Bags packed: When does an annual travel insurance plan make sense?

After two years of little to no travel, many Canadians have been looking forward to holidays abroad once more. In June 2022 alone, Canadians went on more than 2.6 million trips according to Statistics Canada. That's nearly seven times more than June of the previous year.[i]

And while many things have changed since 2019 pre-pandemic, considering travel insurance still makes sense. But before you purchase your single-trip travel insurance plan, consider your future travel plans. If you have multiple trips planned for next year, you may want to consider a multi-trip travel insurance plan.  

"We are starting to see an increase in Canadians purchasing travel insurance, this could indicate that people are considering going on adventures again," says Fareeza Kalamadeen, a Senior Product Analyst with TD Insurance. To better understand the ins and outs of a multi-trip travel insurance plan, and why travellers consider it, here's what she shared.


Why consider a multi-trip travel insurance plan? 

"Annual, or multi-trip travel insurance plans, could be more convenient and cost-effective than buying a single-trip plan each time you travel, " says Kalamadeen. With travel on the rise, and travel restrictions to certain popular destinations lifted, Kalamadeen says that many of us may have the opportunity to indulge our wanderlust once more. Moreover, with TD Insurance, Kalamadeen says you could choose a multi-trip plan that provides coverage solely for eligible medical expenses or a more comprehensive multi-trip plan that offers coverage for eligible medical expenses and eligible non-medical expenses such as trip cancellations. 

How many trips does a multi-trip travel insurance plan cover?

"The number and the length of the trips you can take will depend on your insurance provider and the terms of the specific insurance plan you purchase," says Kalamadeen. She offers this as an example: If you are 30 years old and you purchase the TD Insurance Multi-Trip All-Inclusive plan, you are eligible for a trip duration of up to 60-days. Therefore, you can take multiple trips of 60 days or less throughout the year.

What does travel medical insurance cover?

It's going to depend on the type of travel medical plan you purchase. At TD Insurance, coverage may include hospitalization, diagnostic services, accidental dental and even a travel companion benefit.  It is important to read your policy to understand what is or is not covered before you travel. 

Is annual travel insurance really expensive?

The cost of annual travel insurance will depend on the insurance provider and the type of insurance policy you’ve purchased, as well as a variety of other factors. For example, this could include your age, health, and the duration of your trips. To obtain a quote with no-obligation to purchase, visit the TD Insurance website. It may be less expensive than you think.

I think I'm pretty healthy, do I really need travel medical insurance?

While you may be healthy, you can still experience a medical emergency such as food poisoning, breaking your ankle, or enduring a trip and fall that requires an ambulance. Travel medical insurance can provide coverage for expenses resulting from medical emergencies.  

It is always a great idea to review your travel insurance policy to understand what is and is not covered.  

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TD Insurance Multi-Trip All-Inclusive Plan is administered by Global Excel Management Inc. and its subsidiary, CanAm Insurance Services (2018) Ltd. TD Insurance Multi-Trip All-Inclusive Plan is an individual plan underwritten by TD Life Insurance Company (medical covered causes) and TD Home and Auto Insurance Company (non-medical covered causes). Medical and claims assistance, claims payment and administrative services are provided by the administrator described in the insurance policies. Coverages and benefits are subject to eligibility conditions, limitations, and exclusions, including pre-existing medical condition exclusions. Please refer to the Sample Policy for full details.

The content on this page is for general information purposes only and does not constitute legal, financial or insurance advice. Speak to a licensed professional advisor regarding your specific situation.

The information contained herein, is subject to change without notice. 

1 Statistics Canada, Daily Quotidien, "Travel between Canada and other countries, June 2022," published August 23, 2022.  Accessed November 30, 2022