due to unforeseen events. In terms of travel, travel may not always go according to plan due to disruptions related to COVID-19 or others. Purchasing travel insurance provides a degree of certainty and peace of mind.”

MoneySmart recently featured 2 avid travelers who quit their jobs to see the world amid the pandemic. adrian chew (Kuniha) and Chia Kim Hui (金惠) by Pang & Kim Adventurea couple of travel bloggers and MoneySmart customers, contracted COVID-19 while traveling in Turkey in January of this year. pang and kim shared: “After our experience with COVID-19 abroad, we cannot stress enough the importance of purchasing travel insurance with COVID-19 protection for foreign travel: it gives you peace of mind in unexpected situations, covering the hospitalization and medical bills during our Turkey trip. We make a wise decision when purchasing insurance and encourage everyone to use price comparison websites like MoneySmart to compare policies that fit their needs.”

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Check out this link for the full interview with Pang and Kim as they share what it was like to contract Covid while in Turkey and how much it cost them financially as an ordeal – https://blog.moneysmart.sg/travel-insurance/getting-covid-overseas/

Travelers are advised to do their research and compare before purchasing travel insurance due to the variety of packages available. Some important criteria to consider include the coverage of the policy, the extent of the provider’s network, and whether the policy covers your destination. At this time, certain countries still require tourists to have valid travel insurance policies with Covid 19 coverage, as a requirement to enter. MoneySmart has published a guide to travel insurance that covers all aspects of what travelers should know about the subject:
https://www.moneysmart.sg/travel-insurance/travelling-with-covid-insurance-ms

tricia limSales Director of Allianz Partners Singapore, highlighted: “In the era of travel recovery, travel insurance with sufficient medical coverage, including the selected minimum COVID-19 coverage required by the travel destination, is key, particularly for destinations such as the US, Australia either Japan where medical care can be expensive. Always read the terms and conditions to understand your coverage and be aware of the exclusions. We also recommend checking if you are covered for cruises or activities such as water sports. 24/7 medical support, including emergency transportation, is also a must.”

Another essential consideration to keep in mind is understanding the terms and conditions of the insurance package regarding the claim process. Lisa Lee (廖丽珠), Head of Accident and Health – APAC at Starr International Insurance Singapore, added: “The essence behind ensuring a smooth claims process is being able to see things through the lens of a claims administrator. It is crucial to ensure organized and detailed documentary evidence of the related claims to be made. Medical bills that show proof of having contracted the virus, or prescriptions that show details related to Covid 19 are important. Typically, the insured could face challenges with claims when they cannot attribute medical expenses to a doctor’s diagnosis.”

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Travel Insurance with COVID-19 coverage is undoubtedly a “Must Have” item in this new reality of travel. Choosing the right policy to suit your needs and budget is just as important as understanding the terms and conditions of your policy and the claims process. Compare and buy the most suitable travel insurance policies with ease at https://www.moneysmart.sg/travel-insurance

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About Money Smart

MoneySmart Pte Ltd (MoneySmart) is southeast asian Leading personal finance comparison site founded in 2009. MoneySmart began as a mortgage comparison company operating under SmartLoans.sg. Since then, it has expanded beyond mortgages to help consumers maximize their financial decisions by putting the power to compare loans, insurance and credit cards in their hands. Today, MoneySmart Group is the largest financial portal in Southeast Asia – help over 100 million people around Singapore, Hong Kong, TaiwanY the philippines to make smarter financial decisions.

Based in Singapore, MoneySmart Singapore has more than 70 financial institutions associated with more than 170 financial products. MoneySmart is focused on creating customer-centric financial technology products, innovative programs, and original content to expand its positive impact around the world. Asia.

MoneySmart was recognized with the 2018 Emerging Business Award, presented jointly by The Business Times and OCBC Bank.

About the MoneySmart Group

Wholly owned by Catapult Ventures Pte Ltd, MoneySmart Group is made up of MoneySmart Pte Ltd and MoneySmart Financial Pte Ltd (MoneySmart Financial / “MSF”), which was founded in 2016 as the financial advisory arm of MoneySmart Group. MoneySmart Financial houses the insurance advisory aspect of the business, including the recently launched “Bubblegum” insurance brand. MoneySmart Financial is an Exempt Financial Advisor and Registered Insurance Broker authorized by the Monetary Authority of Singapore (“BUT”).

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SOURCE MoneySmart