The Best Travel Insurance for You – MoneySmart Philippines Review 2020

The Best Travel Insurance for You – MoneySmart Philippines Review 2020

Covid-19 has certainly ground everyone’s travel plans to a halt. For now, we can only make travel plans and pray that this pandemic will soon be over so that these plans can turn into reality.

While we stay at home and get used to the new normal, why not learn about how travel insurance works? Maybe you can start shopping around for the best travel insurance package that you can get for your next trip.

Which travel insurance packages can you get in the Philippines?

AXA Smart Traveler

This is AXA’s comprehensive travel insurance product that has a host of benefits:

  • Personal accident insurance in case of permanent disablement or death during your trip
  • Round the clock emergency travel assistance anywhere you are in the world
  • Coverage for medical expenses in case you get injured or ill during your trip (doctor’s professional fees, hospital costs, and more)
  • Refund for travel expenses that have been pre-booked in the event of postponement or cancellation
  • Loss or damage of personal belongings will also be protected from loss or damage

On their website, you can choose to get a quote for a single trip or an annual multi-trip to an international or domestic destination. Supply the departure and return dates and how many adults will be travelling.

You can choose from the Essential, Classic, and Elite packages. Here’s a sample computation for a Single Trip to Singapore for 1 adult, departing on November 2 and returning on November 6.

Image screenshot from AXA on 11 May 2020

Pioneer Insurance

Pioneer offers Safe Trip and TravelSmart packages, the former being its comprehensive travel insurance, and the latter providing coverage for accidents while travelling locally or internationally. Find out more about what they cover here:

Safe Trip Plan  Features
Worldwide 2.5M

Worldwide 1.5M

Worldwide 500K

Coverage for travels to any destination that’s outside of the Philippines
ASEAN Plan Coverage for travels to ASEAN countries like Brunei, Laos, Cambodia, Myanmar, Vietnam, Singapore, Malaysia, Thailand, Indonesia, as well as China, Taiwan, Macau, and Hong Kong
Domestic Plan Coverage for travels within the Philippines via air transportation

Safe Trip Plan Benefits

  • Medical treatment and medical evacuation in case of illness or injury
  • Hospital income benefit
  • Personal accident
  • Compassionate visit and repatriation of mortal remains
  • Care of minor children
  • Emergency dentistry
  • Personal liability
  • Emergency trip cancellation and termination
  • Missed flights and flight delays
  • Baggage delays, damage, or loss
  • Loss or damage of personal gadgets (hand carried) or golf equipment

TravelSmart Benefits

  • Accidental death, disablement or dismemberment
  • Accidental medical expense (optional)
  • Daily accident and daily sickness hospital benefits (optional)
  • Cash assistance benefit in case of loss of life (optional)

FPG Insurance

FPG Insurance offers coverage for travelers who are headed for international destinations.

Let’s look at this sample quotation for a trip to Singapore on November 2 until November 6, 2020. You can choose from their Classic, Elite, and Prestige packages and enjoy the following benefits :

Image screenshots from FPG Insurance on 11 May 2020

And here’s how much you will be paying in travel insurance premiums, depending on how many days you will be travelling:

If you will be traveling anywhere in the Philippines and want to get a travel insurance package from FPG, here’s the table of benefits and how much it will cost:

Image screenshots from FPG Insurance on 11 May 2020

For individuals, you must be 16 to 70 years of age to be eligible for coverage.

For groups of 2 or more, the age limit is between 1 to 70 years old.

Those who are between 1 to 15 years of age have a maximum coverage of 100,000 PHP but should be traveling with 1 adult whose age is between 16 to 70 years old.

Standard Insurance

Standard Insurance offers both international and domestic travel insurance.

Benefits include personal accident, medical treatment, emergency dental care, and medical evacuation and repatriation, just to name a few.

Image screenshots from Standard Insurance on 11 May 2020

MAPFRE Travel Assist Insurance

This is a comprehensive travel insurance with a host of financial benefits. You can choose from International or Domestic, and here are what they offer at a glance:

International Travel Assist Insurance (for trips around the world) Domestic Travel Assist Insurance (for trips within the Philippines)
  • Dollar-denominated
  • Maximum coverage of up to 1 year
  • No extensions
  • Premium surcharge for adults aged 60 to 75 years old, maximum of 90 days only for all plans
  • Peso-denominated
  • Maximum coverage of up to 90 days
  • No extensions
  • Premium surcharge for adults aged 60 to 75 years old
Travel Assistance Services
  • Hospitalization and medical expense benefits when you get hospitalized because of an accident, including doctor fees, surgery and medical fees, medicines
  • Repatriation of mortal remains, which covers expenses on transportation or transfer to place of cremation, interment, or funeral ceremony
  • Baggage delay, which pays the insured if there is a delay of more than 6 hours on your checked-in baggage
  • Trip cancellation and curtailment benefit to reimburse non-refundable or unused travel expenses like meals and accommodations
Personal Liability
  • covers accidental injury or death of another person, or loss or damage to property because of your negligence
Accidental Death and Permanent Disability
  • Provides coverage one hour before you depart or one hour upon arrival on your return date, whichever comes first

Malayan Insurance Travel Master

This is a comprehensive international travel health insurance offered by Malayan Insurance. It’s Shengen visa-approved and can be a dollar or peso policy. You can enjoy these features and benefits in your policy:

  • Personal Accident

This gives you compensation in case of accidental death, disablement, or dismemberment. It also comes, with a burial benefit.

  • Emergency Medical Treatment

Coverage includes follow-up care and incidental expenses while confined in hospital.

  • Personal Liability

This gives you protection for when you hurt someone accidentally or damage property.

  • Recovery of Travel Expenses

You will be reimbursed any unused portion of your travel and accommodation expenses that are paid in advance.

  • Emergency Trip Cancellation

If your trip gets cancelled within 30 days before you’re scheduled to depart, you get reimbursed for the non-refundable portion of your expenses for travel and accommodation.

  • Travel Inconvenience Benefit

This includes flight delays as a result of mechanical troubles, or strikes. It also covers damage to your laptop, baggage delay or loss, and loss of cash or travel documents.

Image screenshots from Malayan Insurance on 11 May 2020

Pacific Cross Travelsafe Insurance

Get the protection of a travel insurance whether you’re on a business or pleasure trip and be assured of these benefits:

  • Emergency assistance anywhere in the world 24/7
  • Medical coverage
  • Coverage for flight delays and loss of baggage or travel documents
  • Individual, family and group coverage
  • Schengen Visa-approved
  • PHP, USD and EUR plans
Travel Insurance Plan Features
Travelsafe Tripguard For those who are travelling for pleasure or business reasons that has benefits and premiums on a per trip basis
Travelsafe Annual For frequent travelers who want medical and personal accident benefits paid on an annual basis

Unlimited trips per year but trip should not exceed 90 days

ShortSecure For groups on short trips
Business Travel For business travelers with benefits on a per trip basis, with premiums paid on an annual basis

Fortune General

Another option you can consider for travel insurance is Fortune General. Here are some of its major features and benefits:

  • Medical Expenses

This includes hospitalization and follow-up treatments up to 10% of the medical benefit. It also covers emergency dental care caused by accidents, including immediate pain relief and restoration or replacement of sound natural teeth.

  • Repatriation Coverage

This includes medical evacuation and repatriation, repatriation of mortal remains (as well as the family member of the insured who’s traveling with them), compassionate visit, care or return of minor children, flight delays, flight diversions, missed connecting flights, aircraft hijacking, trip cancellations, and trip terminations or curtailments.

  • Personal Belongings and Baggage

In case of baggage delays, loss of travel documents, or loss or damage to baggage or personal effects, you can get something from your travel insurance.

  • Personal Accident

You are protected in case of accidental death and disablement while you are on your trip.

Final Thoughts

Before you fill out an application form and purchase travel insurance, it’s best to learn more about different travel insurance packages available, what’s covered and what’s not, and how much they cost.

Do note that the bigger your coverage, the more expensive it will be. Also, the longer your trip and the more expensive healthcare is in your destination, the higher premiums you will pay.

The age of the insured is also a factor, as well as pre-existing health conditions.

Ask yourself if you can shoulder medical costs while traveling. What insurance coverage do you already have, and what are the limits on your coverage?

More often than not, cheaper travel insurance policies offer coverage that is too limited or too basic. You need to pay more if you want to have the coverage that you need.

Do your research and compare policies so that you can purchase a policy that meets your requirements

It’s fun to visit and explore a new place, especially if you have the backup of a good insurance policy. So make sure that you’re covered before you embark on your next adventure!