Emergency Cash Assistance Services in Travel Insurance: Your Financial Lifeline

Travelling overseas can be an exciting experience. However, no matter how much you plan or research, there is no predicting when an unfortunate event will occur and jinx your trip. You may lose your wallet, or it may get stolen, leading to financial difficulties for you. If such events do occur, you have two options: allow the event to ruin your trip and go back home or, have a backup plan which can help you access emergency cash so that you can continue your trip. Buying the right travel insurance policy can prove to be your ‘Plan B’. With this feature of emergency cash assistance services, a travel insurance plan can come to your rescue by providing assistance in arranging for cash to be sent via different sources. Let’s see how this works in detail.

How Do Emergency Assistance Services Work?

Before we get to what is covered by emergency assistance services, let’s take a look at how such a service works.

• When you buy a travel medical insurance plan, you get coverage against different kinds of risks and dangers that can occur during travelling. Many travel insurance plans also offer assistance of different kinds to help the insured have a smoother trip. One of these assistance aspects is the emergency cash assistance service.
• The events and situations under which the emergency cash assistance service may be provided may vary across insurers and plans. In most cases, it considers the loss of money or other essential items such as luggage. *
• If you are caught in such a situation and require financial support from a relative during your travels, then you must inform your insurance company about it.
• The insurance company shall connect and co-ordinate with your relatives back home and assist in transferring the money to you.
• The money may be sent by the insurance company via different sources, such as credit cards, banks, money transfer companies, consulates, and so on.

Now, let’s see the extent of services provided under this travel insurance coverage section.

When Can You Access Emergency Assistance Services 

You can reach out to your travel insurance provider or their representative if you face the following situations during your travels:

Loss of money

When you are travelling, it is quite natural to have a fixed budget so as to avoid going overboard. While this is a good habit, a fixed budget can cause a hindrance if you lose some money, or it gets stolen in an unfortunate situation. In such a case, you should contact your insurer and let them know that you need assistance in regard to cash. Claims are subject to terms and conditions set forth under travel insurance policy. The insurer shall take stock of the situation and then let your near and dear ones know of it so that they can arrange for cash for you. *

Loss of luggage

It is likely that your luggage will contain more than just your clothes. It may have documents and items that may allow you to ensure cash flow for the duration of the trip. Hence, if your luggage were to be lost, you may have to face financial difficulties, too. Claims are subject to terms and conditions set forth under travel insurance policy. This situation could be improved if a loved one back home were to send cash to you to help out. By contacting your insurance representative, you can convey your situation to your loved ones and they will be able to help you out financially. *

Things To Know Before You Opt for Emergency Assistance Services

The emergency cash assistance services clause in travel insurance comes with terms and conditions, which are as follows:

1. If you have lost an essential item or it has been stolen and you are raising a claim for this clause, it is important to have a police report at hand.
2. File a police complaint at the local police station which the destination falls under. For instance, if you are in Singapore City, file a complaint at the Singapore city police station.
3. Ensure to have a copy of the same and provide it when filing a claim. In the above example, you will need to raise a claim under your travel insurance for Singapore.
4. Some insurance companies may have a time limit within which you should inform the insurer about the emergency.
5. Note that emergency cash assistance service is not considered an insurance benefit. It is an assistance service which is eligible only under terms and conditions.
6. Not all emergency events may be covered under the emergency assistance service. Hence, read the inclusions and exclusions of the policy carefully, including the exclusions for the specific section.

Having a backup plan for emergencies can not only help you financially but also provide peace of mind. This, in turn, can help you enjoy your travels even more. So, ensure to have a travel medical insurance plan in place so that your travels continue uninterrupted.   * Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.