Travel Insurance Stress
The facts about getting Travel Insurance Stress
If you have a mental illness such as bipolar, anxiety or depression, or you’re suffering from the complications or symptoms associated with a mental illness, such as stress, a holiday can be a great way to relax. Having a mental illness shouldn’t prevent you from travelling, and with a Travel Insurance Stress policy, you can can go on holiday with peace of mind.
You must get Travel Insurance Stress cover if you would like to be fully covered for medical treatment and other emergencies while on holiday. As part of your application, you will need to declare all pre-existing medical conditions you might have should you need to make a claim. It is common for underwriters to let you add carers and travel companions to your policy too. This way, if you have had to cancel a holiday due to your mental health condition, everyone on your policy is also covered.
Tips for getting travel insurance with a mental health condition
- Plan your journey thoroughly and set out a clear itinerary to reduce stress.
- Take your European Health Insurance Card (EHIC) in addition to your travel insurance so that you can receive free/low cost state healthcare in the EEA (European Economic Area).
- Discuss your holiday plans with your GP and make sure you are fit to travel. Get documentation from your GP with details of any medicines you have been prescribed. Check that you do not need a licence to carry medicines into the country you are travelling to.
- Copy your travel documents and carry spares with you.
- Contact your airline in advance and let them know about your illness so you can receive any assistance if necessary.
Travel Insurance Stress rates/ratings
Rates for any non-standard cover such as Travel Insurance Stress will vary from one insurance provider to another depending on their underwriting philosophy. Insurance providers use a risk-based scale to determine the amount you will pay for your cover which uses a ‘percentage loading’ or ‘£’s per mille loading’. All insurance companies have their own underwriting criteria which will also change over time, so can be difficult to predict unless you regularly speak to them.
Percentage (%) loading for Travel Insurance Stress
A percentage loading basically applies a % to your standard premium based on the levels of risk calculated for your own circumstances. Your percentage loading will apply a multiple to your insurance premium which will be based on your health at the time of your application. You should also know that some insurance providers have different maximum levels to others, so some are prepared to take on higher risks (e.g. 250% or 400%).
EXAMPLE:
| Basic premium | % loading | Final premium |
|---|---|---|
| £20.00 | 50% | £30.00 |
| £20.00 | 100% | £40.00 |
| £20.00 | 150% | £50.00 |
| £20.00 | 200% | £60.00 |
| £20.00 | 250% | £70.00 |
Per mille loadings for Travel Insurance Stress
You may also find that a ‘per mille loading’ could be applied to your insurance premiums, but this is more rare and only tends to be used for cases of high risk. A ‘per mille loading’ will be an additional amount that is applied to your premiums which is based on the amount of cover you are applying for (e.g. £2 per thousand £’s of cover). The other difference with a ‘per mille loading’ is that it can be applied for the whole term of your Travel Insurance Stress policy, or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).
Exclusions for Travel Insurance Stress
Another potential outcome when applying for a non-standard cover such as Travel Insurance Stress is for an ‘exclusion’ to be applied to your policy. This means that you may have certain conditions which can be linked to your mental health condition excluded from your policy. You may also find that certain additional benefits could be excluded such as Total and Permanent Disability, Waiver of Premium or Guaranteed Insurability.
Travel Insurance Stress providers
Most underwriters will consider anyone for cover, regardless of their mental health condition, but every case is judged on an individual basis. You must declare all pre-existing medical conditions and may be required to provide a GP report. Talk to us at Iam Insured, where we can help you find the best cover for your circumstances at the most affordable rate.
