In the USA you have the possibility to buy different types of insurance, which will help you cover medical expenses, damage to your property or vehicle in an emergency.
By purchasing an insurance policy, you can receive money for losses when a traffic accident occurs, theft of property, natural disaster, or the loss of your income due to a disability, among others.
What types of insurance exist and what is their function?
- Health: Helps you pay for your health care and medication costs.
- Work disability: Replaces part of your income if you suffer an injury or illness that prevents you from working.
- Life: Financially protects your family in case you die.
- Vehicles: Protects you against financial loss if you have a traffic accident or if your vehicle has been stolen or damaged.
- Homeowners: Compensates for damage to your home. It can also compensate you for damage or theft of your personal property.
- Floods – Protects you against flood damage to your home.
- Tenants: Protects those who rent a home and pay for the damage or loss of their personal property.
- Pets – Helps you pay vet bills.
- Agricultural production: Protects agricultural producers, farmers and livestock keepers from losses due to natural disasters or the fall in prices of agricultural products.
Disability insurance helps the employee financially when an illness or injury prevents him from working. Although many employers offer some form of disability insurance to their employees, you can also buy one to expand your coverage.
The life insurance contract states that you will have to pay an amount of money periodically (premium) for the duration of the contract. In exchange for your payments, the insurance company will have to pay, when you die, a certain amount of money (compensation) to one or more people chosen by you (beneficiary).
What types of life insurance are there?
There are two basic types of life insurance:
- Permanent life insurance policies give you protection (coverage) for your entire life. As long as you pay the premium, the policy remains in effect.
In addition to paying a benefit after your death, some of these policies combine a long-term savings and investment product. This means that you accumulate cash value over the life of the policy. This cash value that you accumulated over time can offer you several options, for example, it can be borrowed and used as collateral. Keep in mind that the conditions vary from one company to another and depending on the type of insurance you buy.
- Fixed-term life insurance policies provide protection for a specified period of time (term). Beneficiaries receive compensation only if you die during that period.
Fixed-term life insurance policies are generally less expensive than permanent life insurance policies. This is because fixed term life insurance policies are only in force for a specific period of time.
What is the medical report for insurers?
A medical history report is a summary of a person’s certain medical conditions, which insurance companies generally request when someone quotes certain types of insurance. This report does not include your complete medical records such as diagnoses, blood tests, or a list of your medications.
The entity that issues these reports is the MIB (previously called the “Medical Information Bureau”), an agency that aims to protect insurance companies in the United States and Canada against potential fraud, and which manages the database of medical reports .
Insurers read these reports before approving applications for life, health, long-term illness, critical illness or disability insurance, to decide if they will offer you insurance and, if so, what the premium amount will be.
Traveling abroad in most cases is synonymous with fun and pleasure. When we go on a trip of this type we check all the details down to the smallest detail to avoid that nothing is left to chance. However, we are not all aware of another detail that is essential and that we should not be overlooked in these situations, such as making sure we have travel insurance.
Why is it important to have travel insurance?
When you want to access some countries it is mandatory to have this type of insurance. However, whether it is necessary or not, it is highly recommended to hire it. In case of being in a health emergency situation, if we do not have assistance coverage abroad, it would mean a high cost, for example. For this reason, the best option is to take out insurance that protects us during our trip abroad to avoid possible future regrets.
On the other hand, travel insurance assists us in many other incidents. Imagine that you lose your luggage or it suffers some damage, a rather unpleasant situation that nobody wants to live, don’t you think? Before this event, by purchasing travel insurance, you will receive compensation. In addition, continuing the list of things that can annoy-a little-your trip, it should be noted that travel insurance helps you in case of flight delay, among many other things.
In short, why can it be vital to take out travel insurance? the answer is simple: you never know what can happen . And in the face of uncertainty, the best option is to be protected. In this way, if an event happens that could spoil the trip, the blow will be less hard. Therefore, take out travel insurance and travel with ease.
What travel insurance should we take out?
When considering which travel insurance to hire, it is most recommended that the user be covered with insurance that has full coverage in case of illness, accident during the trip and even the possible evacuation of the patient by medicalized plane . In addition, it must be borne in mind that if you are going to visit several countries, the travel insurance that is contracted must have coverage in all of them, including stopovers and short stays.
Another important aspect is to look at the activities that we will carry out during our stay abroad, in order to determine if they would be covered by the policy that will be contracted. In particular, those activities considered risky, such as surfing, scuba diving, climbing or actions related to the engine (such as driving jet skis and snow), since it is common for them to need specific coverage. Also, if you are going to drive abroad it is highly recommended to have accident and liability insurance.
At the same time, it should be emphasized that when carrying out any high risk sport or activity , such as mountaineering or caving, the coverage must specify these activities abroad and specify all the elements that would come into play in a possible rescue, such as medical evacuation and transfer of the injured.
In the event of an accident abroad, the rescue and all the work around civil protection would be in charge of the legal authorities, so their legislation, action protocols and technical and human resources may not be similar to the ones here. In addition, the Embassies and Consulates do not have the necessary resources that would be necessary to cover the costs in an emergency situation with guarantees, nor could they confirm that they give the patient a better treatment than that available in the country in which they are located.
What does travel insurance have to include?
If, after all the previously described, you are still somewhat lost on what coverage would be ideal for your foreign policy, we will tell you what are the minimum requirements that you should have so that you do not encounter any type of problem in your stay outside of Spain.
These would be the minimum points that it would be optimal for them to be included in the travel insurance that you hire, and that covers these possible circumstances that could occur prior to or during your trip:
- Loss of flights or connections. You have to know that not all airlines will respond to their clients in the event of possible delays , cancellations or missed connections .
- Emergency situations of relatives or unforeseen occupations that require the return trip ahead of schedule.
- Any type of theft that the user may suffer.
- Losses derived from possible damage and loss of luggage .
- Have civil liability covered .
- Repatriation of deceased or sick people.
Is travel insurance the same as international medical insurance?
It is possible that when contracting these types of policies we may think that travel insurance and international medical insurance are equivalent concepts, so it is convenient to be aware of their differences . As we have already explained, travel insurance covers us in the event of any incident that may occur during our travel abroad, for example, flight cancellations or loss of luggage, and all emergencies that may occur during the momentary stay outside our country. .
Faced with this, international medical insurance is intended to cover hospital treatments, reviews or continued treatment of diseases , for those people who are living for a prolonged or indeterminate time outside their country of origin. Also, there is another relevant nuance between both insurances. While the travel insurance, if the beneficiary has any emergency, the patient returns to his country to continue with the pertinent treatment as soon as the situation allows it, with the international medical insurance he receives all the medical care and processes that he needs in the country of abroad where it is established.