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Canadian travel Insurance
Did you know that each Canadian travel insurance policy is both a financial product and a legal contract?
When a travel insurance is purchased by you, the consumer, it binds the insurance provider to compensate you should an unfortunate incident you are insuring yourself against actually happens. That’s the benefit of travel insurance – it guarantees that you’ll receive the money and services needed for your life to continue as normally as possible.
Since travel insurance products are financial products with great legal ramifications – both to you and a chain of insurance providers and underwriters – all travel insurance vendors must have licenses. In Canada, you may only purchase travel insurance from an individual who has a valid insurance license for your particular province or territory.
Even though there is immense medical and financial risk should you decide to travel without adequate travel insurance, no legislation or governing body exists to force you to purchase a travel policy. In fact, travel agents, airlines, tour operators and government health plans are not obligated to advise you to protect yourself and your loved ones. It’s all up to you.
Please be sure to educate yourself on the risks inherent in traveling outside your province or territory of ordinary residence, as well as the protection available with travel insurance.
