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Difference between travel insurance and life insurance policies

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Difference between travel insurance and life insurance policies

Most of us often get confused with the travel and life insurance policies. The insurance is based on the foundation which recognized the human life and the possible losses that would be incurred when it gets lost. In this article we would be talking about the life insurance and travel insurance in different paragraphs.

Life Insurance

The life insurance is basically a contract between the insurance company and the insurer which would promise a certain amount of money to the beneficiary upon the death of the insured person during the term of policy. The policy holder pays the premium either lump sum or in instalments. The premium also includes the other expenses such as funeral expenses, etc. are covered by the premium.

There are two kinds of life insurance policies which are available in the market namely; Term Insurance and Permanent Life insurance. The permanent life insurance has 5 different types of insurance which fall under it. They are Whole Life insurance, Universal life coverage, Limited-Pay, Endowments and Accidental Death. Besides this, there are a number of related products and policies that are directed towards senior citizen and disabled people.

Travel Insurance

Travel insurance is intended to cover the medical expenses and other defaults on the part of the travel agent. It might also cover the losses which one might incur on the trip. The temporary travel insurance could be taken at the time of booking the trip and will cover the entire trip. Besides this, there is a multi-trip insurance where the multiple trips are covered which are made during the term of the policy. Coverage charges and premiums vary accordingly and many common items are usually excluded from the insurance cover. There are five major categories of travel insurance which fall under the travel insurance. They are Trip cancellation, travel medical, major medical, emergency medical evacuation and accidental death or flight accident. The travel insurance policies can be purchased in a number of ways:

  • Per trip coverage which is the most common these days. This is best suited for those who travel less frequently and it is applicable for a single trip.
  • Multi trip coverage is for the frequent travellers who do multiple trips in a year but none of trips should exceed 30 days.
  • Annual policy which provides the annual coverage to the frequent travellers.
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