MoneySmart urges travelers to have COVID-19 travel insurance as a must-have while traveling

  • A large number of Singaporeans wish to travel abroad this year.

  • Travelers from Singapore are advised to remain vigilant about the COVID-19 virus and protect themselves with COVID-19 travel insurance.

SINGAPORE, June 6, 2022 /PRNewswire/ — Today’s global travel scene is starting to return to pre-pandemic days, but the COVID-19 virus remains a threat. World Health Organization (WHO) reported 1.4 million confirmed cases worldwide in third week May 2022. On the other hand, as more countries open their borders, Singaporeans are showing a strong desire to travel. MoneySmart data on April 2022 showed a surge in travel insurance transaction volume, which reached almost 300% growth compared to volumes in January 2022With Thailand is the most popular search destination (23%), followed by Malaysia (fourteen%), Australia (eleven%), Indonesia (10%) and United States (5%).

Kelvin Ng (黄贤龙), Head of Advisory at MoneySmart Financialsaid: “The COVID-19 pandemic has brought attention to travel insurance and the importance of proper insurance. The purpose of insurance has not changed: to reduce a person’s financial loss due to unforeseen events. As far as travel is concerned, travel cannot always proceed as planned due to disruptions due to COVID-19 or other reasons. Buying travel insurance provides some degree of confidence and peace of mind.”

MoneySmart recently spoke about two avid travelers who quit their jobs to see the world during a pandemic. Adrian Chu (邦羽) and Chia Kim Hui (金惠) from Pang & Kim Adventurea couple of travel bloggers and MoneySmart customers contracted COVID-19 while traveling in Turkey in January of this year. Pang and Kim shared: “Following our experience with COVID-19 abroad, we can’t stress enough the importance of purchasing travel insurance with COVID-19 protection for overseas travel — it gives you peace of mind in unexpected situations, covering hospitalization and medical bills during our trip. Turkey travel. We have made a wise decision to purchase insurance and encourage everyone to use price comparison websites such as MoneySmart to compare policies that suit your needs.”

Follow this link to read the full interview with Pang and Kim as they share what it was like to contract Covid while in the hospital. Turkey and how much it cost them financially as an ordeal –

Travelers are advised to do research and compare before purchasing travel insurance due to the variety of packages available. Some important criteria to consider include the scope of the policy, the length of the provider’s network, and whether the policy extends to the destination. For now, some countries still require travelers to have valid travel insurance policies with Covid 19 coverage as a requirement for entry. MoneySmart has published a travel insurance guide that covers all aspects of what travelers need to know on the subject:

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