No one is safe from the malicious intents of terrorists. Yesterday, a terrorist gunman killed 80 people and wounded 18 when he crashed his heavy truck at high speed into a crowd watching Bastille Day fireworks in the French Riviera city of Nice. Very recently, Bangladesh’s city centre Dhaka fell victim to armed militants who besieged a café for 11 hours. Bangladeshi armed forces eventually stormed the place and ended the standoff, but it was too late for the gunmen had already taken 21 lives. Last month, the Orlando gay night club shooting left 49 people dead. In the earlier part of this year, we saw terrorists exact destruction across Brussels airport.
We can never predict where and when such incidents will strike. The collateral damages of terrorism can affect us both directly and indirectly; while injuries and hospital stays can hit us squarely, devastating losses can extend to properties. Of course, no one should ever have to suffer these crimes against humanity, so much so that we wish we had ourselves a GoBear Secret Service department to eliminate these perpetuators. But what we can do for you travellers is to help minimise your losses with the right terrorism insurance coverage.
Frequent flyers, it’s time to look beyond just baggage losses and flight delays.
What you can expect to be covered for
Depending on the benefits offered by the insurer, you can expect payouts in the event of death or disability arising from terrorist attacks. That comes under terrorism coverage under the plan, which may exclude loss of personal belongings. Some even extend to acts of war, which are classified differently from terrorism. Some others exclude terrorism carried out via nuclear, biological or chemical means.
You might also be conflicted as to whether you should just rely on the coverage of your current life or term plans, or buy additional travel insurance on top of it. Generally, standalone insurance policies offer better payouts than riders at very low prices. It’s definitely more worthwhile if you’re not one of those who spend more time at airport lounges than at home.
No matter your travel frequency, you would know what the right move is if you’ve been following us at GoBear diligently: compare.
And that’s exactly what we’re going to do for you right now.
1) Prudential Assurance Co.
If you already have an existing whole life or term plan with Prudential, you can simply add on Comprehensive Personal Accident III rider which covers act of terrorism, excluding those carried out by nuclear, biological or chemical means. A lump sum payout is assured if the policyholder suffers death or dismemberment. This rider in particular comes bundled with a double or triple benefit feature; if the incident occurs on private conveyance, you get double the payout. It is tripled on public ones.
2) Great Eastern Life Assurance Co.
This one’s for the ladies. Great Eastern’s AccidentCare Plus II rider covers both terrorism and acts of war worldwide, round the clock. If you’re on the receiving end of an unfortunate siege and you somehow managed to survive, the plan ensures you don’t have to worry about evacuation and repatriation and you can activate the weekly disability income benefit in the event you can’t perform at your job because of the accident. Ladies get additional 20% coverage.
Standalone Travel Insurance
The plan gives full terrorism coverage (except nuclear, biological and chemical means) and does not include war-related risks and government acts. Covers loss of money and personal belongings. If you require medical attention, you can receive up to S$300,000 in overseas medical coverage. Enjoy 20% off the premium for those smart enough to compare travel insurance here at GoBear.
2) NTUC Income
This is one of the rare travel policies that offer terrorism coverage regardless of its nature (nuclear, biological and chemical means are eligible for claims), on top of accepting pre-existing medical conditions. It covers a wide range of losses resulting from terrorism for up to S$200,000 on the classic plans
1) Chubb Insurance
Ace Insurance, which acquired Chubb earlier this year, has introduced thick layers of coverage for property terrorism and are making their stand as the key provider of such products on the market. In numerous cases of terrorism, such as the ones we mentioned right at the beginning of this article, the damages usually encompass commercial establishments other than just human lives. Business owners can speak to a consultant to arrange for specially tailored insurance packages depending on the nature of their businesses.
AIG is another key option for business owners to protect themselves from loss of income. The insurer advises those in the tourism, media and telecoms, infrastructure, financial and government industries to take extra precaution, as these have greater exposure to terrorist threats. Their insurance coverage adopts a two-pronged approach of both acts of terrorism and deliberate sabotage towards properties.