This evening (March 9/2012) the CBC’s Marketplace will be doing an episode on the pitfalls of travel insurance. From the previews I listened to on the radio this morning, it sounds like this episode will be well worth viewing for anyone who is planning on traveling out of the country.
When purchasing insurance, most people have only a very general idea of what they are buying. Rarely do the purchasers of insurance take the time to read the policy. This is unfortunate as insurance contracts are notorious for their “fine print”. The overlooked fine print contained in the application form, the definitions, and in the overall contract frequently leads to customers being denied insurance coverage. A denial of insurance coverage in the face of massive foreign medical bills often proves financially catastrophic for the unwitting traveller or their family.
Unfortunately, due to the extremely technical nature of insurance policy application forms and contracts, these financial catastrophes are a far too frequent occurrence. Any innocent error or omission when filling out the applicattion form can result in a denial of coverage and insurance companies love to deny coverage as much as they love to take your premiums. I highly recommend that you watch Marketplace tonight to gain some insight into what can go wrong when purchasing travel insurance.
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