What Is Travel Accident Insurance?
Travel accident insurance provides monetary compensation to your family or beneficiaries in case you die in an accident while you are traveling.
Travel insurance pays for fatalities due to an auto or boating accident, a fall, drowning or plane crash. An injured person must die of her injuries within three months of the accident for the policy to be cashed in, according to the Interstate Insurance Product Regulation Commission.
You may add additional coverage for death due to terrorism.
Travel accident insurance always list exclusions. Death from suicide or illegal activities forfeits the payments. Some insurance companies will decline covering individuals engaged in high-risk professions, such as daredevil occupations or hobbies.
Cost and Disbursement
You can choose quarterly or annual coverage up to $1 million for a fee between $30 and $80 for each $100,000 of protection. For business travel, your travel insurance may pay up to 10 times your annual income.