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Falling ill abroad could cost you your mortgage

Falling ill abroad could cost you your mortgage

I’ve written a few blogs on Travel Insurance now – largely because it’s one of the most commonly misunderstood policies I sell, and because it is relevant to most people.

Just this week I read the most compelling article which helps demonstrate why I try to press home my advice on travel insurance.

Travelling without insurance is a risky business – and not just because you’d lose out financially if you had to cancel your trip. Outside of Europe, uninsured travel puts you in the position of being liable for the full cost of any medical treatment you may need whilst away.

You might feel the chances of falling ill abroad are slim. Hopefully you’d be right. But if you’re wrong – there’s a risk it could bankrupt you.

Imagine for a moment that you suffer a stroke whilst holidaying in the USA. How much would you imagine you might have to fork out? Several thousand? £10,000?

Try £760,000 – the cost of one claim for just those circumstances according to the Association of British Insurers. That’s probably three or four times the average mortgage, and equates to 25 years’ work on an average British salary. Not very funny.

And if you thought that was simply unlucky, the six figure fees aren’t hard to come by. A jet-ski accident in Turkey came in at £125,000. And just a four-day hospital stay for a child who caught pneumonia on a school trip cost £32,000.

Could you afford to foot the bill?

Comparing this to the average claims for cancellation or curtailment which come in at £10,000 and £6,000 respectively according to UK specialist AllClear, it’s obvious that healthcare is the most beneficial side of Travel Insurance.

Of course, even if you take out a policy if you make an error during the process you can still come away liable for costs. Read more about how to avoid the tablets you take each day, your past medical history or even a long trip invalidating your policy.

I don’t want to scare anyone, but I can’t bear to see people lead astray or misinformed by policies that perhaps haven’t been explained properly. If you want to arrange your own policy, take a look at my guide to making sure you’re covered, or just give me a call and let my team do it for you. We’re happy to help on 01803 314600.

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Susie Colley

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