What is travel insurance, how does it work and is it worth it?

Travel insurance is like a parachute, you never know when you're going to need it but if you don't have it when you need it, it is already too late. Here's how it works...

My People,

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So, what is travel insurance and is it worth it? When planning to travel, you often think about all the beautiful memories and exciting places. Many times, we forget to plan for the unexpected. There are many things that could go wrong - a delayed flight, lost suitcases, the flu, food poisoning, an accident or any other sickness, really. If it doesn’t happen, that’s great! But what if it happens? Are you prepared to pay up to $25,000 if something happens to you abroad?

What if you simply paid 3,000 Naira or 5,000 Naira depending on where you are going and then if anything happens to you, your expenses will be fully covered? That’s insurance! Is it worth it? I break down the numbers and explain the reason why affordable travel insurance premiums (using examples from my insurance company - AXA Mansard) are worth it compared to expensive emergency. I share a full explanation in this simple and easy-to-understand animated video:

Some interesting facts about travel that should make you consider travel insurance:

  1. In 2019, about 21% of flights around the world were delayed or cancelled and this led travelers to pay millions of dollars in unplanned expenses.

  2. In the same year, 25 million bags or suitcases were lost or misrouted. Think about your last trip to paradise and imagine if your suitcases with all your precious jewelry, valuables and clothes were lost. How would you pay for your items?

  3. Anyone can fall sick at any time. It could be the flu, an infection or even an accident. The average cost of emergency evacuation abroad is $25,000. How would you pay for this?

I recommend travel insurance, because like I explained in the video, if a small premium pays for an expensive emergency, then it is worth it. At AXA Mansard, you can get insurance for as low as 3,000 Naira! That’s an affordable amount to pay compared to how expensive emergencies can be.

Now, I have three questions for you:

  1. What new thing did you learn from today’s video?

  2. What is the most unfortunate thing that has happened to you while travelling abroad?

  3. Have you ever used travel insurance or have you been working on ‘God forbid’ and ‘not my portion?’ This is a safe space :)

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