A large number of Singaporeans wish to travel abroad this year.
Singaporean travelers are encouraged to remain cautious of 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 the pre-pandemic era, but the COVID-19 virus remains a threat. World Health Organization (WHO) reported about 1.4 million confirmed cases worldwide in the third week of May 2022. On the other hand, with more and more countries opening their borders, Singaporeans are showing strong desire to travel. MoneySmart data at April 2022 showed an increase in the volume of transactions for travel insurance which reached almost 300% growth compared to volumes in January 2022with Thailand being the most searched destination (23%), followed by Malaysia (14%), Australia (11%), Indonesia (10%) and United States (5%).
Kelvin Ng (黄贤龙), Head of Consulting at MoneySmart Financialsaid: “The COVID-19 pandemic has shone a light on travel insurance and the importance of being properly insured. The purpose of insurance has not changed: to reduce an individual’s financial loss due to unforeseen events. In terms of travel, trips may not always go as planned due to disruptions related to COVID-19 or otherwise. Purchasing travel insurance provides a degree of certainty and peace of mind. spirit.
MoneySmart recently featured 2 avid travelers who quit their jobs to see the world amid the pandemic. Adrian Chew (邦羽) and Chia Kim Hui (金惠) from Pang & Kim Adventurea couple of travel bloggers and MoneySmart customers, caught COVID-19 while traveling in Turkey in January of this year. Pan and Kim shared, “After our experience of COVID-19 abroad, we cannot stress enough the importance of taking out travel insurance with COVID-19 protection for trips abroad – it gives you peace of mind in unforeseen situations, covering hospitalization and medical expenses during our Turkey travel. We made a wise decision to purchase insurance and encourage everyone to use price comparison websites such as MoneySmart to compare policies that meet your needs.”
Check out this link for the full interview with Pang & Kim as they share what it was like to contract Covid while there Turkey and how much it cost them financially as a hardship – https://blog.moneysmart.sg/travel-insurance/getting-covid-overseas/
Travelers are advised to do research and comparison before purchasing travel insurance due to the variety of packages available. Some important criteria to consider include policy coverage, extent of the provider’s network, and whether the policy covers their destination. At present, some countries still require tourists to have valid travel insurance policies with Covid 19 coverage, as a condition of entry. MoneySmart has published a guide to travel insurance that covers all aspects of what travelers need to know on the subject:
Tricia LimSales Director at Allianz Partners Singapore, emphasized, “In the era of travel resumption, travel insurance with sufficient medical coverage, including the selected minimum COVID-19 coverage required by the travel destination, is essential, especially for destinations like the United States. -United, Australia Where Japan where medical care can be expensive. Always read the terms and conditions to understand your coverage and note any exclusions. We also recommend checking if you are covered for cruises or activities like water sports. 24/7 medical assistance, including emergency transport, is also essential.”
Another key consideration to keep in mind is understanding the terms and conditions of the insurance package regarding the claims process. Lisa Leow (廖丽珠), Head of Accident & Health – APAC at Starr International Insurance Singapore, added: “The key to ensuring a transparent claims process is being able to see things from the perspective of a claims handler. Ensuring organized and detailed documentary evidence of related claims to be made is crucial. to aspects such as medical bills which show proof that they have contracted the virus, or prescriptions which display details related to Covid 19 are important.Generally, the insured could face claim issues when he is unable to attribute medical expenses to a doctor’s diagnosis.
Travel insurance with COVID-19 coverage is undoubtedly an “indispensable” element in this new reality of travel. Choosing the right policy that suits your needs and budget is as important as understanding the terms and conditions of your policy and the claims process. Easily compare and buy the most suitable travel insurance policies on https://www.moneysmart.sg/travel-insurance
MoneySmart Pte Ltd (MoneySmart) is South East Asia first personal finance comparison site founded in 2009. MoneySmart began as a mortgage comparison company operating under SmartLoans.sg. It has since expanded beyond mortgages to help consumers maximize their financial decisions by giving them the power to compare loans, insurance and credit cards. Today, MoneySmart Group is the largest financial portal in South East Asia – helping more than 100 million people across Singapore, hong kong, Taiwanand The Philippines to make smarter financial decisions.
Based at Singapore, MoneySmart Singapore has over 70 partner financial institutions with over 170 financial products. MoneySmart is focused on creating customer-centric fintech products, innovative programs, and original content to expand its positive impact across Asia.
MoneySmart received the Emerging Enterprise Award in 2018, presented jointly by The Business Times and OCBC Bank.
About MoneySmart Group
Wholly owned by Catapult Ventures Pte Ltd, MoneySmart Group comprises 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 hosts the insurance advisory side of the business, including the new “Bubblegum” insurance brand. MoneySmart Financial is an exempt financial adviser and registered insurance broker licensed by the Monetary Authority of Singapore (“MAS”).
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