Insurance covers are lifesaving schemes that have been developed to come to our aid in the time of need and help us to avoid having a huge problem when emergencies occur. However, the same insurance covers have so many pitfalls that we don’t understand unless we get the assistance of a specialist in the industry. The covers are different and take care of different needs and are provided by various firms and even banks. In the UK local financial institutions have created a new marketing scheme to get you to subscribe to their insurance covers. Upon opening an account in the UK, locals are usually sold an insurance cover as an add-on to their bank accounts. Through the latter, banks can lure customers with their travel insurance covers and get them to sign up for travel insurance from their banks.
Upon been presented with the papers to sign, as it’s a common occurrence many Brits holidaymakers won’t dwell much on the contents of the cover and will go ahead and sign the papers. Since banks offering these travel insurance policies aren’t experts in that field, they leave all the form filling to the customers leading to many ending up with covers that don’t provide the services they need. Many people fail to disclose more details about their preexisting medical conditions leading to the insurance cover not been able to cater to their needs when they are in need during their vacation. The latter is evident in Staysure report Don’t Bank on It which states Brits not knowingly travel uninsured. The recipient of the travel insurance covers lacks the knowledge on the details they are supposed to declare when filling the travel insurance premiums forms. Apart from that, they have full trust in the systems in place which, in this case, comes in the form of the travel insurance covers from the banks.
Per Staysure figures, close to 3.3 million Brit holidaymakers between the age of 50 and above go off to their vacations across the globe without knowing their insurance covers won’t take care of their needs. Staysure is direct to consumer travel insurance provider based in the UK, and their report unearths the limitations in travel insurance cover premiums available from leading financial institutions across the UK.
While the 3.3 million above represents the number of Brits who unknowingly take covers from banks without knowing it won’t cover them, Staysure reports disclose 75% of adults who participated in the survey said they didn’t scrutinize the travel cover before signing on the dotted lines. Further on, 20% of them said they wouldn’t even think about disclosing their past medical conditions to the insurer. The figure for the latter batch of adults rose to 34% when it came to those seeking travel insurance covers from their banks.
Most Brits favor bank Insurance Travel Premiums
Apart from the above shocking figures, Staysure reports show most Britons would go for the travel insurance covers from banks. The report shows 17 percent of Brit holidaymakers in East Midland areas would go for insurance travel premiums from financial institutions and 34 percent of Londoners would also go for the bank’s options. Further on, in the South West, 71 percent of them would choose the banks as their providers for their travel insurance covers while Welsh has the highest number with 89 percent of them opting to go with travel insurance covers from banks. While the above figures are interesting, it’s also important to note that most of the Brits who make up the 79% paying for the bank travel insurance premiums opted for the latter because it was complimentary.
While the above depicts the figure of Brits who would go for travel insurance covers from banks, Staysure report also discloses that upon filling for claims, 9 percent of them are likely to get their applications rejected. Apart from the claims issues, most Brits are unaware that the bank’s policy comes with a maximum age limit which is at 75. Any Brit older with a travel insurance cover traveling the world is going so without an insurance cover. In addition to the age limit, another hurdle for the insurance subscribers is the cover won’t take care of pre-existing medical conditions. Banks don’t disclose any of the above limitations to their customers upon signing up leading to many UK residents been easily enticed by the covers being free of charge. The insurance sector is a massive industry that’s worth billions of shillings, and without the guidance of an expert, the cover might end up to be worthless. While firms like Staysure are here unearthing the limitations of insurance covers, it’s advisable as an insurance subscriber to always seek the expertise of a specialist to avoid these pitfalls.