How far does your Life Insurance go when travelling?

Life insurance can be an essential financial safety net for many Australians, 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 suitable for you. Some policies may have exclusions or limitations including, for things like overseas travel, so it’s important to review all relevant policy documents and to be aware of these.
For example, some life insurance policies may only cover you for a certain number of days or weeks while you are abroad. Some policies 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 may provide coverage for certain risks associated with overseas travel, including medical expenses, trip cancellations, and lost or stolen luggage.
Many travel insurance policies for overseas travel may also include life insurance coverage, which may offer additional coverage if you have an accident or fall ill while you’re 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 you consider are relevant to your trip.
 

4. 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. Checking your coverage, understanding your policy limits, knowing your policy terms and conditions, keeping your policy up to date, and considering travel insurance, is a good way to ensure you know what you’re covered for when taking your next holiday.
You can check your policy details and update your details with My Resolution Life portal. Log in today to make you’re up to date.