“While some people may want to hold on to the belief that travel insurance is an unnecessary expense, we see the other side of the coin of what can happen when travelers are not appropriately covered”, says Stephens.

“The reality is that bad things do happen and you need to have protection and support for when they do. If you prefer to think about it from a business perspective, in exchange for a nominal amount of money, the return on investment is potentially enormous.”

Cover requirements

So what steps do you need to take when considering travel insurance? Make sure that the cover meets your specific requirements. That means you need to take your individual circumstances into account when taking out a policy.

For example, should you have a pre existing heart condition, tell your insurer about it , as the policy may contain exclusion clauses in certain circumstances.

Also carefully read the terms and conditions of your travel insurance policy. If there are things in the contract you don’t understand, there are call centres available that will explain them to you.

Read your contract

“Most people don’t read their contracts, they are not aware of the vast number of benefits and services available to them under their policies,” says Stephens.

Even less well known to people taking out travel insurance are the non-medical services available under most contracts. Many offer assistance with lost documents such as travellers checks or passports, as well as with legal requirements, embassy information or transmission of messages.