Travel Insurance

Should Couples Buy Separate Travel Insurance Policies?

Should Couples Buy Separate Travel Insurance Policies?

If you’re planning a vacation overseas for you and your spouse, or the entire family, it is always a good idea to consider a travel medical insurance plan. While family vacations can be an exciting adventure, being prepared for the unexpected can help ensure that your trip is stress-free and enjoyable.

A travel medical insurance plan can offer protection in the form of coverage for eligible medical expenses for any unforeseen illnesses or injuries that occur during your trip. Depending on where you travel to, medical expenses can quickly add-up, and an insurance policy can ultimately save you from a potentially huge financial burden.

Should I Buy a Couples Travel Insurance Plan?

When purchasing travel medical insurance, you do have the option of including your spouse and children on your policy. However, you may consider whether or not a couples travel insurance or family travel insurance plan is right for you, or, alternatively, if individual plans for each family member may be better suited for your family’s needs. Which is better? Well, the answer depends upon a number of factors, including the age of your children or your preferences for certain flexibility.

Individual vs Combined Family Travel Insurance Plans

If you are traveling with your spouse, purchasing individual policies for each adult will likely cost the same as a combined policy if you are both choosing the same plan with the same policy maximums and benefits.

However, when you choose to purchase individual policies, there can be some advantages to this route. Here are some of the benefits to consider from purchasing separate insurance policies rather than a combined policy:

Flexibility to Cancel or Renew Individually

If for some reason, you need to extend or cancel a policy for only one spouse and not the other, then it is much easier to make such a change if you have separate policies.

Flexibility to Choose Different Policy Maximums and Deductibles

If you buy a combined policy, the policy maximum and deductible will be the same for both spouses. The older spouse’s age group and benefits apply to both. If you buy the plans separately, you can choose different policy options and deductibles.

Additionally, it’s important to note that spouses on a combined policy will each have to separately meet the deductible selected before the insurance will begin to pay for eligible medical expenses, just as you would have to do in separate policies. For policy maximums, the stated amount would be provided for each person under a combined policy. For example, a couple under a combined policy with a $50k policy maximum will each get coverage for eligible expenses for up to $50k per person.

Better Options for Cancellation Refunds 

For cancellable policies, refunds for cancellation of a policy is available only if there are no claims for the policy. If you have a combined policy, then any claim, even if it is only for one person, makes the policy ineligible for a cancellation refund. If you have two policies for the spouses, then you may be able to receive a cancellation refund for a spouse that did not use their policy.

Should I Add My Children to My Travel Insurance Plan?

If you are traveling with children, combined policies can be more cost effective. If your children are under the age of 18 and are traveling for the same length of time as you, it is typically more beneficial to purchase a combined family policy, as most plans offer a lower rate for children if their policy is combined with parents.

If you do add your children under your travel medical insurance policy, they will be able to receive the same policy maximum as you individually. Similarly to a combined spouse policy, children will have to separately meet the deductible selected before the insurance will begin to pay for eligible medical expenses.

Protect Your Family During Your Travels

While combining your children with a parent’s policy can definitely prove beneficial, you may want to consider separate policies for each spouse to take advantage of some of the flexibility discussed in this article. Whether you decide on separate policies or combine your coverage under one policy, the most important thing is that your family will be protected if anyone becomes ill or injured during your travel plans. 

Learn more about your travel medical insurance coverage options today!