NYIG Blog

International Insurance and Your Financial Plan

admin — Fri, 04 May 2012 15:27:35 +0000

Since April is Financial Literacy month, it’s a good time to discuss 2 ways that international insurance fits into your overall financial plan.

1. It protects your savings: When you buy international insurance before your trip abroad, you create a barrier between your savings and the expenses that arise after receiving treatment for any of the various accidents and illnesses that could occur on your trip. Because instead of having an untold amount of medical bills, emergency evacuation fees or other covered expenses, you have an insurance policy that limits your financial exposure based on the guidelines of your policy.

2. It saves you even more money than you think: Imagine if you didn’t have international insurance to help pay for the hospital bills and other treatment and medical service fees you are charged while abroad. You might have to use a credit card to pay for these transactions, which would then cost you even more after paying interest on the charges.

Or, let’s say you had to access your retirement savings account in order to pay off the debt you acquire while receiving treatment overseas. In addition to the actual cost of treatment, you could face early withdrawal penalties, taxes, and even loss of future gains as you liquidate your investments to free up the cash for withdrawal.
Finally, if the treatment happens in a country whose currency is more valuable than USD, you’ll spend even more U.S. dollars making up for the exchange rate of the other currency.
International insurance isn’t an optional product to consider buying before you go away on a trip abroad; it’s an important component in a well-thought-out financial plan.

Travelers Insurance: Predictable Resource for an Unpredictable Vacation

admin — Fri, 20 Apr 2012 12:13:29 +0000

Travelers insurance doesn’t just protect you when a force of nature or illness prevents you from travelling on ticketed days; it protects you when you’ve been stranded by a bankrupt travel services provider.
Think that the myth of a stranded traveler is just that-a myth? Well don’t tell that to passengers of the public charter company Direct Air who were left stranded in March as the airline suspended all flights—even those for travelers wishing to return home from abroad—because they were unable to pay their fuel bills.
Being stranded while travelling may not be common, but it certainly does occur. So while you might plan on a weekend jaunt to a nearby international location, your cruise ship or airline could desert you, leaving you to scramble and pay top dollar for last minute travel arrangements that get you back home with a special gift—an empty wallet and huge credit card charge. When you purchase a travelers insurance policy before your vacation, you can reduce some of the costs of rebooking and get other important benefits such as trip cancellation or interruption, baggage delay, and emergency medical evacuation.
No matter how careful you are about planning the details of your international trip, there are always elements that are completely out of your control-and they don’t have to include being stranded. Your travelers insurance policy can provide a much needed benefit after one of many unforeseen incidents gets between you and your pre-booked travel arrangements. Often, the pre-determined amount of your coverage, deductible, limits and copayments can offer the only bright spot of predictability in a trip with endless potential for disaster.

Two Reasons You Need International Life Insurance

admin — Mon, 16 Apr 2012 19:23:36 +0000

We talk a lot about how important it is for international travelers to secure health insurance that will cover them when they go abroad, but we don’t talk about international life insurance quite as often. So just how important is this coverage? Here are two big reasons you should consider securing it:

1. It can supplement other coverage: When you took out your term or permanent life insurance policy, you did so with certain things in mind, such as your potential risks and the financial needs of your family during everyday life. But when you travel abroad, you not only change your level of risk and possible likelihood of a death benefit payout, you also change the circumstances surrounding the loss your relatives will face. For example they may face an additional cost to have your body shipped back home. Or, if you die while on an extended trip or mission, they not only lose a future annual income due to your untimely death, they may have no savings to fall back on as they relied on that to support them during your time abroad. An international life insurance policy gives you the ability to do some future planning based on current circumstances.

2. It may offer coverage that other life insurance doesn’t: Your existing term or whole life insurance policy likely has many different exclusions. When you travel abroad, you could be wandering directly into an excluded situation that not only leaves your life at risk—but your life insurance coverage too. International life insurance can provide protection for those situations that a regular policy could exclude.
International life insurance allows you to create a tailored legacy plan for your family that accommodates your life as it is right now, making it an accessible and dynamic addition to your insurance portfolio.

Travel Smart with International Travel Health Insurance

admin — Mon, 09 Apr 2012 14:09:50 +0000

Traveling smart can mean many things to many people-but it should mean acquiring international travel health insurance to everyone.
When you get ready for a vacation, business trip or educational journey abroad, you do what it takes to stay safe and secure both while in transit and once you’ve arrived; you pack the right clothes, bring the right paperwork, and plan the safest itineraries. But if you do all this without securing international travel health insurance, you are leaving a giant, expensive gap in your smart travel planning. You’ll see the full extent of this gap when you arrive home to costly medical bills after a simple case of food poisoning, a slip and fall, a car accident, or any other run-of-the-mill incident requiring medical attention while abroad.

Whether you have group or individual health insurance coverage in the states, the shelter from medical expenses provided by your policy does not cross the pond along with the rest of your luggage. Instead, domestic insurance coverage leaves gaping instances of financial exposure that could hurt your long- and short-term savings plans.

Travelling smart means more than just packing the right plug adapter, walking shoes and first aid supplies; it means you plan the trip in a way that minimizes the financial stress you are under after it is over. It also means that you ensure you and your travel companions have access to healthcare and medical services that are relevant to the activities and location of your trip. In short, traveling smart means you plan to take out an international travel health insurance policy before you leave.

Secure Travelers Health Insurance before the Game

admin — Fri, 30 Mar 2012 15:31:30 +0000

It can be exciting to travel abroad to watch an historic sporting event, but without travelers health insurance coverage, you could quickly go from sporting event spectator to hospital emergency room visitor sent home with a bundle of medical bills.

From Wimbledon to the World Cup to the Olympic Games, large-scale sporting events bring global crowds who introduce entirely new kinds of travel-related health risks. And it’s not just the visitors who can increase risks; a botulism warning was just issued for the benefit of the 12,000 or more Irish residents planning to visit Poland for the Euro 2012. Botulism, a toxin found in improperly prepared food, can cause paralysis in the muscles, breathing difficulties, blurred vision and many other dangerous symptoms that need prompt medical treatment. With food being served through short-term, temporary vendors and possibly unmonitored food trucks, the risk of botulism at this and other sporting events can be high.

USA Today recently reported that U.S. officials are concerned about a measles outbreak both from residents returning home from Euro 2012 and those who attend the Olympics in London this year. This is because the virus is much more common there and many American tourists don’t even think of getting vaccinated for it before taking their trip. And while some illnesses may not manifest until you are home and able to use your domestic health insurance coverage for treatment costs, there are no guarantees that this will be the case. Having travelers health insurance is an easy, affordable way to protect your financial outlook so you can relax and enjoy your trip.

How International Medical Insurance Saves You Money

admin — Sat, 24 Mar 2012 09:42:26 +0000

In this complicated global economy, many people want to save money on travel expenses while still indulging in a trip overseas, so they choose to “save money” by skipping international medical insurance. Unfortunately, this often proves to be the first step in a catastrophe that includes financially devastating medical bills that could have easily been avoided. Here are three simple ways that the purchase of international medical insurance saves travelers money:
1. Limiting out-of-pocket medical expenses: Accidents and illnesses can occur anywhere, any time. When you don’t have insurance, you carry the burden of 100 percent of the cost of treatment—which can easily creep into the thousands if not the tens of thousands for things like emergency surgeries. International medical insurance limits the amount that you must pay for your medical treatment while abroad so you have just a copayment and deductible to concern yourself with.*
2. Reimbursing for lost luggage: It would be difficult to enjoy a trip with no luggage—but it would also be expensive. International medical insurance policies can provide benefits for lost luggage that reduce the out-of-pocket expense of replacing some of your lost items.
3. Paying for interrupted trip travel: If your trip gets interrupted due to a death or the destruction of your residence, vacation time is over and you need a ride home. Your return ticket may not allow you to change dates without a financial penalty, but an international medical insurance policy may pay for the cost of your unexpected return trip home.
For an affordable, temporary premium, you can safeguard your finances on your trip abroad while giving yourself and your family access to benefits you might not otherwise afford.

*Insured is responsible for costs that exceed policy limits.

International Travel Insurance and Individuality

admin — Mon, 19 Mar 2012 16:42:45 +0000

As security measures across the U.S. move out of a one-size-fits-all approach to safety and passenger monitoring, so too should international travel insurance policy design.
The Transportation Security Administration (TSA) announced this week that they would be changing their approach to passenger searches at four airports. Their goal is to expand on a system of basic risk assessment before selecting passengers to scrutinize more carefully. Right now, the four airports will be using an age-based system to determine who must remove shoes and coats when moving through the security checkpoint, and who can keep them on. Those travelers over 75-years-old will be allowed to keep their shoes and light coats while also, in most instances, avoiding pat downs.

This is an important move for all passengers as it will reduce security check times and help ensure the comfort of those older, infirm travelers who might have trouble removing their shoes and putting them back on before rushing to catch a flight. But it does more than just free up our time, it also points out how one-size-fits-all measures are rarely the most efficient way to approach a problem—including the need for an international travel insurance policy.
You deserve a policy that takes your individual trip into consideration. From adventure sports riders to trip cancellation coverage, terrorism coverage to remote transportation benefits, to policy limits and deductibles, a travel insurance policy is a highly customizable product that can be tailored to fit your individual trip plans, concerns and risk exposure. Don’t settle for a generic plan when you can have a policy that meets your concerns and exceeds your expectations.

Vaccines Don’t Eliminate the Need for International Health Insurance

admin — Mon, 12 Mar 2012 12:37:42 +0000

If you are getting vaccinations for your trip abroad, you may think you have all the protection you need and that international health insurance is unnecessary. But vaccinations haven’t been developed for every disease found in developing nations and even some already developed areas have neglected diseases.
This year, Scottish university scientists received £10 million in order to allow them to research many of the “neglected” diseases found in tropical locations around the world. Most of these diseases are caused by parasites and it is reported that they cause a total of 150,000 deaths each year throughout Latin America, Asia and Africa.
The drugs that treat many of these diseases are difficult to administer, so those who travel to remote areas and contract them will want the benefit of an experienced hand when it comes time for treatment. An international health insurance policy will not only ensure that you have the means to pay for treatment, but also that you can get transportation out of a remote area to a more urban location and larger hospital. Some plans may even allow travel to the hospital of your choice.
It could be a long time before vaccinations are developed for some of these diseases and for others, a vaccination might not even be possible. But that shouldn’t stop you from experiencing the world and taking the trip you’ve long dreamt of taking. Instead, give yourself the support and security of an international health insurance policy and you’ll know that you are covered for many of the incidents, accidents or parasites that get in your way.

Package Deals don’t Include Travel Health Insurance

admin — Fri, 02 Mar 2012 17:30:54 +0000

Travel health insurance is a must-have for any vacation. When booking travel options abroad through a package deal, make sure that you don’t overlook this coverage.
You can create your ultimate travel package either on your own, by using one of many online sites devoted to helping you compare prices and book travel, hotel and car deals. Or, you can work with a travel agent who can put together a package deal that includes activities, lodging, transportation and even equipment rental. With either of these deals, it’s easy to get lulled into a false sense of security that your entire vacation is planned out and reserved for you.
Travel health insurance is a separate type of policy that you must secure outside of any package deal arrangements you make. When you buy your travel health insurance policy, you can create another kind of package-one that secures proper, affordable medical treatment while you are abroad; one with premiums, copayments and deductibles you can afford, and one with the features and benefits that most concern you, such as lost luggage, trip cancellation and emergency evacuation.
Cruises are another example of a packaged vacation. These are popular, all-in-one trip choices, but if you are cruising into international waters, it’s still a good idea to have travel health insurance in case you need treatment that exceeds the capabilities of the on-board medical staff.
It’s easy and convenient to book a package deal for your international vacation, but don’t forget to supplement the package with a travel health insurance policy that keeps you healthy and your budget in-check while away.

Including Travelers Insurance in Your Child’s Spring Break Plan

admin — Sat, 25 Feb 2012 11:28:05 +0000

This is the time of year that many parents dread—the time when they must listen to their college-age children’s plans for spring break and remind them to purchase travelers insurance before they leave.
Spring break is notorious for fun, sun and sand-but it also has its share of dangers, often resulting from inexperience, alcohol and the natural tendency to take risks that is often found in the young. If your child has already booked his or her spring break trip to the Bahamas, Cancun, Cabo, or any other nearby international location, it’s not too late to make sure that they are given proper medical and financial protection when they get there. You just need to make sure they purchase a travelers insurance policy.
From car accidents to foodborne illnesses, exhaustion to activity mishaps, the dangers facing your spring-break-going child are endless, but you can help protect them by getting them a travelers insurance policy that provides medical care, emergency medical travel and other life-saving benefits with a predictable premium, copayment and deductible.
As a teen or young adult, your son or daughter might have reached the age of majority, but that doesn’t guarantee that he or she understands all the potential physical and financial risks faced when travelling internationally. Some might even assume that their domestic health insurance covers a trip to Mexico or the Bahamas. Unfortunately, that misunderstanding can help to saddle you and your child with a lifetime of medical bills that make their spring break adventure unforgettable in the least pleasant manner. Invest in travelers insurance and know that you’ve insulated yourself from financial issues without sacrificing your child’s medical care.