1 00:00:03,069 --> 00:00:05,349 Speaker 1: You're listening to a CNA podcast. 2 00:00:08,130 --> 00:00:11,119 Speaker 1: Welcome to the Money Talks podcast. I'm Andrea Heng. Now, 3 00:00:11,228 --> 00:00:14,350 Speaker 1: how many of us have booked travel plans? In advance, 4 00:00:14,390 --> 00:00:16,659 Speaker 1: of course, because we want to lock in the best deal, 5 00:00:16,909 --> 00:00:20,909 Speaker 1: only to remember this one important thing to book at 6 00:00:20,909 --> 00:00:23,790 Speaker 1: the very last minute because we often overlook it. 7 00:00:24,069 --> 00:00:28,370 Speaker 1: I'm talking about travel insurance. Why is it so low 8 00:00:28,370 --> 00:00:31,979 Speaker 1: on our priority list when we are excited about our 9 00:00:31,979 --> 00:00:35,900 Speaker 1: travel plans? What happens when we leave it to the 10 00:00:35,900 --> 00:00:39,139 Speaker 1: night before we fly or worse, when we are right 11 00:00:39,139 --> 00:00:42,778 Speaker 1: there in the boarding room waiting for our flight? What's 12 00:00:42,779 --> 00:00:46,439 Speaker 1: the benefit of buying travel insurance early then? Well, I'm 13 00:00:46,439 --> 00:00:49,309 Speaker 1: gonna get some help in answering these questions. Sherri Wang 14 00:00:49,310 --> 00:00:52,259 Speaker 1: is with me. She is the co-founder of Planner B. 15 00:00:52,380 --> 00:00:52,900 Speaker 1: Hi Sherry. 16 00:00:53,189 --> 00:00:55,169 Speaker 2: Hi Andrea, thank you for having me today. 17 00:00:55,299 --> 00:00:58,720 Speaker 1: It's our pleasure, but confession from you first, Sherry, have 18 00:00:58,720 --> 00:01:01,889 Speaker 1: you ever left travel insurance to the very last minute? 19 00:01:02,020 --> 00:01:02,259 Speaker 2: I 20 00:01:02,259 --> 00:01:05,260 Speaker 2: would say definitely once or twice it has happened to 21 00:01:05,260 --> 00:01:07,220 Speaker 2: me like we care about other people and they're like, 22 00:01:07,309 --> 00:01:09,018 Speaker 2: oh dear, I forgot by myself. Oh, 23 00:01:09,220 --> 00:01:12,500 Speaker 1: so it's yours was because you weren't complacent, you were 24 00:01:12,500 --> 00:01:14,220 Speaker 1: just taking care of other people first. Yeah, and I 25 00:01:14,220 --> 00:01:16,059 Speaker 2: was like, 00 dear, I forgot about mine. I thought 26 00:01:16,059 --> 00:01:19,019 Speaker 2: it it was ongoing and I had to check and 27 00:01:19,019 --> 00:01:21,739 Speaker 2: I always have this paranoia because of the work and 28 00:01:21,739 --> 00:01:22,169 Speaker 2: I was like, 29 00:01:22,309 --> 00:01:25,410 Speaker 2: OK, actually I think I should do a double check 30 00:01:25,410 --> 00:01:29,010 Speaker 2: and true enough, thankfully I checked before we bought because 31 00:01:29,339 --> 00:01:32,089 Speaker 2: otherwise it will be very challenging getting any coverage because 32 00:01:32,089 --> 00:01:34,819 Speaker 2: usually they don't allow you to buy any coverage the 33 00:01:34,819 --> 00:01:36,389 Speaker 2: moment you board your plane. Oh, 34 00:01:36,459 --> 00:01:38,889 Speaker 1: that's true. I must have been quite lucky that one 35 00:01:38,889 --> 00:01:41,819 Speaker 1: time that I did it right before takeoff. OK, so 36 00:01:41,819 --> 00:01:44,580 Speaker 1: when you do pick travel insurance, Sherry, what are your 37 00:01:44,580 --> 00:01:47,419 Speaker 1: go to? Do you hit the basic one or do 38 00:01:47,419 --> 00:01:49,290 Speaker 1: you go max like all the way? 39 00:01:49,540 --> 00:01:51,300 Speaker 2: We definitely don't go for the basic one. 40 00:01:52,099 --> 00:01:54,669 Speaker 2: That's because most of the time they have shifted down 41 00:01:54,669 --> 00:02:00,089 Speaker 2: the prices to provide you with a low-cost travel insurance, 42 00:02:00,260 --> 00:02:02,620 Speaker 2: but with a lot of things excluded and that's the 43 00:02:02,620 --> 00:02:04,300 Speaker 2: last thing you want. You want to get coverage, you 44 00:02:04,300 --> 00:02:07,660 Speaker 2: don't want to be subpar about that. So we often 45 00:02:07,660 --> 00:02:10,779 Speaker 2: look for at least the mid-tier or the higher tier plans, 46 00:02:10,979 --> 00:02:16,758 Speaker 2: depending on any activities that you will be doing, for example, skiing, snowboarding, 47 00:02:17,080 --> 00:02:20,020 Speaker 2: then you might want to just get the better coverage 48 00:02:20,020 --> 00:02:20,460 Speaker 2: for those. 49 00:02:20,770 --> 00:02:24,470 Speaker 2: Trips and never depend on the free credit card ones. Oh, 50 00:02:24,538 --> 00:02:26,830 Speaker 2: why is that? Those are given free for a reason. 51 00:02:26,860 --> 00:02:29,779 Speaker 2: They are very limited in coverage. They would pretty much 52 00:02:29,779 --> 00:02:32,220 Speaker 2: do nothing if there is an emergency. If there is 53 00:02:32,220 --> 00:02:37,059 Speaker 2: a medical emergency overseas that could cost easily 100,000. Giving 54 00:02:37,059 --> 00:02:39,579 Speaker 2: you 50,000 free is not going to really solve the 55 00:02:39,580 --> 00:02:40,500 Speaker 2: entire problem actually. 56 00:02:40,649 --> 00:02:43,380 Speaker 1: That's true. Have you ever had to take out like 57 00:02:43,380 --> 00:02:46,580 Speaker 1: a travel insurance policy in those situations and like what's 58 00:02:46,580 --> 00:02:48,580 Speaker 1: the most extreme situation you've had to make a claim 59 00:02:48,580 --> 00:02:49,539 Speaker 2: for pre-existing. 60 00:02:49,669 --> 00:02:52,770 Speaker 2: Conditions are not covered in almost all travel insurance policies 61 00:02:52,770 --> 00:02:55,800 Speaker 2: with the exception of a few. If the person does 62 00:02:55,800 --> 00:02:59,100 Speaker 2: get like a heart attack and he's already with that 63 00:02:59,100 --> 00:03:01,929 Speaker 2: condition prior to that travel, that is when we have 64 00:03:01,929 --> 00:03:04,619 Speaker 2: to tell people the bad news. Yeah, but if they're 65 00:03:04,619 --> 00:03:07,429 Speaker 2: covered under their own medical insurance in Singapore, we could 66 00:03:07,429 --> 00:03:09,538 Speaker 2: always activate that for those situations. 67 00:03:09,619 --> 00:03:13,418 Speaker 1: OK, what about you? What have you personally faced an 68 00:03:13,419 --> 00:03:15,779 Speaker 1: extreme situation where you've had to take out this travel 69 00:03:15,779 --> 00:03:17,728 Speaker 1: insurance claim? Unfortunately, 70 00:03:17,820 --> 00:03:18,740 Speaker 2: we haven't really had 71 00:03:18,788 --> 00:03:22,320 Speaker 2: Too many claims rejected before, but in that situation that 72 00:03:22,320 --> 00:03:25,739 Speaker 2: I've mentioned to you, that unfortunately was the case. Thankfully 73 00:03:25,740 --> 00:03:27,978 Speaker 2: he got most of his medical bills covered under the 74 00:03:27,979 --> 00:03:30,979 Speaker 2: integrated shield plan that he has in Singapore, but the 75 00:03:30,979 --> 00:03:35,179 Speaker 2: evacuation from where he was to Singapore was something we 76 00:03:35,179 --> 00:03:38,000 Speaker 2: could not cover, which would otherwise be if the travel 77 00:03:38,000 --> 00:03:41,369 Speaker 2: insurance was covering something that's non preexisting. OK, 78 00:03:41,380 --> 00:03:41,740 Speaker 1: we'll get into 79 00:03:41,740 --> 00:03:44,000 Speaker 1: the nitty gritty of that. I'm just wondering also because 80 00:03:44,000 --> 00:03:46,169 Speaker 1: I realized that I have a lot of friends who 81 00:03:46,169 --> 00:03:47,820 Speaker 1: are into snowboarding. 82 00:03:47,910 --> 00:03:50,100 Speaker 1: All of a sudden like they're going to Japan to 83 00:03:50,100 --> 00:03:53,690 Speaker 1: do it. I know the yen dropping as well. So 84 00:03:53,690 --> 00:03:56,619 Speaker 1: I'm just wondering about the trends, whether you can tell 85 00:03:56,619 --> 00:03:59,300 Speaker 1: us about the kinds of trends in terms of travel 86 00:03:59,300 --> 00:04:03,100 Speaker 1: insurance lately. What are you seeing more or less of. 87 00:04:03,300 --> 00:04:06,910 Speaker 2: Yeah, I think before COVID definitely people are less aware 88 00:04:06,910 --> 00:04:10,699 Speaker 2: of the importance of travel insurance. Post COVID we do 89 00:04:10,699 --> 00:04:14,809 Speaker 2: see a huge, a much bigger intake on even short trips. Yeah, however, 90 00:04:14,940 --> 00:04:16,940 Speaker 2: I think people are just more aware. 91 00:04:17,028 --> 00:04:20,618 Speaker 2: aware that there are trip cancellations that can happen and 92 00:04:20,618 --> 00:04:22,539 Speaker 2: that is something that we see a lot more claims 93 00:04:22,539 --> 00:04:24,269 Speaker 2: on because you never know if you fall sick and 94 00:04:24,269 --> 00:04:26,618 Speaker 2: you're unfit to travel. And the good thing is if 95 00:04:26,618 --> 00:04:30,289 Speaker 2: you actually do get coverage while the best practice is 96 00:04:30,289 --> 00:04:32,967 Speaker 2: to buy the travel insurance when you book your flight, 97 00:04:33,618 --> 00:04:36,777 Speaker 2: so you won't forget and then if anything happens that 98 00:04:36,778 --> 00:04:41,498 Speaker 2: result in like um inability to travel, for example, family emergency, 99 00:04:41,699 --> 00:04:45,658 Speaker 2: medical emergency, your own medical emergencies then you could actually 100 00:04:45,658 --> 00:04:46,098 Speaker 2: just 101 00:04:46,149 --> 00:04:49,859 Speaker 2: Activate that to reimburse you for the losses that you 102 00:04:49,859 --> 00:04:52,779 Speaker 2: could not get refund on. That would probably be one 103 00:04:52,779 --> 00:04:55,929 Speaker 2: of the biggest awareness that people have now because COVID 104 00:04:55,928 --> 00:04:58,420 Speaker 2: has resulted in a lot of cancellations of that trip. 105 00:04:58,500 --> 00:05:00,809 Speaker 2: So I think that's a clause that people weren't aware 106 00:05:00,809 --> 00:05:02,739 Speaker 2: of and now they are, but you have to buy 107 00:05:02,738 --> 00:05:05,299 Speaker 2: your travel insurance at least 7 days before the departure, 108 00:05:05,339 --> 00:05:07,329 Speaker 2: otherwise that won't be possible. 109 00:05:07,420 --> 00:05:10,440 Speaker 1: Now, when I shop around for travel insurance, I tend 110 00:05:10,440 --> 00:05:12,500 Speaker 1: to go for the cheapest one, which you told us 111 00:05:12,500 --> 00:05:15,140 Speaker 1: what not to do, right, we should avoid that. 112 00:05:15,529 --> 00:05:20,099 Speaker 1: But what about shorter trips? I'm going for a couple 113 00:05:20,100 --> 00:05:24,750 Speaker 1: of days to JB, KL, maybe Malacca, something that's not 114 00:05:24,750 --> 00:05:28,649 Speaker 1: too far away, but also you are overseas still in 115 00:05:28,649 --> 00:05:31,988 Speaker 1: a different country. So we feel like, I don't think 116 00:05:31,988 --> 00:05:34,149 Speaker 1: anything is going to happen. I'll just buy the cheapest one, 117 00:05:34,290 --> 00:05:36,309 Speaker 1: I should be good. What's your take on 118 00:05:36,309 --> 00:05:36,589 Speaker 1: that? 119 00:05:36,779 --> 00:05:39,428 Speaker 2: Possibly OK. So the way we see it is the 120 00:05:39,428 --> 00:05:41,390 Speaker 2: amount of risk that you are taking. What would the 121 00:05:41,390 --> 00:05:41,868 Speaker 2: risk cost? 122 00:05:42,532 --> 00:05:45,562 Speaker 2: So in Malacca, I assume it could be a drive there, right? 123 00:05:45,622 --> 00:05:49,053 Speaker 2: The risk of transporting a person that's sick back, how 124 00:05:49,053 --> 00:05:52,532 Speaker 2: much would that cost? If I'm sick, would the hospitals 125 00:05:52,532 --> 00:05:54,933 Speaker 2: there be more expensive than the ones in Singapore? If 126 00:05:54,933 --> 00:05:57,662 Speaker 2: the answer is that the cost is pretty low, then 127 00:05:57,662 --> 00:06:01,441 Speaker 2: maybe the basic plan would help you sufficiently in those situations, 128 00:06:01,692 --> 00:06:03,933 Speaker 2: but I wouldn't look at the length of the trip alone. 129 00:06:03,972 --> 00:06:07,692 Speaker 2: I would look at the cost of living in that country. Yeah, 130 00:06:07,972 --> 00:06:08,513 Speaker 2: because if we 131 00:06:08,565 --> 00:06:10,555 Speaker 2: Go to Switzerland and then we end up in a 132 00:06:10,555 --> 00:06:14,355 Speaker 2: ski accident. The cost of medical bills in Switzerland, Hong 133 00:06:14,355 --> 00:06:17,795 Speaker 2: Kong and Singapore are notoriously expensive and the US. So 134 00:06:17,795 --> 00:06:21,276 Speaker 2: in those four places, the bills are no joke. It 135 00:06:21,276 --> 00:06:23,876 Speaker 2: will be a very long trip back home, then I 136 00:06:23,876 --> 00:06:25,955 Speaker 2: would go for a higher tier plan, 137 00:06:26,876 --> 00:06:29,075 Speaker 1: long and painful, not just for the person but for 138 00:06:29,075 --> 00:06:33,876 Speaker 1: the pocket as well. Yeah. OK, so you talked about 139 00:06:33,876 --> 00:06:35,096 Speaker 1: how at least 140 00:06:35,148 --> 00:06:37,738 Speaker 1: At least a week before your trip, it's the best 141 00:06:37,738 --> 00:06:40,979 Speaker 1: time to book your travel insurance, otherwise when you book 142 00:06:40,979 --> 00:06:44,128 Speaker 1: your flight, correct? Can you do it on the plane 143 00:06:44,128 --> 00:06:48,058 Speaker 1: if you forget what kind of situation would be OK 144 00:06:48,058 --> 00:06:50,178 Speaker 1: for us to like, oh, I forgot I'm going to 145 00:06:50,178 --> 00:06:52,769 Speaker 1: book it now and we're right at the boarding gate 146 00:06:52,769 --> 00:06:53,079 Speaker 1: and we're 147 00:06:53,079 --> 00:06:53,699 Speaker 1: like, ah, 148 00:06:54,019 --> 00:06:57,289 Speaker 2: yes, strictly speaking you can, you can buy it before 149 00:06:57,289 --> 00:07:00,019 Speaker 2: the flight, the insurance will still be honored, but the 150 00:07:00,019 --> 00:07:01,678 Speaker 2: moment you leave the country just 151 00:07:01,842 --> 00:07:04,872 Speaker 2: bother buying it because it will be voided anyway. But 152 00:07:04,872 --> 00:07:07,881 Speaker 2: there is one insurer though last year they have launched 153 00:07:07,880 --> 00:07:10,721 Speaker 2: a new feature where you could buy if you're one 154 00:07:10,721 --> 00:07:13,402 Speaker 2: day into the trip. Yeah, so that's like good for 155 00:07:13,402 --> 00:07:16,402 Speaker 2: people who forgot, but remember just in time, maybe they 156 00:07:16,402 --> 00:07:18,242 Speaker 2: got off the flight and they immediately buy it. There 157 00:07:18,242 --> 00:07:21,421 Speaker 2: are some exclusions on certain situations, but it's better than nothing. 158 00:07:21,601 --> 00:07:21,721 Speaker 2: It 159 00:07:21,721 --> 00:07:23,802 Speaker 1: is, it is better than no. Some coverage is better 160 00:07:23,802 --> 00:07:27,682 Speaker 1: than none. So you can understand how shopping for travel 161 00:07:27,682 --> 00:07:28,161 Speaker 1: insurance can be. 162 00:07:28,315 --> 00:07:33,704 Speaker 1: A mind boggling experience. It's overwhelming. I mean, we're browsing 163 00:07:33,704 --> 00:07:36,614 Speaker 1: online through a confusing menu of so many different tiers 164 00:07:36,614 --> 00:07:39,454 Speaker 1: as you said, and then there are different insurers as well. 165 00:07:39,625 --> 00:07:41,575 Speaker 1: How do we navigate that? What are the top three 166 00:07:41,575 --> 00:07:44,225 Speaker 1: things we need to think about when we are shopping 167 00:07:44,225 --> 00:07:45,304 Speaker 1: for a travel insurance plan? 168 00:07:45,464 --> 00:07:47,385 Speaker 2: Yeah, I've looked at the database. I think we have 169 00:07:47,385 --> 00:07:50,265 Speaker 2: something like 40 options in the system, so we have 170 00:07:50,265 --> 00:07:53,665 Speaker 2: to nail it down, streamline the features down to the 171 00:07:53,665 --> 00:07:54,864 Speaker 2: options down to about 172 00:07:55,339 --> 00:07:58,600 Speaker 2: 6 for people to choose from, things that we look 173 00:07:58,600 --> 00:08:01,920 Speaker 2: out for by ranking them, it's just like shopping for clothes, 174 00:08:01,959 --> 00:08:06,079 Speaker 2: you filter them out. First, are there dangerous activities or 175 00:08:06,079 --> 00:08:09,320 Speaker 2: adventurous activities that the person is doing, then that would 176 00:08:09,320 --> 00:08:11,239 Speaker 2: be a very easy filter. If it's a no then 177 00:08:11,239 --> 00:08:13,239 Speaker 2: you could go for options that don't cover those and 178 00:08:13,239 --> 00:08:16,480 Speaker 2: save costs, right? The one important thing that we look 179 00:08:16,480 --> 00:08:18,269 Speaker 2: out for that we think 180 00:08:18,769 --> 00:08:22,000 Speaker 2: In all situations should be covered is medical evacuation. If 181 00:08:22,000 --> 00:08:25,679 Speaker 2: that is anything under 1 million, we tend to exclude 182 00:08:25,679 --> 00:08:29,440 Speaker 2: those two because we've seen the cost of flight from 183 00:08:29,440 --> 00:08:31,720 Speaker 2: Australia being like a 250 million just to come back. 184 00:08:32,179 --> 00:08:34,400 Speaker 2: If you go to the mountains like you like trekking, 185 00:08:34,919 --> 00:08:37,630 Speaker 2: there is an additional step getting the person down the mountain. 186 00:08:38,280 --> 00:08:41,280 Speaker 2: So that will cost even more. And apart from the 187 00:08:41,280 --> 00:08:43,280 Speaker 2: cost of living in that country, if that place is 188 00:08:43,280 --> 00:08:46,869 Speaker 2: more rural, because there is just the lack of equipment 189 00:08:46,869 --> 00:08:47,710 Speaker 2: and facilities. 190 00:08:47,765 --> 00:08:50,314 Speaker 2: that could actually even cost even more. So that would 191 00:08:50,315 --> 00:08:52,594 Speaker 2: be something that we look out for at least 1 192 00:08:52,594 --> 00:08:55,584 Speaker 2: million and then we'll ask people, do you care about 193 00:08:55,744 --> 00:08:58,474 Speaker 2: your belongings being stolen and stuff like that? Do you 194 00:08:58,474 --> 00:09:03,025 Speaker 2: carry expensive stuff? So if that is correct, then those 195 00:09:03,025 --> 00:09:05,114 Speaker 2: are things that you could filter out based on your 196 00:09:05,114 --> 00:09:07,825 Speaker 2: own personalization and then you'll see that there will be 197 00:09:07,825 --> 00:09:10,635 Speaker 2: a few options left and then you could just filter 198 00:09:10,635 --> 00:09:13,434 Speaker 2: from there. Lastly, of course, we do have internal data 199 00:09:13,434 --> 00:09:16,674 Speaker 2: on the claims experience for some insurers, so we have banned. 200 00:09:17,070 --> 00:09:20,669 Speaker 2: Certain insurers from being in the list because they have 201 00:09:20,669 --> 00:09:22,549 Speaker 2: bad claims experience that unreasonable. 202 00:09:22,710 --> 00:09:22,989 Speaker 1: That's a 203 00:09:22,989 --> 00:09:25,950 Speaker 1: very big thing for claimants. OK, talk to me 204 00:09:25,950 --> 00:09:26,449 Speaker 1: about that. 205 00:09:26,669 --> 00:09:29,189 Speaker 2: The claims experience is most important, but thankfully maybe if 206 00:09:29,190 --> 00:09:32,669 Speaker 2: you're not experienced with that means you've been lucky so far, right? 207 00:09:32,830 --> 00:09:35,358 Speaker 2: But we know, so we're like, OK, this is good 208 00:09:35,359 --> 00:09:37,449 Speaker 2: or upfront, but this is not very good at the 209 00:09:37,450 --> 00:09:39,869 Speaker 2: back for some reason, we will be upfront. 210 00:09:39,989 --> 00:09:41,799 Speaker 1: What constitutes a smooth claims 211 00:09:41,799 --> 00:09:45,030 Speaker 2: experience? The time frame that understandably be high volumes at 212 00:09:45,030 --> 00:09:46,468 Speaker 2: certain times we can manage. 213 00:09:46,640 --> 00:09:50,760 Speaker 2: That with the insurer, but if they're excluding claims that 214 00:09:50,760 --> 00:09:54,950 Speaker 2: are unreasonable for strange reasons, then we will highlight it 215 00:09:54,950 --> 00:09:58,161 Speaker 2: to our customers in advance to say, hey, the claims 216 00:09:58,160 --> 00:10:01,320 Speaker 2: experience has been unreasonably bad, you might want to exclude 217 00:10:01,320 --> 00:10:02,601 Speaker 2: these options. So 218 00:10:02,601 --> 00:10:05,721 Speaker 1: if it takes too long for a claim to be processed, 219 00:10:06,559 --> 00:10:10,640 Speaker 2: or if they are rejecting it unreasonable basis. OK, 220 00:10:11,280 --> 00:10:13,161 Speaker 1: interesting. I didn't know that there was a thing. So 221 00:10:13,160 --> 00:10:16,080 Speaker 1: my dad is a business traveler, he's overseas as we speak. 222 00:10:16,182 --> 00:10:20,851 Speaker 1: Right now, what kind of special inclusions do we need 223 00:10:20,851 --> 00:10:23,530 Speaker 1: to look out for in a holiday travel insurance plan 224 00:10:23,530 --> 00:10:25,971 Speaker 1: versus a business travel insurance plan? 225 00:10:26,131 --> 00:10:28,731 Speaker 2: Is he covered under a company or he did buy 226 00:10:28,731 --> 00:10:29,202 Speaker 2: it himself? 227 00:10:29,291 --> 00:10:31,170 Speaker 1: He's covered under the company, but he does have the 228 00:10:31,171 --> 00:10:33,372 Speaker 1: freedom to choose what he wants. So he chose to 229 00:10:33,372 --> 00:10:36,611 Speaker 1: do an annual one. So I suppose that's one of 230 00:10:36,611 --> 00:10:40,002 Speaker 1: the tips I would offer for someone who's a business traveler, 231 00:10:40,151 --> 00:10:42,431 Speaker 1: or what else would you say should be included for 232 00:10:42,432 --> 00:10:43,372 Speaker 1: a business 233 00:10:43,372 --> 00:10:43,822 Speaker 1: traveler. 234 00:10:43,971 --> 00:10:45,581 Speaker 2: So we do manage business. 235 00:10:46,023 --> 00:10:49,502 Speaker 2: travels and personal travels, they can be different in a 236 00:10:49,502 --> 00:10:52,502 Speaker 2: very specific way. The coverage are generally the same, but 237 00:10:52,502 --> 00:10:54,902 Speaker 2: there is a clause where it says if this is 238 00:10:54,903 --> 00:10:58,583 Speaker 2: a plan made for business travels only, if you extend 239 00:10:58,583 --> 00:11:01,713 Speaker 2: your trip, which people tend to do prior or after, 240 00:11:01,903 --> 00:11:05,663 Speaker 2: there is no coverage for that period. So if you 241 00:11:05,663 --> 00:11:08,982 Speaker 2: are planning to go to say Australia for a work 242 00:11:08,982 --> 00:11:10,783 Speaker 2: trip and you would like to extend it to see 243 00:11:10,783 --> 00:11:13,593 Speaker 2: the place for another 3 days, maybe just a weekend, 244 00:11:13,822 --> 00:11:15,262 Speaker 2: you have to buy a travel insurance for the end. 245 00:11:15,403 --> 00:11:17,984 Speaker 2: Entire trip yourself to be covered for that 3 days. 246 00:11:18,054 --> 00:11:19,453 Speaker 2: You can't just buy the 3 days. 247 00:11:19,554 --> 00:11:21,234 Speaker 1: So I have to plan ahead. I know I have 248 00:11:21,234 --> 00:11:23,073 Speaker 1: to do this before I leave as well, 249 00:11:24,544 --> 00:11:27,953 Speaker 2: because the business travel insurance are often catering only for 250 00:11:27,953 --> 00:11:32,023 Speaker 2: business travel days. The moment that engagement ends, even though 251 00:11:32,023 --> 00:11:34,473 Speaker 2: you have not returned to Singapore and you have extended 252 00:11:34,473 --> 00:11:36,963 Speaker 2: it on your own personal time, the coverage ends. 253 00:11:37,564 --> 00:11:41,234 Speaker 1: OK. So now I wanted to talk about the Ts 254 00:11:41,234 --> 00:11:44,424 Speaker 1: and C's, the fine prints which nobody likes to read. 255 00:11:44,513 --> 00:11:44,963 Speaker 1: I'm 256 00:11:45,445 --> 00:11:47,964 Speaker 1: going to ask you for a favor here and give 257 00:11:47,965 --> 00:11:51,525 Speaker 1: us maybe 3 things that we should pick out from 258 00:11:51,525 --> 00:11:53,854 Speaker 1: the Ts and C's that we need to pay attention to. 259 00:11:54,034 --> 00:11:57,244 Speaker 2: OK, the number 11 would be that if because of 260 00:11:57,244 --> 00:12:00,205 Speaker 2: trip cancellations, which is a high number of claims happening 261 00:12:00,205 --> 00:12:03,315 Speaker 2: for that, just be sure that when you're buying the policy, 262 00:12:03,604 --> 00:12:06,465 Speaker 2: if you are looking for a possibility of that claim, 263 00:12:06,724 --> 00:12:10,385 Speaker 2: there is either a 30 days, 7 day or sometimes 264 00:12:10,385 --> 00:12:13,164 Speaker 2: a 5 day waiting period. It can be as short 265 00:12:13,164 --> 00:12:14,525 Speaker 2: as 3 if I remember. 266 00:12:14,625 --> 00:12:16,856 Speaker 2: Correctly, but they do vary quite a bit from 30 267 00:12:16,856 --> 00:12:20,455 Speaker 2: to 3 days. So if you're looking to get your 268 00:12:20,455 --> 00:12:24,135 Speaker 2: trip cancellations, postponing your trip, those fees covered and you're 269 00:12:24,135 --> 00:12:27,096 Speaker 2: like maybe on the 5th day from your travel date, 270 00:12:27,216 --> 00:12:29,135 Speaker 2: you might want to look for a policy that is 271 00:12:29,135 --> 00:12:31,966 Speaker 2: with an exclusion of 3 days instead of the 130 days, 272 00:12:31,976 --> 00:12:35,976 Speaker 2: then you're not really helping yourself in that situation. That's 273 00:12:35,976 --> 00:12:38,935 Speaker 2: one fine print. The second one, we see a lot 274 00:12:38,934 --> 00:12:42,325 Speaker 2: of tests in certain countries in the world, especially Snatch 275 00:12:42,325 --> 00:12:43,885 Speaker 2: and phones and stuff. 276 00:12:44,236 --> 00:12:46,266 Speaker 2: There are some plans, especially the credit card ones that 277 00:12:46,267 --> 00:12:50,026 Speaker 2: do not cover loss of mobile phones specifically. So that 278 00:12:50,026 --> 00:12:52,665 Speaker 2: would be another cost. And then lastly, I think the 279 00:12:52,666 --> 00:12:55,665 Speaker 2: pre-existing would be a big one. Although there are some 280 00:12:55,666 --> 00:12:58,187 Speaker 2: plans that cover pre-existing, the limits are still pretty 281 00:12:58,187 --> 00:12:58,656 Speaker 2: low 282 00:12:58,655 --> 00:13:01,427 Speaker 1: because it's the type of pre-existing condition you have at 283 00:13:01,427 --> 00:13:04,427 Speaker 1: what stage you're at these sorts of things, right? 284 00:13:04,437 --> 00:13:07,497 Speaker 2: OK. And maybe one last one would be people with 285 00:13:07,497 --> 00:13:11,165 Speaker 2: pets now, many people with pets, your furry babies might 286 00:13:11,166 --> 00:13:13,747 Speaker 2: be in a boarding home hotel if there. 287 00:13:13,848 --> 00:13:16,557 Speaker 2: Some delay while you're overseas, you'll have to extend the 288 00:13:16,557 --> 00:13:19,588 Speaker 2: boarding period that could be covered too for some policies. 289 00:13:19,888 --> 00:13:22,237 Speaker 1: OK, so I want to talk now about those unforeseen 290 00:13:22,237 --> 00:13:25,277 Speaker 1: circumstances you've mentioned a few of them, right, which is 291 00:13:25,278 --> 00:13:27,757 Speaker 1: really what travel insurance is all about. It's supposed to 292 00:13:27,756 --> 00:13:31,078 Speaker 1: help us in need when these situations arise. Accidents happen, 293 00:13:31,158 --> 00:13:34,148 Speaker 1: we get injured, we fall ill, but how do we 294 00:13:34,477 --> 00:13:38,598 Speaker 1: activate our travel insurance in these situations? When does it 295 00:13:38,598 --> 00:13:41,317 Speaker 1: kick in and what does it kick in for in 296 00:13:41,317 --> 00:13:41,638 Speaker 1: those 297 00:13:41,638 --> 00:13:42,187 Speaker 1: situations? 298 00:13:42,197 --> 00:13:43,398 Speaker 2: In your situation, 299 00:13:43,458 --> 00:13:46,479 Speaker 2: If that happens again, hopefully not, there is usually a 300 00:13:46,479 --> 00:13:49,528 Speaker 2: 24 hour hotline. OK, you call that, they will arrange 301 00:13:49,528 --> 00:13:52,528 Speaker 2: for evacuation. That's what I mean like the evacuation could 302 00:13:52,528 --> 00:13:55,528 Speaker 2: also be from natural disasters and that is important and 303 00:13:55,528 --> 00:13:58,648 Speaker 2: they will arrange, I suppose at that point a batch 304 00:13:58,648 --> 00:14:00,958 Speaker 2: of people to come back to Singapore at the same time. 305 00:14:01,088 --> 00:14:04,408 Speaker 2: That would be hyper-emergency. If it's a smaller thing like 306 00:14:04,408 --> 00:14:08,169 Speaker 2: a flu, influenza A that's happening everywhere, you could just 307 00:14:08,169 --> 00:14:10,039 Speaker 2: see the doctor for you first and then you have 308 00:14:10,039 --> 00:14:12,488 Speaker 2: to pay for the bills and then the reimbursement comes 309 00:14:12,489 --> 00:14:12,929 Speaker 2: when you come back. 310 00:14:13,080 --> 00:14:17,500 Speaker 2: Singapore in between, if it's a hospital stay, in all 311 00:14:17,500 --> 00:14:20,260 Speaker 2: policies they do indicate that you will have to pay 312 00:14:20,260 --> 00:14:20,900 Speaker 2: for the bills 313 00:14:20,900 --> 00:14:21,289 Speaker 2: first. 314 00:14:21,340 --> 00:14:22,059 Speaker 1: I guess it's because 315 00:14:22,059 --> 00:14:23,130 Speaker 1: there's no shared system. 316 00:14:23,260 --> 00:14:27,049 Speaker 2: Yes, and they are unable to assess the claim until 317 00:14:27,049 --> 00:14:30,059 Speaker 2: the discharge happens because the doctors will have to write 318 00:14:30,059 --> 00:14:32,340 Speaker 2: like a discharge report and then they will assess the claim. 319 00:14:32,419 --> 00:14:34,669 Speaker 2: So they will require people to pay for it first, 320 00:14:34,780 --> 00:14:37,940 Speaker 2: but these bills could be very expensive. But you could 321 00:14:37,940 --> 00:14:40,739 Speaker 2: also activate with that same hotline to tell the insurer 322 00:14:40,739 --> 00:14:42,580 Speaker 2: this is happening and they can do a pre-assessment. 323 00:14:42,681 --> 00:14:45,991 Speaker 2: And first, some hospitals would be nice enough to say, OK, 324 00:14:46,111 --> 00:14:48,710 Speaker 2: we've got some sort of like agreement with the insurer, 325 00:14:49,031 --> 00:14:51,551 Speaker 2: we could waive off a little bit of your deposit 326 00:14:51,551 --> 00:14:54,031 Speaker 2: or something like that, then that could help with the 327 00:14:54,031 --> 00:14:56,750 Speaker 2: financial cash flow. So travel insurance could help with that. Wow, 328 00:14:56,911 --> 00:14:59,991 Speaker 1: OK, that's great to know. What about when a political 329 00:14:59,991 --> 00:15:04,460 Speaker 1: crisis unfolds in a country, immediately I'm thinking about South Korea. 330 00:15:04,591 --> 00:15:07,510 Speaker 1: We actually knew some people who were in Seoul at 331 00:15:07,510 --> 00:15:10,390 Speaker 1: the time of these protests and all that, they weren't 332 00:15:10,390 --> 00:15:12,151 Speaker 1: violent but it's still an uncomfortable. 333 00:15:12,521 --> 00:15:14,882 Speaker 1: situation to be in, not the kind of situation you 334 00:15:14,882 --> 00:15:17,681 Speaker 1: want to be when you're on holiday. How might travel 335 00:15:17,682 --> 00:15:20,642 Speaker 1: insurance help us get us to safety perhaps. Is that 336 00:15:20,642 --> 00:15:21,401 Speaker 1: something that is 337 00:15:21,401 --> 00:15:21,830 Speaker 1: covered? 338 00:15:21,961 --> 00:15:24,681 Speaker 2: Yes, actually, and I would say most of the insurance 339 00:15:24,682 --> 00:15:27,642 Speaker 2: policies in Singapore that would cover that situation if you 340 00:15:27,642 --> 00:15:30,441 Speaker 2: have not left Singapore as well. OK, so if you 341 00:15:30,442 --> 00:15:33,802 Speaker 2: need to cancel those plans because there is like riots 342 00:15:33,802 --> 00:15:37,171 Speaker 2: or civil unrest that could be covered under the trip 343 00:15:37,171 --> 00:15:41,802 Speaker 2: cancellation clause provided you buy at least say 7 days prior. 344 00:15:41,903 --> 00:15:45,492 Speaker 2: To leaving and prior to the event happening. If the 345 00:15:45,492 --> 00:15:49,333 Speaker 2: event has already been known, then most class would be 346 00:15:49,333 --> 00:15:50,492 Speaker 2: known events are not covered, 347 00:15:50,653 --> 00:15:50,893 Speaker 1: right? 348 00:15:51,013 --> 00:15:55,043 Speaker 1: In this example, it would be me wanting to go 349 00:15:55,043 --> 00:15:58,653 Speaker 1: to a war zone where something's already happening, a travel 350 00:15:58,653 --> 00:15:59,973 Speaker 1: insurance will not cover me 351 00:15:59,973 --> 00:16:00,282 Speaker 1: there. 352 00:16:00,692 --> 00:16:04,122 Speaker 2: But in that situation that happened at that point with Korea, 353 00:16:04,333 --> 00:16:06,853 Speaker 2: if you had bought your travel insurance prior to that 354 00:16:06,853 --> 00:16:09,973 Speaker 2: event happening, then you could actually apply for a cancellation 355 00:16:09,973 --> 00:16:11,482 Speaker 2: stating that there is now 356 00:16:11,880 --> 00:16:14,880 Speaker 2: Unrest and you want to cancel those plans and you 357 00:16:14,880 --> 00:16:17,039 Speaker 2: could make a claim on that. What about evacuations? Yeah, 358 00:16:17,080 --> 00:16:19,140 Speaker 2: if you're already there, they will make an assessment whether 359 00:16:19,140 --> 00:16:21,630 Speaker 2: the flights are affected and stuff. If it's not, then 360 00:16:21,799 --> 00:16:24,299 Speaker 2: there's no claim to be made. Yeah of course thankfully 361 00:16:24,299 --> 00:16:26,599 Speaker 2: in that situation wasn't the case, yeah. 362 00:16:26,650 --> 00:16:26,750 Speaker 1: I 363 00:16:26,750 --> 00:16:28,840 Speaker 1: just want to go back to the natural disaster bit here. 364 00:16:29,039 --> 00:16:32,710 Speaker 1: I know there are clauses in many insurance plans, not 365 00:16:32,710 --> 00:16:35,919 Speaker 1: just travel insurance, but just insurance in general, about acts 366 00:16:35,919 --> 00:16:38,440 Speaker 1: of God. Now the thing is natural disasters. 367 00:16:38,521 --> 00:16:40,711 Speaker 1: are acts of God if you want to frame it 368 00:16:40,711 --> 00:16:44,392 Speaker 1: that way. So are there limitations there to travel insurance 369 00:16:44,392 --> 00:16:47,471 Speaker 1: when it comes to these natural disasters that are acts 370 00:16:47,471 --> 00:16:48,031 Speaker 1: of God? 371 00:16:48,151 --> 00:16:50,710 Speaker 2: Perhaps another clause we should look out for. There are 372 00:16:50,711 --> 00:16:54,791 Speaker 2: some that don't cover acts of God and actually most do. Yeah, 373 00:16:55,111 --> 00:16:57,591 Speaker 2: so that's fine. Alright. Again, if it's a known event 374 00:16:57,591 --> 00:16:59,031 Speaker 2: and you're just like, hey, I want to go look 375 00:16:59,031 --> 00:17:00,492 Speaker 2: at the volcano, then 376 00:17:00,492 --> 00:17:04,552 Speaker 1: no. But what about relief workers? So after the earthquake 377 00:17:04,552 --> 00:17:05,192 Speaker 1: in Nepal. 378 00:17:05,311 --> 00:17:08,103 Speaker 1: My husband went back a month later to help with 379 00:17:08,103 --> 00:17:11,822 Speaker 1: relief work. Are there insurers that are willing to cover 380 00:17:11,821 --> 00:17:12,223 Speaker 1: relief 381 00:17:12,223 --> 00:17:12,623 Speaker 1: workers 382 00:17:12,623 --> 00:17:16,582 Speaker 2: perhaps that would be quite a standalone situation, it would 383 00:17:16,583 --> 00:17:20,342 Speaker 2: be a special request for coverage. Yeah, but it is 384 00:17:20,343 --> 00:17:23,853 Speaker 2: underwritten as the usual travel insurance. Yeah, it is possible, 385 00:17:23,863 --> 00:17:27,302 Speaker 2: but very unlikely. There are people who go on competitions 386 00:17:27,302 --> 00:17:31,383 Speaker 2: now with the marathon and the triathletes. Those are not 387 00:17:31,383 --> 00:17:32,052 Speaker 2: covered when 388 00:17:32,105 --> 00:17:36,215 Speaker 2: You are in that situation because the common exclusion would 389 00:17:36,215 --> 00:17:39,656 Speaker 2: be that if you're competing in any competition, that will 390 00:17:39,656 --> 00:17:40,015 Speaker 2: not be 391 00:17:40,015 --> 00:17:40,375 Speaker 2: covered. 392 00:17:40,576 --> 00:17:43,196 Speaker 1: Right? So what insurance can I get though if I'm 393 00:17:43,196 --> 00:17:45,135 Speaker 1: an athlete? Clearly I'm not, but you have to 394 00:17:45,135 --> 00:17:48,086 Speaker 2: get your own medical insurance, those coverage would be limited 395 00:17:48,086 --> 00:17:49,936 Speaker 2: to whatever that covers. 396 00:17:50,215 --> 00:17:52,076 Speaker 1: But you have to be a professional to do it. 397 00:17:52,156 --> 00:17:52,336 Speaker 1: I mean, 398 00:17:53,135 --> 00:17:56,775 Speaker 2: as non-professionals not covered and if you go tracking above 399 00:17:56,776 --> 00:17:58,776 Speaker 2: a certain limit, there are some insurers. 400 00:17:58,897 --> 00:18:02,208 Speaker 2: That they kept it at 3000, 5000. I think the 401 00:18:02,208 --> 00:18:05,807 Speaker 2: highest we've seen might be 6. Anything higher, you're on 402 00:18:05,807 --> 00:18:07,046 Speaker 2: your own. Sherry, 403 00:18:07,387 --> 00:18:09,878 Speaker 1: I feel like the number one tip from you right 404 00:18:09,878 --> 00:18:12,508 Speaker 1: now to cover all of this that we've talked about, 405 00:18:12,767 --> 00:18:16,207 Speaker 1: get it done early. I will promise not to be 406 00:18:16,208 --> 00:18:18,887 Speaker 1: a last minute anymore after this. Thanks for sharing 407 00:18:18,887 --> 00:18:19,458 Speaker 1: your tips. 408 00:18:19,567 --> 00:18:20,628 Speaker 2: Thank you, Andrea. 409 00:18:20,927 --> 00:18:24,527 Speaker 1: So let's not all be complacent about travel insurance, especially 410 00:18:24,527 --> 00:18:25,567 Speaker 1: after this episode. 411 00:18:25,859 --> 00:18:28,280 Speaker 1: Uh, if you've got any comments or questions, we welcome 412 00:18:28,280 --> 00:18:32,479 Speaker 1: them as always. You can head on over to YouTube, Spotify, 413 00:18:32,640 --> 00:18:35,719 Speaker 1: Apple Podcasts as well, and leave us a message. You 414 00:18:35,719 --> 00:18:38,719 Speaker 1: can also leave us a rating if you enjoyed this conversation. 415 00:18:39,089 --> 00:18:41,719 Speaker 1: I carried it to the team, Christina Robert, Tiffany Ang, 416 00:18:41,880 --> 00:18:46,310 Speaker 1: Junaini Johari, Joanne Chan, Hanida Amin, and Saa Wind. This 417 00:18:46,310 --> 00:18:48,280 Speaker 1: has been the Money Talks podcast. Thank you for listening. 418 00:18:48,359 --> 00:18:49,589 Speaker 1: I'm Andrea Heng signing off.