Travel Insurance Review Period Definition (2024)

FAQs

Travel Insurance Review Period Definition? ›

It's essentially a grace period that allows you to get acquainted with the policy you have purchased, make sure that you fully read and understand your coverage, and make any adjustments necessary. Generally, if your policy allows a review period, you can also cancel your policy during this time and receive a refund.

What if I bought the wrong travel insurance plan, and I want to switch to a different one? If you're still within the 15-day review period (and you haven't left or filed a claim), you can cancel the plan you purchased and then buy a new one. After the 15 days is up, you can't cancel or switch your plan.

Review period

If you're not completely satisfied, you have 15 days (or more, depending on your state of residence) to request a refund, provided you haven't started your trip or initiated a claim. Plans are non-refundable after this period.

Travel insurance companies impose a “look-back period,” which is a specific time frame when a pre-existing condition is considered stable, usually between 60 and 180 days. To qualify for a waiver, your condition must be stable within this period, meaning it has not changed or worsened.

Coverage period of multi-trip insurance policies

Note that in case of multi-trip insurance policy, your insurer provides coverage only for a certain number of days at a particular destination which varies across policies. While some policies can offer coverage up to 90 days, others can extend it to 180 days.

In general, you can buy coverage any time before the date of your trip. That said, it's always best to buy coverage as soon as you make your reservations. The sooner you buy travel insurance, the sooner you'll be protected and the more benefits you may be eligible to receive.

Fortunately for these situations, travel insurance plans have what is called a “free look period,” in some plans it's called a “money back guarantee.” Whether it's called a free look period or a money back guarantee it is a short duration, typically 10 days in most plans, but can be up to 14 or 15 days in other plans.

Allianz policies are often significantly less expensive than other policies for trips longer than 30 days, because they have a different pricing structure than most providers. Length of trip is one of the determining factors of a policy's premium. In most cases, the longer the trip, the more expensive the policy.

4. Select payment type. Finally, indicate if you prefer direct deposit, debit card or check payment. Note that it takes 7-10 days for Allianz Global Assistance to review and process your claim information.

For a full refund of your premium, you must cancel within 15 days of your plan purchase (depending on your state of residence) and must not have filed a claim or departed on your trip. Premiums are non-refundable after this period.

Can travel insurance deny pre-existing conditions? ›

While most travel insurance policies exclude pre-existing conditions from medical expenses and evacuation coverage, you may be able to obtain coverage with a pre-existing conditions waiver.

Yes, however high blood pressure is a pre-existing condition that is automatically covered by most policies at no additional charge unless it's caused by another condition, like cardiovascular disease or diabetes.

The time period during which a health plan won't pay for care relating to a pre-existing condition. Under a job-based plan, this cannot exceed 12 months for a regular enrollee or 18 months for a late-enrollee.

While you'll likely get better coverage if you buy a policy soon after making an initial payment on your trip, it's still possible to buy a plan if your trip is days away — or if you've already departed.

Unlike other aspects of your travel experience like airfares or hotel-room rates, the price of travel insurance doesn't increase the closer you get to your travel date. There's no financial penalty if you wait to buy travel insurance (except for those bonus coverages, of course).

Is there a time limit on travel insurance claims? You should notify us of a claim as soon as possible. You can do this online or by calling 0333 333 9702 (1). All claims, however you make them, should be submitted within 60 days of returning from your trip.

If you purchase a travel insurance plan, you'll have between 10 and 15 days to review the plan and cancel it without having to pay penalties or surrender charges. This period of time is called the free-look period, and it can be a beneficial form of consumer protection.

You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your insurance agent or company representative.