Peace of Mind The Ultimate Travel Necessity
If you are planning to go on holiday or visit friends and family outside the country during this Easter holiday period, remember to check the terms of your life policy to ensure you are adequately covered while away. Lee Bromfield, CEO of FNB Life, says many consumers mistakenly assume that by merely taking out travel insurance, all their insurance needs will be met.
However, there is more to consider besides medical expenses, personal liability, travel delays, and lost or stolen luggage, among other insurable risks while travelling abroad. You also need to insure that your life cover back at home caters for the financial needs of your beneficiaries in the unfortunate event that you pass away.
“When travelling abroad, it is essential to ensure that your life insurer is aware of where you are going, how long you intend to be away for, and what activities you will be taking part in,” Bromfield advises.
Your insurer will then advise if your holiday plans have an impact on your policy, enabling you to make special arrangements if necessary, such as taking out additional travel insurance to cover the gap in your plan.
“If you are travelling to a relatively safe destination for a period of less than 90 days, and aren’t going to be involved in dangerous activities, many life insurers will continue to cover you without reservation. The terms may vary depending from insurer to insurer, so it is recommended to notify your insurer,” Bromfield says.
Because FNB Insurance recognises that there can be no “one size fits all” approach to life insurance, the plans offered to you provide cover that will cater for different needs at different stages of your life, while hosting a variety of benefits. Living up to its slogan “How can we help you?”, FNB Life Insurance gives you the option to choose between the Life Simplified or Life Customised Life Cover options, providing you with rewarding insurance cover which allows you more time to enjoy your holiday to the full.
Bromfield advises consumers to update their policies annually before going on holiday.
When reviewing your policy, ask yourself these questions: If something tragic were to happen while on holiday, is the amount of money that is going to be paid by my life policy still enough to cater for the financial needs of all my beneficiaries? Are there any changes that occurred throughout the year that impacted my financial or insurance needs, for example, having a child, getting married, or securing a higher paying job? Am I still happy with the beneficiaries I have nominated and are their contact details still accurate?
“Taking a few minutes of your time to inform your insurer about your travelling arrangements and making sure that your life policy is properly updated before going on holiday will give you peace of mind, knowing that your loved ones will be financially protected should anything happen to you,” Bromfield says.
For more information on Life Cover options, visit www.fnb.co.za