Released on February 14, 2018
If you are planning a trip and thinking about purchasing travel insurance, the Financial and Consumer Affairs Authority (FCAA) wants you to understand the coverage before you pay for it.
“We’ve all heard the horror stories of people who went away on vacation, something happened and they thought they had medical coverage, but didn’t,” Insurance and Real Estate Director Ian McIntosh said. “We want to make sure people understand their coverage before they get on the plane.”
Here are some tips to consider when purchasing travel insurance:
- 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.
- 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 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.
Dispute a claim
Knowing the process before a situation arises can prevent unnecessary stress. If your claim was denied by your insurance provider, call them and try and resolve the issue. If you are still not satisfied with the response, contact the OmbudService for Life and Health Insurance in the case of health claims, or the General Insurance Ombudservice 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://www.fcaa.gov.sk.ca/travelinsurance.
For more information, contact:
Financial and Consumer Affairs Authority