As parents, you’ll want to give your child an enriched and fulfilling life. For many mums and dads in Singapore who can afford it, that often means family trips and vacations overseas so that your child can get exposed to rich and diverse cultures from around the world. Whether you’re spending the holidays flying to Krakow or driving up to Kuala Lumpur, taking a family vacation together not only gives your child one-of-a-kind experiences they won’t forget, but also means plenty of fun family bonding time together. For the best overseas trip experience, getting annual travel insurance in Singapore will play a part.
After all, while you’re creating all of these unforgettable memories together, you’ll also want to ensure that your family is well-protected in case of any unexpected surprises during your travels. Travel insurance thus offers you and your family much-needed financial protection for a whole host of emergencies, unexpected occurrences, or unorthodox experiences you might encounter during your travels. While no one ever hopes to need to use their travel insurance, it’s always good to purchase it prior to your trip so that you’re prepared for any situation.
If you’re the type of parent who’s looking forward to filling your child’s passport pages with stamps and stickers, it might be a great idea to look into annual travel insurance to cover your yearly travel.
Here’s how to secure the best annual travel insurance for your family in Singapore.
What is annual travel insurance?
As its name suggests, an annual travel insurance policy includes coverage for multiple trips taken within a year, rather than a single trip. The specific coverage and policy details will vary across plans and providers, but common coverage items are what you might find in any travel insurance policy such as:
- Overseas medical expenses
- Lost or delayed luggage
- Travel delays
- Travel cancellations and/or disruptions
- Personal accident
- Adventure activities (e.g. scuba diving)
Some plans may not include COVID-19 coverage – a necessity when travelling in today’s world – so it’s best to do your research across various providers before making your selection.
Cost-wise, the sticker price of an annual travel insurance policy can be shocking as they often begin from $280 onwards for year-long coverage, and can go up to over $1000 depending on how far away from Singapore the countries on your itinerary are.
At first, this does feel considerably more expensive compared to single-trip travel insurance which can cost less than $100 per trip. However, if you do the math, it works out to the cost of 3-4 trips worth of travel insurance, making it more cost-effective in the long run for seasoned travellers.
Plus, many annual travel insurance plans today offer coverage for an unlimited number of trips per year, so long as each trip is within 90 days. This means you can take as many impromptu road trips to Malaysia or ferry rides to Indonesia as you want without worrying about buying travel insurance each and every time!
How do I select the right annual travel insurance for my family?
To begin with, you will be glad to hear that almost all travel insurance providers in Singapore offer some form of annual travel insurance. Some providers even have dedicated family travel insurance that you can convert into a yearly plan, which may include complimentary or cheaper coverage for children or teenagers travelling with you and/or your spouse, or dedicated medical coverage for children.
When selecting the best annual travel insurance for your family, you should keep in mind the same factors you consider when choosing a single-trip travel insurance policy:
- What countries or regions are you planning to travel to?
- How long will your individual trips be?
- Are you planning to engage in thrill activities that may require additional coverage not included in the base plan?
- Does the travel insurance plan include COVID-19 coverage and if not, where else can you get COVID-19 cover?
- Do you or any of your children have pre-existing medical conditions and if so, will this affect your coverage?
As annual travel insurance plans can be pretty costly as an upfront purchase, it helps to have platforms such as MoneySmart to help you find the best option for your family. As an all-in-one financial content and comparison platform, MoneySmart’s articles, resources, and comparison tools give you the information you need to demystify insurance policies and understand how you can financially protect your family and loved ones. MoneySmart makes it easy for you to browse, compare, and decide between insurance plans across multiple providers in Singapore, so you can find the right policy to suit your family’s specific needs.