As its name implies, travel insurance provides financial protection against unplanned events that might occur during the course of a trip.  

In most cases, you aren’t required to buy travel insurance. That said, a handful of countries do require that foreign visitors purchase it, in case they need emergency medical care during their stay. For this reason, it’s always wise to check before traveling internationally.  

More importantly, even when you’re not required to buy it, there are situations where it may be the smart thing to do. Here’s what you should know. 

First, you should know that there are three types of travel insurance. All of them protect against potential travel mishaps, but they vary in what they cover.  

First, there are trip protection plans like those you buy through a travel agency when making reservations. They cover events like unexpected trip cancellations or delays. They may provide some emergency medical care. (Some credit card companies also provide such insurance when you pay for a trip with their credit card.)   Then, there’s what’s sometimes referred to as “travel medical insurance,” which is what Pan-American Life Insurance Group offers. This form of travel insurance covers people—not flights or cruises—and can include:   

Finally, there is a third form of travel insurance: business travel accident (which PALIG also provides). This provides benefits similar to those listed above, but covers employees traveling on behalf of their employer. It is a type of group insurance, and the policyholder is the employer. 

For our purposes, we’re focusing on the second form of travel insurance—the kind that provides life and health benefits to travelers on a specific trip. 

If you already have health insurance, say, through your employer, that’s terrific. However, while medical insurance covers your healthcare needs in your home country, chances are, it won’t offer the same level of coverage—if any—outside those boundaries. And if you have a managed care plan, your coverage might be even more limited. 

Travel insurance, on the other hand, is designed to address the life and health risks associated with travel, including medical emergencies—especially to foreign countries. 

Needless to say, it’s wise to know exactly what your health insurance covers—and to be ready to supplement it with travel insurance if necessary.  

That’s a good question. While many life insurance policies will cover policyholders when they’re traveling internationally, it’s not safe to assume it’s always the case.  

For example, some life insurance carriers require that the policy be in effect for at least two years. And all life insurance carriers require proof of death, which might be more difficult to obtain from a foreign country.  

For these reasons, a travel insurance policy’s accidental death and dismemberment benefit—and repatriation benefit—represents valuable protection for loved ones traveling overseas.  

Not surprisingly, some seasoned international travelers get travel insurance whenever they’re flying and keep the information handy in their travel bag or backpack.   

Travel insurance is typically very affordable. However, the actual cost varies depending on several factors, including your age, destination, duration of travel, specific coverage and coverage limits.  

To learn the cost of travel insurance for an upcoming trip,