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Travel Insurance

Don’t Pack Without It!

Whether you are going on a short trip or long trip in or out of Canada, to the US, Europe etc., or if you have visitors coming to Canada, you and they need a form of travel insurance that protects against any unexpected emergencies.

While traveling outside your own province of residence in Canada, some medical and paramedical expenses may only be partially covered by your provincial health insurance program.  And, if you travel outside of Canada, emergency medical expenses are not generally covered by your provincial medical plan and these expenses can be financially overwhelming.

There are a variety of plans that can be suited to your specific needs so please ensure that you review the specific coverages available under each plan.

Generally speaking, almost every Travel Plan available offers single trip, multiple trip, all-inclusive, and trip cancellation coverage. Some plans offer additional benefits such as Accidental Death and Dismemberment, baggage loss, etc., but don’t lose focus on what you really need …… insurance to protect against unexpected emergencies. These add-on benefits can increase your overall cost while adding little value to the policy.

For Canadians covered under a group insurance plan, you need to determine if your benefits are available while traveling outside of Canada. In most cases they are. But you need to be extremely careful when traveling outside of Canada if your plan incorporates co-insurance. A 20% co-insurance factor applicable to your healthcare benefit can translate into a $200,000 payment if you incur a $1,000,000 claim in a U.S. hospital. $1,000,000 claims in the U.S. are not un-common.

For Snowbirds traveling south for the winter, there are numerous packages available, offered in conjunction with credit cards. That doesn’t mean you shouldn’t overlook what insurance companies offer on a stand-alone basis. The key point to consider in “snowbird” travel coverage is the pre-existing medical clause. Make certain that if you have any existing type of medical disorder, it will not prohibit you from either obtaining coverage or claiming against the policy.

For travelers to Canada, we highly recommend visiting a website such as to obtain a competitive quote rather than buying the coverage from a travel agent at the time tickets are purchased. A number of companies offer a variety of travel packages at various prices. To ensure you or your visitors get the greatest value at the best price, its always best to search around. A Barron’s Financial advisor can assist you in your search and would be pleased to compare products and prices for you or your visitors.  

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