How far does your Life Insurance go when travelling?

Life insurance can be an essential financial safety net for many New Zealanders, but what happens when you travel abroad? What happens if you get sick or have an accident while you’re overseas? It’s important to understand what your life insurance covers and what you need to know before you travel.

In this article, we’ll look at the key things you need to know about your life insurance coverage when travelling abroad, including:

1. Checking your coverage

Before you travel, it’s important to check your life insurance policy to make sure that you have the right coverage. Some policies may have exclusions or limitations when it comes to overseas travel, so it’s important to be aware of these.
For example, some policies may only cover you for a certain number of days or weeks abroad. Other providers may not cover you at all if you are travelling to countries that are considered high-risk.

2. Know your policy limits

Your life insurance policy will have limits, which is the maximum amount your insurer will pay out in the event of a claim. It’s important to understand these limits and to make sure that you have enough coverage to meet your needs.

3. Consider travel insurance

Travel insurance is a type of insurance that provides coverage for a range of risks associated with overseas travel, including medical expenses, trip cancellations, and lost or stolen luggage.
Many travel insurance policies also include life insurance coverage, which can provide additional protection if you have an accident or fall ill while your abroad.
When purchasing travel insurance, it’s important to carefully read the policy and make sure that you’re covered for all the risks that are relevant to your trip.
 

4. Know your policy terms and conditions

It’s important to understand the terms and conditions of your life insurance policy, especially when it comes to overseas travel.
For example, some policies have exclusions for certain types of activities, such as adventure sports or high-risk activities. If you’re planning to participate in these types of activities while you’re abroad, it’s important to make sure you’re covered.

5. Keep your policy up to date

Finally, it’s important to keep your life insurance policy up to date. This means making sure that your policy covers your current circumstances and any changes that you make to your life, such as change in employment, a new home, a new family member.

Travelling abroad can be an exciting and rewarding experience, but it’s important to make sure that you’re properly protected in the event of an accident or illness. By checking your coverage, understanding your policy limits, considering travel insurance, knowing your policy terms and conditions, and keeping your policy up to date, you can travel with confidence and peace of mind.
You can check your policy details and update your details easily with My Resolution Life portal. Log in today to make sure you’re up to date.