Don’t book that trip just yet – your life insurance policy’s fine print might affect where you go and what you do! Investing in life insurance before you head off on holiday means travelling with real peace of mind.
Planning that well-deserved holiday is always exciting stuff. Still, anything could happen – from lost luggage to flight delays – which is why you’re not likely to jet off without buying travel insurance. But what about life insurance? While it might not be the most exciting part of your travel preparations, having life insurance in place before you leave can make all the difference in ensuring a worry-free and enjoyable break.
Expect the unexpected
Life is unpredictable, and unfortunate events can happen when we least expect them. Accidents, illnesses, or unforeseen emergencies can turn any dream holiday into a nightmare. Having life insurance provides a safety net, offering financial protection and peace of mind in the face of the unexpected. It ensures that your family is not burdened with financial strain should anything happen to you while you're away. The payout from a life insurance policy will be far greater than anything you’d ever receive from a travel insurance policy and can cover funeral expenses, and outstanding debts and even provide long-term financial support. This way, your family can still realise their goals, be it to pay off your home or ensure your children receive a tertiary education.
Always read the small print
As with any insurance policy, there’s always fine print which is why you should familiarise yourself with your contract’s terms and conditions. In regards to travel, most life insurance companies, including MiWayLife, will have a list of countries where coverage is excluded. Typically, these are places that are deemed high-risk due to things like political instability, ongoing conflict, or elevated health risks. As an example, MiWayLife excludes claims arising directly or indirectly from travel to places like Afghanistan, Iran and certain parts of Nigeria. So, if you were thinking about travelling abroad to a war-torn country, nothing is preventing you from doing so, but just be mindful of the fact that should you pass away while there – or back home as a result of something unfortunate that happened there – a claim on your life insurance policy would be denied.
It pays to play it safe
Risky countries aside, life insurance policies typically also have exclusions for specific risky activities and sports due to the increased likelihood of accidents and injuries they’re associated with. Engaging in extreme sports, such as skydiving or drag racing, poses a higher risk of injury or even fatality. To maintain a balance between offering coverage and managing risk, insurers explicitly outline these exclusions in policy terms and conditions. In short, if you’ve always wanted to go solo cave diving, you might want to tick that bucket list item before buying life insurance. Or better yet, rather fill your trip with holiday adventures that won’t increase your risk of passing away. Who needs to stare into the face of death when you could drink pina coladas instead?
Did you know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
