Released on December 10, 2018
If you are planning a trip and thinking about purchasing travel insurance, the Financial and Consumer Affairs authority (FCAA) wants to make sure you understand coverage options as well as the exclusions and pre-existing condition clauses.
“Travel insurance can protect you in case of unexpected medical emergencies and other related expenses that you may incur while you are travelling,” FCAA’s Insurance and Real Estate Division Director Jan Seibel said. “If you choose to purchase travel insurance, it’s important to understand the coverage you may already have and the coverage you may want to add before you leave.”
Here are some tips to consider if purchasing travel insurance:
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- Purchase the coverage you need - Make sure you know what types of coverage you want. There are different coverage options available and not all of them may be suitable for your needs. Carefully read the policy to understand what you are agreeing to. If your vacation plans are for an extended period of time, make sure your coverage is sufficient for your entire trip.
- Understand the exclusions and pre-existing conditions clauses – You are required to fill out an application when applying for coverage. It is your obligation to provide the insurer with an accurate response to the questions. If you have questions about the application, contact your insurance agent or insurer. If you have questions about your medical history, contact your doctor. If you fail to provide the health and medical information requested or provide inaccurate information, your future claim may be denied.
- Read your policy – Even though insurance policies and documents may be lengthy and complex, make sure you take the time to read these documents so you know what type of coverage you have and what types of exclusions and limitations may apply. If you have questions, ask the provider before you purchase the insurance.
- Understand the claims process – Before you purchase insurance make sure you understand the claims process, what is required and who to contact. Knowing the process before a situation arises can prevent unnecessary stress.
If your claim was denied by your insurance provider, call them and try to resolve the issue. If you are still not satisfied with the response, contact the OmbudService for Life and Health Insurance at https://www.olhi.ca/ in the case of health claims, or the General Insurance OmbudService at https://www.giocanada.org/, in the case of property claims.
These organizations provide independent complaint resolution and information services for the insurance industry. Time restrictions might apply, so make sure to ask the OmbudService about limitation periods.
For more information about travel insurance, visit http://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/consumers/insurance-consumers/travel-insurance.
For more information, contact:
Financial and Consumer Affairs Authority of Saskatchewan