New Travel Insurance Coming in October
Starting in October, new pandemic-friendly travel insurance policies will begin to be offered through Manulife Financial Corp. for those traveling within Canada, AND to international destinations, including those with a government-issued Level 3 travel advisory to avoid all non-essential travel.
The policies will cover emergency medical costs and trip interruption expenses resulting from the global Coronavirus pandemic. Policies will be priced individually based on the age of the client, what plan they qualify for, and the duration of their trip. They will provide emergency medical coverage including additional coverage specific to Covid-19 and conditions related to the respiratory illness, and will also cover travelers in the event of an unexpected quarantine due to the pandemic under the umbrella of trip interruption benefits.
The Canadian government previously advised travelers to check their insurance coverage if the do decide they need to travel, and to consider buying cancel-for-any-reason (CFAR) policy top-up to ensure they are covered for expenses related to the pandemic.
Manulife said its new pandemic policies – which could be seen as an alternative to a CFAR top-up – will provide coverage up to $200,000 per insured person for emergency medical coverage for Covid-19 and related conditions if they test positive while at their destination, and emergency air transport home if needed.
The coverage specific to Covid-19 is a small fraction of the $5 Million limit for emergency medical expenses NOT related to Covid-19.
For coverage of quarantine expenses due to a positive test result, denied entry, or contact tracing while at a destination, Manulife’s new policy will pay out $150 a day, and up to $2,100 per person for a maximum of 14 days. For families, the payout would be $300 a day and up to $4,200.
DPM Insurance clients and others considering international travel will be able to access the Manulife travel insurance policy beginning in early October. Click here to contact the DPM office closest to you https://dpmins.com/locations/ for more information.