Can A Traveller Lifestyle Affect Life Insurance? Many different aspects of your day to day can affect how much your life insurance costs you. But does travel have an impact on how much you’ll have to fork out for your policy each month? In short, the answer is yes!
Travel is something that insurers look at when assessing how much a person pays for their life insurance policy. So as well as your age, health, whether or not you smoke, and so on you have to be aware you travel choices are considered too. Finding the right insurance for your trips can be a minefield so you have to check out every possible scenario and make sure you are covered.
However it may not be as impactful as your health or age but how can you make sure that travelling doesn’t effect how much you pay for insurance? Due to this making a difference to pricing, let’s take a look at some of the aspects for you to keep in mind if you’re a traveller looking for life insurance.
The Type of Travel You Do
Travel can be an unpredictable thing, which is why insurance companies take into consideration many different things. If you are hopping off on a short break driving break to France or Spain you may not have to worry as much but if you’re going to a country that is considered dangerous this will be have to be considered. The same goes if you’re taking part in extreme sports and activities whilst you’re away such as diving or even if you are going on a cruise. These are all thing’s that insurance companies want to be aware of when providing you with a quote.
That’s why it’s always smart to compare life insurance plans before you decide which to go with. You want to be 100% sure that it will match your lifestyle and that you’ll always be covered when you’re going from place to place.
How Much Money You Save while Away Each Month
As you’re probably well aware, travel often isn’t cheap. So having another monthly expense such as life insurance is something that you need to ensure that you can afford. Putting money aside while you are away can help too.
There are plenty of ways you can save money whilst on the road, for example plan your holidays and activities before and book early to get flights and hotels cheaper. Whilst you are away not cook your own meals instead of eating out each day? This can be done if you book an apartment or a self catered room. Whilst you are away you could even consider a side hustle such a small job to give you an extra cash injection. That way, when it does come for you to pay for your life insurance, it will be an expense that you can more easily afford. You will want to leave you and you’re family financially protected in the event of a tragedy.
Possibility of Cover Not Extending to Certain Trips
Many life insurance policies will cover you for travel to countries that are considered ‘safe’ to visit. This is provided you’re not going to be taking part in dangerous activity whilst you’re away. However, you need to keep note of what countries and pastimes are included in your policy, so that you’re not unintentionally doing something that isn’t covering you. Pastimes like scuba diving, rock climbing, or skydiving may not be covered by your life insurance, so always check this and be aware of what your policy includes.
Always Double Check
If in doubt, double check your policy. If you want to go to places that are deemed as more dangerous, or take part in risky activities, then you are likely to find insurers that will cover you for this, it just may be more expensive. Not only activities should be covered but in the event of something going wrong are you covered for hospital or repatriation expense if something goes wrong?
Speak to a reputable provider to find out what they can do for you to ensure. They can help you so that no matter where you’re travelling or what you’re doing, you have peace of mind that your life insurance is protecting your family.